The report "Global Medical Simulation Market, By Products and Services (Products (Interventional/Surgical Simulators (Laparoscopic Surgical Simulators, Gynecology Surgical Simulators, Cardiac Surgical Simulators, Arthroscopic Surgical Simulators, and Others), Task Trainers, and Others) and Services & Software (Web-Based Simulation, Medical Simulation Software, Simulation Training Services, and Others)), By Technology (High-Fidelity Simulators, Medium-Fidelity Simulators, and Low-Fidelity Simulators), By End-user (Academic & Research Institutes and Hospitals), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030.
Increasing preference of modern way of training healthcare professionals by using advanced technology and growing awareness regarding patient safety are major factors driving the global medical simulation market growth. Simulation is a substitute to an actual patient, and it helps to improve skills of trainee and undergraduate through purposeful and systematic practice rather than the intern style of learning. Additionally, growing ethical sensitivity about individuals used as subjects for training and growing simulation training linked with newly developed robot-assisted surgeries are other factors projected to propel the growth of the target market over the forecast period. Furthermore, the practitioner can learn various skills with the help of simulation training such as the ability to prioritize tasks under pressure, team-coordination, and stress management is another factor projected to fuel the growth of the medical simulation market in the coming years. Nevertheless, advancement in technology such as 3D simulation for medical training is expected to present lucrative growth opportunities in terms of revenue to players operating in the global market over the forecast period. For instance, The METIman simulator is one of the most realistic and advanced simulators in current times, launched by CAE simulators. The primary benefits of this simulator are that it can withstand indoor and outside training simulations and has a large variety of training in many areas. METIman’s easy-to-use learning applications are designed for teaching primary nursing and pre-hospital skills.
Key Highlights:
· In May 2018, 3D Systems developed Simbionix ANGIO Tab Pro, being the first to market an ultra-portable endovascular simulator.
· In May 2018, The American Society of Anesthesiologists (ASA) and CAE Healthcare declared the launch of the first of its kind, interactive, screen-based simulation training product line Anesthesia SimSTAT.
Key Market Insights from the report:
The global medical simulation market accounted for US$ 1.89 billion in 2020 and is estimated to be US$ 8.84 billion by 2030 and is anticipated to register a CAGR of 16.9%. The market report has been segmented based on services, technology, end-user, and region.
· By product and services, laparoscopic surgical simulators segment is estimated to be 65.44 million in 2017 and is expected to reach 137.57 million 2023, witnessing a CAGR of 13.18%.
· By technology, low fidelity simulation (LFS) accounted for the highest revenue in 2017 and is expected to maintain it over the forecast period. This is mainly attributed due to medical professionals recommend a progressive continuum from low-fidelity stimulation (LFS) to high-fidelity simulation (HFS), where early-stage students learn through LFSs with minimal environmental disruptions till ability of a clinical skill is mastered.
· By end-user, academic institutions estimated for the largest market share and projected to remain the same owing to the growing number of medical institutes. For instance, in 2019, in India, The Medical Council of India (MCI) had approved permission for three institutes that involves 350 medical seats.
· By region, North America market is anticipated to dominate in the global medical simulation market with highest market share when compared to other regional markets and is projected to continue its dominance over the forecast period. This can be attributed to the growing adoption of simulation technologies by hospitals, increasing government expenditure on the healthcare sector, clinics, and educational institutes, and occurrence of protruding market players operating in this region.
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The prominent player operating in the global medical simulation market includes 3D Systems, Canadian Aviation Electronics (CAE), Kyoto Kagaku Co. Ltd., Gaumard Scientific Company Inc., Laerdal Medical, Limbs & Things Ltd., Mentice AB, Simulab Corporation, Simulaids Inc., and Nasco.
