Rise in use of virtual and augmented reality, technological
advancements in the medical field, and demand for virtual training
drive the growth of the global medical simulation market.
PORTLAND, Ore., Sept. 8, 2020 /PRNewswire/ -- Allied Market
Research published a report, titled, "Medical Simulation
Market by Product & Services (Model-Based Simulation,
Web-Based Simulation, and Simulation Training Services), Fidelity
(Low-Fidelity, Medium-Fidelity, and High-Fidelity), and End User
(Academic Institutions & Research Centers, Hospitals &
Clinics, and Military Organizations): Global Opportunity Analysis
and Industry Forecast, 2020–2027." According to the report, the
global medical simulation industry generated $1.42 billion in 2019, and is estimated to reach
$3.19 billion by 2027, witnessing a
CAGR of 14.6% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in use of virtual and augmented reality, technological
advancements in the medical field, and demand for virtual training
drive the growth of the global medical simulation market. However,
high costs related to setting up of simulators and limitations
regarding implementation in real situations hinder the market
growth. On the other hand, untapped potential in emerging regions
presents new opportunities in the coming years.
Covid-19 Scenario
- In the wake of the Covid-19 outbreak, the WHO's Department of
Health Security and Preparedness released simulation exercises on
different elements to help healthcare workers to strengthen
procedural and patient care skills.
- Simulation exercises have been helping patients and general
populations to get acquainted with safety and hygiene practices
regulations to prevent contamination.
- Medical simulations on specific situations such as emergency
airway management for patients, transport of a patient with
contagious disease, and preliminary treatments have been launched
by leading health authorities on their official websites.
The model-based simulation segment to maintain its dominant
share during the forecast period
Based on product & services segment, the model-based
simulation segment contributed to the largest market share in 2019,
holding for more than half of the global medical simulation market,
and is estimated to maintain its dominant share during the forecast
period. This is attributed to surge in importance on patient safety
along with launch of new and advanced products offering improved
training solutions. However, the web-based simulation segment is
expected to grow at the fastest CAGR of 15.2% from 2020 to 2027,
owing to convenient access to the internet, practicing the
procedures with different degrees of difficulty and visual
feedback, less risk to patients, and practice with feasibility
assessment.
The hospitals segment to continue its leadership status in
terms of revenue by 2027
Based on end user, the hospitals segment held more than half of
the global medical simulation market in 2019, and will continue its
leadership status in terms of revenue by 2027. This is due to
implementation to raise clinical competence, improvement in
capabilities of medical practitioners, and enhanced patient safety.
However, the academic institutions segment is expected to witness
the largest CAGR of 15.3% from 2020 to 2027, owing to medical
trainees gaining proper clinical training and reduce medical errors
during surgeries.
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North America to maintain
its lead position during the forecast period
Based on region, North America
accounted for the highest market share in 2019, contributing to
nearly half of the total market share of the global medical
simulation market, and will maintain its lead position during the
forecast period. This is due to increase in academic institutions,
medical training centers, and hospitals along with focus on
standardization and optimization of teaching practices to improve
patient safety and reduce medical errors. Asia-Pacific is estimated to grow at the
highest CAGR of 15.2% during the forecast period. This is
attributed to rise in demand for medical simulation and related
services, surge in investments in healthcare research, and focus on
cost-effectiveness and scalability to fulfill growing needs.
Leading market players
- Laerdal Medical AS
- CAE, Inc.
- 3D Systems, Inc.
- Simulab Corporation
- Simulaids, Inc.
- Limbs and Things, Ltd.
- Kyoto Kagaku Co. Ltd.
- Mentice AB
- Surgical Science Sweden AB
- Gaumard Scientific Company, Inc.
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