Market Analysis and Size
As per the analysis of NCBI, every year around 250,000 deaths occur due to medical error. According to a study by The Johns Hopkins University, medical errors are predicted to be the third biggest cause of death, after cancer and cardiovascular disease. The demand for medical simulations to help doctors, nurses, surgeons, and other healthcare workers comprehend procedures has increased as a result of the need to reduce unnecessary deaths.
Data Bridge Market Research analyses that the health/medical simulation software market which was USD 1.7 billion in 2021, would rocket up to USD 5.16 billion by 2029, and is expected to undergo a CAGR of 14.90% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Health/Medical Simulation Software Market Dynamics
Drivers
· Limited access to patients during medical training
Medical simulators have established a valuable place in medical education around the world because they mimic human traits. Because of the limited access to patients and the need to maintain patient safety throughout training, simulation is increasingly being used in professional training programmes and traditional 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 simulation alone, pre-education with simulation considerably improves student knowledge, confidence in performance, ability in nursing practise, and satisfaction with learning techniques. 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 the training of interdisciplinary medical teams.
· Improve the skilled training of healthcare workers
Government and non-government measures to improve the skilled training of healthcare workers contribute to the market's growth. The Bob Waters Memorial Scholarship Fund, for example, was established by the Advanced Initiative in Medical Simulation (AIMS) Board and SSH to help students in healthcare simulation every year by offering incentive and grants. In contrast, market players are expected to benefit from technical improvements in the medical area, research in the industry, and an increase in the number of market participants with creative solutions.
Opportunities
· Shortage of healthcare personnel
The primary cause of the rising number of preventable fatalities around the world is a scarcity of competent healthcare providers. According to an article published by the Association of American Medical Colleges (AAMC) in June 2021, the fast expanding demand for physicians in the United States would outpace supply, resulting in a 37, and 80-124,000 physician shortage by 2034. Furthermore, the worldwide healthcare business is experiencing a significant lack of healthcare staff as a result of the ongoing COVID pandemic. Physicians and nurses are frontline workers, but they are more vulnerable to COIVD-19 infection. Many nursing schools across the world are utilising technology in novel ways to improve teaching and learning. As a result, end users are increasingly adopting medical simulation solutions, providing lucrative growth prospects for suppliers in the healthcare/medical simulation market.
Global Health/Medical Simulation Software Market Scope
The health/medical simulation software market is segmented on the basis of product type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Global Healthcare/Medical Simulation Market, by Product and service
· Medical simulation anatomical models
· High Fidelity Simulators
· Medium Fidelity Simulators
· Low Fidelity Simulators
· Task Trainer
· Interventional Surgical Simulators
· Laparoscopic Surgical Simulators
· Gynecology Simulators
· Cardiovascular Simulators
· Orthopedic Simulators
· Spine Surgical Simulators
· Other Interventional /Surgical Simulators
· Endovascular Simulators
· Ultrasound Simulators
· Dental Simulators
· Eye Simulators
· Web-Based Simulation
· Medical Simulation Software
· Performance Recording Software
· Virtual Tutors
· Simulation Training Services
· Vendor Based Training
· Education Societies
· Custom Consulting Services
Global Healthcare/Medical Simulation Market, by End User
· Academic Institutes
· Hospitals
· Military Organizations
· Other End Users
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Health/ Medical Simulation Software Market Regional Analysis/Insights
The health/medical simulation software market is analysed and market size insights and trends are provided by country, product type, application and end-user as referenced above.
The countries covered in the health/medical simulation software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominating the market due to increasing demand for hands-on training from rapidly increasing healthcare professionals, the presence of major players in the market, and advancement in technology are some of the factors that fuel the growth of the market.
Asia-Pacific is anticipated to be the fastest-growing region in the global health/medical simulation market due to the increasing focus on medical education, training, research, and patient safety in emerging economies and enhancement in healthcare infrastructure.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Health/ Medical Simulation Software Market Share Analysis
The health/medical simulation software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to health/medical simulation software market.
Some of the major players operating in the health/medical simulation software market are:
· CAE Inc. (Canada)
· Laerdal Medical (Norway)
· 3D Systems Inc. (US)
· Gaumard Scientific (US)
· Limbs & Things LTD. (US)
· Surgical Science (Sweden)
· Kyoto Kagaku Co. Ltd. (Japan)
· Mentice (Sweden)
· Intelligent Ultrasound (UK)
· Simulab Corporation (US)
· Simulaids (US)
· Operative Experience, Inc. (US)
· Cardionics Inc. (US)
· VirtaMed AG (Switzerland)
· IngMar Medical (US)
· Altay Scientific (Italy)
· Medical-X (Netherlands)
· KaVo Dental (Germany)
· Simendo (Netherlands)
· VRMagic Holding AG (Germany)
· Symgery (Canada)
· HRV Simulation (France)
· Synaptive Medical (Canada)
· Inovus Medical (UK)
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