Healthcare/Medical Simulation Market - Forecast(2022 - 2027)
Healthcare/Medical Simulation Market Size is estimated to reach $4.1 billion by 2027. Furthermore, it is poised to grow at a CAGR of 15.4% over the forecast period of 2022-2027. Medical simulation, or more generally, healthcare simulation, is a subset of simulation that is used in medical education and training in a variety of sectors. Simulations can take place in a classroom, in a situational setting, or in a venue dedicated to a simulation exercise. It can include artificial, human, or a combination of artificial and human patients, educational papers with full simulated animations, casualty assessment in homeland security and military circumstances, emergency response, and support virtual health activities with holographic simulation. Some are Disease-specific such as cardiovascular simulators are available. Learners can use Patient simulators to practice a variety of skills, including those that cannot be safely or ethically mimicked with actual patients. task trainers and tabletop models cater to more specific skill development requirements. Software is used like Simio Software for healthcare simulation modeling is powerful object-based simulation software. Furthermore, its primary goal in the past was to educate medical professionals on how to decrease errors in surgery, prescriptions, crisis interventions, and general practice. It is currently also utilized to teach pupils anatomy, physiology, and communication throughout their schooling when combined with debriefing approaches. The growing number of medical students and the lack of human bodies are some of the factors driving the Healthcare/Medical Simulation Market growth during the forecast period 2022-2027.
Healthcare/Medical Simulation Market Report Coverage
The report: “Healthcare/Medical Simulation Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Healthcare/Medical Simulation Market.
Key Takeaways
- Geographically, North America held a dominant market share in the year 2021 on account of increasing medical students and practical training.
- Growing medical students is estimated to drive the market growth of the Healthcare/Medical Simulation Market. Lack of finances for Healthcare/Medical Simulation poses threat to the market growth.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Healthcare/Medical Simulation Market Report.
Healthcare/Medical Simulation Market Segmentation Analysis- By Product and Service
Healthcare/Medical Simulation Market based on the Product and Service can be further segmented into medical simulation anatomical models, Web-Based Simulation, Medical Simulation Software, and Simulation Training Services. Medical simulation anatomical models held a dominant market share in the year 2021 and are estimated to be the fastest-growing, with a CAGR of 16.7% over the forecast period of 2022-2027. According to Medical news 2020, In medical specialties where anatomy manipulation is not part of the procedure, the anatomical model is just as important for practicing placing the patient in the correct position before the procedure begins especially given the underappreciated risk of injuries that can result from incorrect positioning across disciplines. Another consideration is that all surgical operations need tight collaboration among team members, including the interplay of various tools and the proper positioning of team members around the patient. It's easy to see how a facility like this, with little physical space, makes it difficult for trainees to work and coordinate movement. For instance, Arthroscopy is an excellent illustration of how VirtaMed Knee, Shoulder, Hip, and Ankle models may be physically manipulated and positioned during simulation for a variety of procedural demands, such as obtaining the required visibility of the operating perspective, exactly like a surgeon in real life. Hence, medical simulation anatomical models are dominating the market.
Healthcare/Medical Simulation Market Segmentation Analysis- By End User
Healthcare/Medical Simulation Market based on end-user can be further segmented into Academic Institutes, Hospitals, Military Organizations, Others. The academic Institutes segment held a dominant market share in the year 2021 and is estimated to be the fastest-growing, with a CAGR of 17.1% over the forecast period of 2022-2027 owing to the rising number of medical students. According to AAMC, Simulation is an instructional technique that uses standardized patients, manikins, virtual reality, or a mix of these to imitate parts of health care. Patients, learners, medical instructors, and actual care professionals all benefit from simulation. The research on patient safety suggests that simulation can help learners prepare for clinical practice without putting patients in danger. Technical methods, clinical assessment, teamwork, and communication are just a few of the areas where this has been investigated. Since it allows learners to go through a controlled curriculum and undertake a standardized assessment, simulation provides a competency-based learning and assessment alternative to the unpredictable clinical arena. Simulation is supported by pedagogical theory, which holds that competence is gained via repeated practice led by feedback and reflection. Therefore, academic Institutes dominate the market.
Healthcare/Medical Simulation Market Segmentation Analysis- By Geography
The Healthcare/Medical Simulation Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 34% in the year 2021 as compared to the other counterparts on account increased number of healthcare professionals and demand for online and virtual training, all of which can be related to the COVID19 pandemic, helping in generating considerable income in the future years.
However, Asia-Pacific is estimated to be the fastest-growing over the forecast period of 2022-2027. Asia-Pacific is estimated to offer lucrative growth opportunities to the manufacturers owing to the increasing number of patients and demand for better healthcare facilities as well as the boost in the investments done by government and private companies in the pharma industry. The proliferation of Rheumatoid arthritis is predicted to augment the market growth during the forecast period of 2022-2027.
