Healthcare / Medical Simulation Market Insights
The global healthcare / medical simulation market is expected to generate revenue amounting to USD 1.91 billion in 2020, and is projected to reach to USD 4.25 billion by 2026, growing at a CAGR of 14.26% over the forecast period. Growing technological advancements, rising demand for minimally invasive procedures, and increasing focus on patient safety are some of the key factors expected to propel the market growth during the forecast period. Simulation provides a proper tool for learning and training the medical staff in the healthcare sector. Growing significance of various health apps, medical visualization, surgical robots, and preventive medicines among others is boosting the market growth for medical simulation. Increased penetration of advanced technologies in healthcare simulation along with growing awareness pertaining to simulation education in emerging countries are also supporting the growth for medical simulation market.
Also, the rise in demand for virtual training due to current COVID-19 pandemic lockdown across the globe is expected to drive the market growth in 2020. Growing AR-based application across various regions including North America, Europe, Asia Pacific, and Central & South America is further projected to propel the market growth of Healthcare / Medical Simulation. However, high cost of simulators, and operational challenges are likely to hamper the market growth during the forecast period.
Healthcare / Medical Simulation Market Segmentation
The global healthcare / medical simulation market is segmented on the basis of product & service type into medical simulation anatomical models, web-based simulation, medical simulation software, and simulation training services. The web based simulation segment is expected to grow at the highest CAGR during the forecast period. The wide availability of Internet services, controlled and predictable environment for learning, and controlled access to simulation procedures are some of the major factors expected to propel the market growth during the forecast period. Growing adoption of web-based simulation in several fields such as academics, training & practicing in hospitals, and military organizations are also driving the market growth. The interventional/surgical simulators segment of medical simulation anatomical segment is expected to hold the largest market share during the forecast period. The interventional/surgical simulators segment is further segmented into laparoscopy surgical simulators, gynecology simulators, cardiovascular simulators, orthopedic simulators, and spine surgical simulators among others. Increasing number of clinical trials conducted for oncology and the rising prevalence of cancer worldwide are driving the market growth for interventional/surgical simulators.
On the basis of end users, the global healthcare / medical simulation market is segmented into academic institutes, hospitals, and military organizations among others. The others segment is further segmented into research centers, and ambulatory care services. The academic institutes and hospitals segments are expected to hold the largest market share during the forecast period. Versatile applicability and increasing demand for minimally invasive procedures are expected to drive the market growth for hospitals and academic institutes segments during the forecast period. Increasing focus on minimizing errors along with full utilization of simulation models in medical surgeries are driving the market growth for hospitals segment.
Healthcare / Medical Simulation Market: Regional Analysis
On the basis of region, the market of healthcare / medical simulation is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. The North America region is expected to dominate the market during the forecast. Rising medical training institutes and hospitals, which are mainly focusing on standardizing their teaching practices to enhance patient safety is the primary factor driving the market growth in the region. The Asia Pacific region is expected to grow at a high CAGR during the forecast period. Increasing focus on medical education, training, research, and patient safety, and rising healthcare expenditure are driving the market growth in the region.
In April 2020, CAE collaborated with Area9 Lyceum (US) to provide an online Ventilator Reskilling Course to the clinician's midst of the Covid-19 pandemic.
In April 2020, 3D Systems launched Lung Ultrasound Training services to combat the COVID-19 pandemic.
In March 2020, 3D Systems collaborated with Ben Gurion University (Israel), and Beer- Sheva (Israel). The collaboration helps to develop training modules that enable clinicians to acquire rapid and accurate lung diagnostic skills using an ultrasound machine.
In March 2020, Mentice launched a new “Coronary Intermediate software” addition to the coronary product portfolio. The software helps improve user proficiency by incorporating an extensive library of cases that present various degrees of difficulty.
Healthcare / Medical Simulation Market: By Product & Services
Healthcare / Medical Simulation Market: By End Use
Healthcare / Medical Simulation Market: By Region
The global Healthcare / Medical Simulation Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Healthcare / Medical Simulation Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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