Healthcare/Medical Simulation Market - Forecast(2022 - 2027)

Healthcare/Medical Simulation Market size is estimated to reach $3,700 million by 2026, growing at a CAGR of 14% over 2021-2026. Medical simulation are also called clinical simulation or healthcare simulation that helps in preparing for medical professional by using progressed instructive innovation. In healthcare, patient simulator is used to educate students and also provide coaching in medical professional. In medical sector, simulation software helps to increase the ability for discover dependencies and also helps in improving performance. Task trainers simulation helps the learners to increase a specific skill for practice. A cardiovascular simulators is a kind of electrocardiogram (ECG) simulation that works to reproduce ECG for cardiac rhythms. Increasing focus for the safety of patients and growing innovation in technology is the major factor driving the growth of this market. Furthermore, increasing research and development activities in medical industry and rising government initiatives is set to further enhance the overall market demand for Healthcare/Medical Simulation Market for the period 2021-2026. 

The report: “Healthcare/Medical Simulation Market Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the Healthcare/Medical Simulation Market.    

By Product & Services: Anatomical Models, Web-based Simulators, and Simulation Software

By End-Use Industry: Hospitals, Academic Institutes, and Others

By Geography: North America (U.S., Canada, Mexico), Europe (U.K, Germany, Italy, France, Spain, Russia, Rest of Europe), Asia Pacific (China, Australia, Japan, South Korea, India, Rest of Asia Pacific), South America (Brazil, Argentina, Others) and Rest of the World (Middle East, Africa)

• Geographically, in 2020, North America dominated the Healthcare/Medical Simulation Market owing to increasing number of training institutes in medical, easy accessibility to technologies, rising adoption of simulation in training centers.
• Increasing focus for the safety of patients and growing innovation in technology are likely to aid in the market growth of the Healthcare/Medical Simulation. 
• Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Healthcare/Medical Simulation Market report.  
• High cost of medical simulators and less availability of funds is set to create hurdles for the Healthcare/Medical Simulation Market.   

The global Healthcare/Medical Simulation Market based on Product & Services can be further segmented into Anatomical Models, Web-based Simulators, and Simulation Software. The Anatomical Models segment is the major segment generating revenue in 2020. This is mainly owing to increasing application in various fields like academics, training & practicing in hospitals, and military organizations. Moreover, it helps to increases practical knowledge that are increasing the demand of task trainers and are rising the market growth. The Web-based Simulators segment is estimated to register the fastest CAGR of 4% for the period 2021-2026. This is mainly owing to increasing availability of services in internet and rising controlled environment of learning that increasing the growth of this segment. 

The global Healthcare/Medical Simulation Market based on End-Use Industry can be further segmented into Hospitals, Academic Institutes, and Others. The Hospital segment registers for the highest Healthcare/Medical Simulation market share in 2020. This is owing to increasing adoption of simulation in hospitals, rising focus on reducing errors and availability of advanced simulation based technologies in hospitals helping to increases the demand of simulation software and patient simulators and are eventually rising the growth of this market. The Academic Institutes segment is forecast to register the fastest CAGR of 3% over 2021-2026. This is mainly owing to dearth of knowledge for minimally invasive surgeries increases the demand of academic institutes that are increasing the growth of this market.              

North America dominated the Healthcare/Medical Simulation Market with major share of 40% in 2020. This is owing to increasing number of training institutes in medical, easy accessibility to technologies, rising adoption of simulation in training centers. According to American Society of Plastic Surgeons, in 2019 about 16 million minimally invasive surgeries are performed in U.S. that increases the need of cardiovascular simulators and are rising the market growth. However, Asia Pacific is estimated to outpace all the regions by clocking the highest CAGR of 7% during the forecast period 2021-2026 owing to rising population and increasing development in healthcare. 

Increasing training in medical simulation helps to increases the safety in patients and are increasing the growth of the Market. Moreover, increasing mechanical innovation in the field of healthcare simulation and rising spending in healthcare increases the demand of patient simulator and are increasing the growth of the Healthcare/Medical Simulation Market over 2021-2026.   

Growing evolution in technology in the field of medical simulation and rising adoption of advanced technologies in order to increase the skills in healthcare increases the growth of this Market. Moreover, new technological advancement such as virtual reality simulation is used in minimally invasive neurosurgery also increasing the growth of Healthcare/Medical Simulation Market over 2021-2026.  

COVID-19 pandemic had greatly impacted the growth of Healthcare/Medical Simulation Market. During pandemic, the demand of virtual simulation technologies increases that helps to enhance and improve the skills of patient care and are positively impacted the growth of this market. 

The factors that is set to impede the growth of the Healthcare/Medical Simulation Market are the high cost of medical simulators and less availability of funds is set to create hurdles for the Healthcare/Medical Simulation Market.  

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Healthcare/Medical Simulation Market. Healthcare/Medical Simulation top 10 companies include, CAE, Laerdal Medical , 3D Systems , Simulab Corporation, Simulaids , Limbs & Things , Kyoto Kagaku , Mentice  AB, Medaphor, Gaumard Scientific Company, Operative Experience, Inc. , Cardionics Inc., VirtaMed AG, SynBone AG, VRMagic Holding AG, OssimTech, HRV Simulation, Synaptive Medical, Inovus Medical, and Surgical Science Sweden AG.

• In April 2020, 3D Systems launched Lung Ultrasound Training services that increases the demand of simulation in medical field and are rising the market growth.