The global medical simulation market was valued at $1,421.1 million in 2019, and is projected to reach $3,190.2 million by 2027, growing at a CAGR of 14.6% from 2020 to 2027. Further, COVID-19 has an unprecedented impact on medical education worldwide, leading to cancellation of lectures, exams, clinical rotations, and ultimately temporary closure of medical schools. Medical simulation is virtual duplication of in situ activities or phenomenon, representing functions and properties of a selective real abstract or process. It is used to train healthcare professionals using advanced healthcare technologies. The global medical simulation market was valued at $1,412.1 million in 2019, and is estimated to reach $3,190.2 million by 2027, growing at a CAGR of 14.6% from 2020 to 2027.
Rise in use of simulation in healthcare; increase in deaths, owing to medical errors; and necessity to improve patient safety outcomes are some factors that boost the market growth. Moreover, benefits such as training of complex as well as normal cases to professionals and technological advancements in the medical field further increases demand for medical simulation. However, high installation cost and lack of complete real situation restrains the market growth.
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In March 2020, the International Nursing Association of Clinical Simulation and Learning (INACSL) and the Society for Simulation in Healthcare (SSH) issued a statement on the ‘use of virtual simulation as a replacement for clinical hours’ during the pandemic caused by COVID-19. The use of virtual simulation technologies is likely to be adopted during the pandemic to enhance and strengthen procedural and patient care skills. Further, increase in use of remote learning with the help of screen-based simulation, augmented reality/AR, mixed reality, blended and/or extended reality, and virtual reality/VR is expected to drive growth of the virtual medical simulation market.
The global medical simulation market is segmented on the basis of product & service, fidelity, end user, and region. On the basis of product & service, it is divided into model-based simulation, web-based simulation, and simulation training services. The model-based simulation segment is further classified into patient simulation, surgical simulation, and ultrasound simulation. Moreover, patient simulation is segmented into task trainers, manikin-based simulators, and standardized patient simulators. Surgical simulation is divided in laparoscopic surgical simulators, arthroscopic surgical simulators, cardiovascular simulators, gynecology simulators, and others. In addition, the web-based simulation segment is classified into simulation software, performance-recording software, and virtual tutors. The simulation training services segment comprise vendor-based training services, custom consulting services, and educational society services. By product & service, the model-based segment generated maximum revenue in 2019, accounting $727.47 million in 2019. Web-based simulation segment is expected to witness highest CAGR of 15.2% during the forecast period.
On the basis of fidelity, the market is classified into low-fidelity, medium fidelity, and high-fidelity simulators. By fidelity, the low-fidelity simulators segment dominated the market in 2019 with $671.29 million. High-fidelity segment is expected to witness highest CAGR of 15.3% during the forecast period.
By end user, it is divided into academic institutions & research centers, hospitals & clinics, and military organizations. Based on end user, the hospitals segment dominated the market in 2019 with $761.41. Academic institutions segment is expected to witness highest CAGR of 15.3% during the forecast period.
Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest share in the global medical simulation market. Asia-Pacific is expected to witness highest growth rate throughout the forecast period. Increase use of medical simulation to minimize medical errors and further increase technological advancements by companies are anticipated to drive the overall market growth.
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The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
KEY BENEFITS FOR STAKEHOLDERS
– This report entails a detailed quantitative analysis along with the current medical simulation trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.
– The market forecast is studied from 2020 to 2027.
– The market size and estimations are based on a comprehensive analysis of key developments in the industry.
– A qualitative analysis based on innovative products facilitates strategic business planning.
– The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.
KEY MARKET PLAYERS
– 3D Systems
– CAE Inc.
– Gaumard Scientific Company
– Kyoto Kagaku
– Laedral Medical
– Limbs and Things
– Mentice AB
– Simulab Corporation
– Simulaids
– SurgicalScienceSwede
KEY MARKET SEGMENTS
By Product & Services
– Model-based Simulation
o Patient Simulation
? Task Trainer Simulation
? Manikin-based Simulation
– Adult
– Pediatric
– Neonatal
? Hybrid Manikin-based simulation (with AR)
? Standardized Patient Simulation
o Surgical Simulation
? Laparoscopic Surgical Simulators
? Arthroscopic Surgical Simulators
? Cardiovascular Simulators
? Gynecology Simulators
? Orthopedic Simulators
? Spine Simulators
? Endovascular Simulators
? Others
o Ultrasound Simulation
? Anesthesia
? Cardiology
? Emergency Medicine
? Intensive Care Unit
? OB/GYN
? Radiology
? Others (Urology, General Nursing, Pediatrics)
– Web-based Simulation
o Simulation Software
o Performance Recording Software
o Virtual Tutors
o Learning Management Software
– Simulation Training Services
o Vendor-based Training
o Custom Consulting Services
o Educational Societies
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By Fidelity
– Low-fidelity
– Medium-fidelity
– High-fidelity
By End User
– Academic Institutions & Research Centers
– Hospitals & Clinics
– Military Organizations
By Region
– North America
o U.S.
o Canada
o Mexico
– Europe
o UK
o Germany
o France
o Italy
o Spain
o Rest of Europe
– Asia-Pacific
o Japan
o China
o Australia
o India
o Rest of Asia-Pacific
– LAMEA
o Brazil
o South Africa
o Saudi Arabia
o Rest of LAMEA
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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