Healthcare/Medical Simulation Market Drivers
Limited Access To Patients Is Driving The Market Growth.
Medical simulators have established a valuable place in medical education across the world since they mimic human traits. Owing to limited access to patients and the need to preserve patient safety throughout training, simulation is increasingly being used in professional training programs and conventional learning. Students can use the simulation to hone their clinical and critical thinking abilities in preparation for high-risk situations. When compared to pre-education or simulanulltion alone, pre-education plus simulation substantially improves student knowledge, confidence in performance, ability in nursing practice, and satisfaction with learning techniques. According to the World Health Organization (WHO), patient safety is one of the most important worldwide public health concerns in 2019, with a one-in-300 probability of a patient being harmed while receiving medical treatment. Moreover, as numerous startups seek chances in this industry, the market is projected to become extremely competitive. CAE, for example, achieved ISO 13485:2016 accreditation for its facilities in Montreal (Canada) and Sarasota (USA) in December 2020. (U.S.). Both are facilities for medical devices and quality management systems. Military branches all across the world are changing their training and education models. As a result, in medicine, simulation has a lot of potential for improving multidisciplinary medical teaching. Hence, limited access to patients is a driving factor for the market.
Rising Healthcare Professionals Is Enhancing The Healthcare/Medical Simulation Industry.
Health care professionals are increasing steading as the number of patients is rising simultaneously. For instance, during COVID 19 calls for health care professionals has received from almost all countries. The countries where health care professionals are lacking suffered owing to pandemics. Moreover, for treatment and vaccination pharmacist, nurse, and other health care professionals also plays a major role in patient cure and safety. According to FSMB 2019, Since 2010, the United States has recruited 168,691 physicians to its medical workforce, serving a population of 331 million people. The number of freshly licensed physicians entering the workforce continues to fuel growth. Hence, the rising number of physicians is estimated to propel the market.
Healthcare/Medical Simulation Market Challenges
Short Supply Of Finances Is Restraining The Market Growth.
Owing to the high expense of high-fidelity simulators and virtual environments, the construction of simulated learning environments and simulation programs necessitates large financial inputs. Medical simulation training facilities rely on government and private financing in the majority of situations. Rapid advances in medical technology, decreased reimbursement for clinical services, rising healthcare professional costs, and decreases in federal GME payments have all contributed to a decrease in financing from government and private institutes in recent years. The expense of running a simulation lab is fairly high. A single high-fidelity simulator, including the monitoring system and other required equipment, can cost up to $200,000. To recreate the experience of treating actual patients in a real hospital, synthetic body fluids, replacement skins, bandages, syringes, and other materials are required. Thus, the short supply of Finances is estimated as a restraining factor for the market.
Healthcare/Medical Simulation Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Healthcare/Medical Simulation Market. The top 10- Healthcare/Medical Simulation Market companies are-
- IngMar
- Synaptive Medical
- HRV Simulation
- Symgery
- Synbone
- Medical-X
- Altay Scientific
- VirtaMed AG
- Gaumard Scientific Co.
- CAE Inc.
Recent Developments
- In August 2021, IngMar Medical announced the launch of RespiPro, its next-generation respiratory and ventilation training solution. Using their own genuine ventilators and breathing equipment, educators instruct all levels of learners across many disciplines on the complete breadth of respiratory methods using RespiPro. The ASL 5000TM breathing simulator, as well as easy-to-use software, a true-to-life patient monitor, and a respiratory-focused manikin on a small ICU bed, are all included in the package.
- In July 2021, SYNBONE AG announced the launch of the Skull Holder System for use in Trauma, neurosurgery education, and orthognathic surgery. Skull Holder System used specifically for CMF Trauma, Orthognathic, and Neuro Surgery Education. With or without vice attachment, this ingenious and multipurpose system holds all SYNBONE® skulls, half skulls, and maxillas. Two adapters, a 3-pin adapter, and a Hemi-skull adapter allow for a 360° step-less rotation of the skulls and a wide range of applications. The system comes with a sturdy, waterproof traveling container with foam inlays. This dependable Skull Holder System ensures a uniform schooling idea while also impressing its quality and effectiveness.
- In May 2021, CAE Inc. announced the launch of CAE Vimedix 3.2, a high-fidelity ultrasound simulator with enhanced 3D and 4D scanning capabilities. CAE Vimedix is a high-fidelity ultrasound simulator that combines heart, lung, abdominal, and OB-GYN ultrasound training into a single platform. CAE Vimedix speeds the development of important psychomotor and cognitive abilities for ultrasound probe handling, picture interpretation, diagnoses, and clinical decision-making using its software and manikin-based system, as well as live, remote learning elements.
