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.
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.
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.
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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