Medical Simulation Market is anticipated to rise at a CAGR of 14.7% from 2020 to 2030
The Global Medical Simulation Market size is estimated to be USD 1.69 Billion in 2019 and is predicted to reach USD 7.64 Billion by 2030 with a CAGR of 14.7% from 2020-2030. Medial Simulation is the training or practice process which is provided to the individual by creating realistic conditions and using models, tools and other equipments. Under this practice all the important aspects of clinical practice are covered under the complete process. Feedback is also provided to each and every individual by the professors, peers, co-actors and other people involved in the complete process.
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Market Dynamics and Trends
There has been increase in the minimally invasive surgeries over the period of time owing to the fast and easy patient recovery. This has increased the demand for well educated healthcare professionals coupled with increase in healthcare expenditure. Furthermore, increase in patient safety is also expected to fuel the growth of medical simulation market over the forecast period.
The factors including increasing prevalence of cardiovascular disorders led to the increase in minimally invasive surgeries. Technological advancement led to the development of advanced software to create realistic situation for the trainees have driven the demand for medical simulation market. Further, Innovation of new and advanced products and software in the market is expected to create new opportunities in the market over the forecast period. However, high cost of the products and software, high unmet needs coupled with compliance issues may limit the growth of the medical simulation market.
Market Segmentations and Scope of the Study:
The global medical simulation market share is analyzed on the basis of product, services & Software, Technology, end users, and geography. On the basis of product, the market is segmented into surgical and interventional simulators, task trainers and others. The surgical and interventional simulators are sub segmented into laparoscopic surgical simulators, gynecology surgical simulators, cardiac surgical simulators, arthroscopic surgical simulators and others. The service and software segment is divided into web-based simulation, medical simulation software, simulation training services, and others. On the basis of technology, the market is divided into high-fidelity simulators, medium-fidelity simulators, and low-fidelity simulators. On the basis of end users, the market is categorized into academic institutes and research centers, hospitals & clinics, and military organizations. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America holds the major market share in medical simulation market and expected to maintain its dominance over the forecast period. The factors attributed the growth of medical simulation market include increase in patient safety norms and technological advancement coupled with increase in healthcare services.
It is expected that the emerging economies, specifically in the Asia-Pacific region would witness increasing market size owing to the development of healthcare facilities. Furthermore, increase in commercialization and increased adoption of advanced technology coupled with increase in healthcare spending.
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The Medical simulation market, which is highly competitive, consists of a few major players. Companies, such as LLC, B-Line Medical, CAE Ltd., Anesoft Corporation and 3B Scientific GmbH, hold a substantial market share. Other players analyzed in this report are Surgical Science Sweden AB, Gaumard Scientific Company, Inc., 3D Systems, Inc., Laerdal Medical, Canadian Aviation Electronics, Ltd., and Limbs & Things, Ltd., among others.
There are various developments which have taken place in the market. For instance, in January 2019, CAE Healthcare and UK-based software company TWME8 announce collaboration agreement which allows healthcare educators to create simulation-based learning scenarios that meet the highest educational standards.