The European medical simulation market size is forecasted to grow at a CAGR of 14.01% between 2021 and 2026.
The growth of the European medical simulation market is majorly driven by continuous technological advancements, a growing concern for patient safety, and growing demand for minimally invasive treatments. Minimally invasive surgical procedures involve smaller incisions, leading to faster recovery, which in turn contributes to the growth of the European medical simulation market.
According to the 2019 report by the Organization for Economic Co-operation and Development (OECD), in Iceland, around 97.9% of tonsillectomies (tonsillectomy surgeries) were performed on an outpatient basis in 2019 proportion in the European region.
Rising patient safety awareness is expected to drive the growth of the European healthcare / medical simulation market during the forecast period. The research and development of surgical tools have led to an increased awareness of minimally invasive surgical procedures. Minimally invasive procedures require specific psychomotor skills. To learn these minimally invasive procedures, Simulation provides the appropriate tools. In addition, augmented reality is also used for training and education purposes. Applications based on augmented reality are used to provide efficient service to end-users. As a result, minimally invasive surgical procedures are growing in demand and are expected to provide many lucrative opportunities in the European medical simulation market.
Thus, the rise of various technological advancements in medical simulation increases the healthcare applications for the training of healthcare professionals. Hence, the growth of the studied market is expected to be driven during the forecast period.
However, the maintenance of medical stimulation devices and their teaching staff expenses are expected to be a potential constraint hampering the European medical simulation market. Furthermore, the high cost of medical simulation devices, unstable economies in European regions, limited availability of funds, and lack of humanitarian approach negatively impact the growth of this market and may restrict the market to some extent.
Impact of COVID-19 on the European medical simulation market:
Limited access to live patients during training, advancements in medical education, increasing demand for minimally invasive treatments, increased focus on patient safety, and increasing demand for virtual training due to the current pandemic of COVID-19 are the main factors that stimulate the growth of the medical simulation market. In addition, factors such as the growing awareness of simulation education in emerging countries and the shortage of healthcare workers create lucrative opportunities for market growth in Europe.
This research report on the European medical simulation market has been segmented and sub-segmented into the following categories.
By Products & Services:
Geographically, the European medical simulation market is forecasted to account for a significant share in the global market during the forecast period. The European market is driven by increasing medical education in institutes and hospitals, which largely focus on standardizing their teaching methods to improve patient safety. The United Kingdom is expected to experience the fastest growth due to increased demand for medical simulation and related services and increased public funding for health research.
The UK medical simulation market is expected to grow significantly at a CAGR of around 11.9% during the forecast period. According to the Resuscitation Council, in the UK, around 60,500 people experience cardiac arrest outside of the hospital each year, less than 10.5% of whom survive cardiac arrest. However, a bystander has the ability to initiate cardiopulmonary resuscitation (CPR), which doubles a person's survival rate.
According to UK Research and Innovation, the government is providing more than $ 239 million in investment to develop new drugs and treatments for patients. According to the 2019 Office for National Statistics (UK) survey report, it is estimated that during the period 2016-2018, around 30,100 healthcare professionals were working in London, the highest number of any region in the UK. In addition, 15,000 other EU citizens were working in the health sector in the South East and 11,000 employees in the East of England. Therefore, the increasing number of healthcare workers shows a positive impact on the medical simulation market.
KEY MARKET PLAYERS:
Some of the companies dominating the European medical simulation market profiled in this report are 3B Scientific GmbH, B-Line Medical LLC, CAE Healthcare, Education Management Solutions Inc. (EMS), Ingmar Medical Ltd, Mentice AB, Surgical Science Sweden AB, and Simulab Corporation.