As per our analysis report, the global medical simulation market size is estimated to value USD 4.44 billion by 2026 and USD 2.19 billion in 2021, growing at a healthy CAGR of 15.2% during the forecast period.
A medical simulation is a new approach for training healthcare professionals using advanced educational technologies. Human simulated patients, animated simulants, holographic simulants, or their combinations are used in medical simulation to create an artificial representation of real-life clinical scenarios. It also aids in the management of situations that arise in clinical practice. Health care practitioners can now simulate particular procedures to teach learners securely and efficiently due to technical advancements in communication, research, and education. Medical simulation has a wide range of uses in educational institutions and research centers, in addition to healthcare facilities and military services.
Reliability of the software, interactive, and reality technologies are used in medical simulation. Haptic technology employs the sense of touch to help in practical and multisensory learning by applying forces, vibrations, and movements. On the other side, virtual and reality technology uses a computer-simulated world. It enables surgeons to practice surgery without having to operate on real people. Student’s confidence and skills improve as a result of simulation. It is also an essential method for demonstrating crisis resource management abilities. The multidisciplinary team, individual learners, and the hospital as a whole will all benefit from simulation. Medical training institutes are driving the demand, and hospitals in North America primarily focused on standardizing their teaching practices to improve patient safety.
MARKET DRIVERS:
The primary factors driving the growth of the global medical simulation market are the increase in the population infected by various types of diseases and the increased use of simulation in healthcare.
According to the Institute of Medicine, growing concerned about patient safety, rising healthcare costs, and increasing demand for minimally invasive treatments are two major growth drivers in the global market for medical simulation; according to the Institute of Medicine, medical errors during treatment cause between 46,000 and 98,000 deaths worldwide per year. This has increased the need for medical simulation because it allows physicians and surgeons to understand procedures better and prevent potentially fatal errors during treatment or surgery.
Technological advancements in medical simulations and increased adoption of animated and web-based simulations are expected to propel the medical simulation market forward.
Advantages such as specialized training in both complicated and standard situations are driving up demand for medical simulation. The increasing importance of various health apps, medical visualization, surgical robots, and preventive medicines encourage the increased adoption of advanced healthcare simulation technologies.
The scarcity of healthcare professionals, growing awareness of simulation education in developing countries, and technological advances are expected to generate lucrative opportunities for market players. Surgeons are switching from open surgery to medical simulation, primarily laparoscopy and robotic surgery. However, effective medical simulation procedures, especially laparoscopy and robotic surgery, necessitate skilled surgeons. Cholecystectomy, appendectomy, gastric bypass, ventral hernia repair, colectomy, prostatectomy, tubal ligation, hysterectomy, and myomectomy procedures have rapidly adopted the medical simulation. The METIman simulator, built by CAE simulators, is one of the most powerful and realistic simulators in recent times. The growing geriatric population in the United States and Canada and the rising number of hospital admissions are expected to increase demand for patient safety and adequate treatment, which will likely boost the regional healthcare simulation market's growth. In the Healthcare Simulation Market, the rising demand for minimally invasive surgical procedures is expected to create lucrative opportunities.
MARKET RESTRAINTS:
The key restraint impacting negatively on the global medical simulation market is the high-end cost of medical simulators.
The budget constraints have led to less investment in the development of these types of simulation systems. The lack of technology in healthcare facilities in emerging countries hinders the market's growth and is not rectified, will continue to do so. The lack of medical simulator-making companies in areas has led to less demand for these areas' products. Still, this challenge can be overcome by better government initiatives and the entry of new market players.
Lack of funding, less time for simulation activities, release from the work environment, and a lack of management interest are challenges to hospitals implementing simulation products and services. Operational difficulties are major factors expected to limit market growth to some degree during the forecast period.
Impact of COVID-19 on the global medical simulation market:
The disease has spread to almost every nation on the planet since the COVID-19 virus outbreak in December 2019, prompting the World Health Organization to declare it a public health emergency. COVID-19 has had a significant effect on medical education worldwide, resulting in the cancellation of courses, tests, clinical rotations, and the temporary closing of medical schools during lockdowns. The simulated representation of a clinical condition to better understand and execute a complicated real-world procedure is called healthcare simulation. During the pandemic, virtual simulation tools are likely to improve and develop procedural and patient care skills. Furthermore, the virtual medical simulation market is expected to expand due to an increase in remote learning through screen-based simulation, augmented reality, mixed reality, blended or extended reality, and virtual reality.
COVID-19 has positively impacted the medical simulation market. The coronavirus has changed how people used to consult with doctors. With most big hospitals turned into the COVID zone, medical simulators play an essential role in providing accurate results. It has led to an increase in demand for medical simulators. The hospitals also train their staff about using medical simulators to utilize all the medical simulator functions properly. The governments are investing more in the proper research and development of medical simulators' technology to cater to more and more populations.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2020 to 2026 |
|
Base Year |
2020 |
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Forecast Period |
2021 to 2026 |
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Segments Covered |
By Products and Services, End User, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on the global medical simulation market has been segmented and sub-segmented based on products and services, end-user, and regions.
Medical Simulation Market – By Products & Services:
Based on the products and services, the healthcare anatomical model segment had the largest market share in 2019 and is expected to grow at a promising rate during the forecast period. Healthcare anatomical models can be further divided into patient simulators, task trainers, interventional/surgical, endovascular, ultrasound, dental, and eye simulators. The main factor for the healthcare anatomical model's highest market share is the wide variety of applications of such models in several fields such as academics, training & practicing in hospitals and military organizations. Among these divisions, the patient simulator is expected to grow faster during the forecast period. The key reason for the patient simulator's growth is the various advantages like better understanding and gaining of knowledge the patient simulator offers. It is useful in military organizations and academic institutes.
The web-based Simulators are expected to grow at the fastest rate during the forecast period. The main reason for high growth is the availability of Internet service in most of the areas. Other advantages of web-based simulators are a predictable environment for learning and controlled access to simulation procedures. The increase in population and improvement of healthcare facilities will eventually propel the market growth throughout the forecast period and further.
Medical Simulation Market – By End-User:
Based on end-user, the academic institutes had the highest market share in 2019 and are expected to grow at a reasonable rate during the forecast period. The main factor driving the growth of this sub-segment is the increasing importance of patient safety. The lack of appropriate knowledge for minimally invasive surgeries is expected to increase medical training demand in academic institutes during the forecast period.
The Hospital sub-segment is expected to grow with the highest growth rate during the forecast period. The main reason for high growth is the availability of the latest healthcare technology in hospitals to provide the best possible treatment. The large variety of medical simulators and increasing demand for minimum invasive procedures are expected to positively contribute to this sub-segment growth.
Medical Simulation Market – By Region:
Geographically, the North American region dominated the global medical simulator market among all regions in 2019 and is expected to continue the dominating trend throughout the forecast period. The market in North America is driven by rising medical training institutes and hospitals, which gives a lot of importance to the patient’s safety. Another primary reason is the rise in the geriatric population in the USA and Canada and its prevalence in these countries.
The European market is expected to be the second-largest market during the forecast period. The increase in the geriatric population and improvement in healthcare facilities are the major positively contributing factors. The rising government initiatives will make people more aware and thus will improve the market in this sub-segment.
The Asia Pacific region is to exhibit the highest growth rate during the forecast period. The rising demand for medical simulation and increased spending on healthcare facilities will drive the market's growth. Ease of doing business due to low cost and more labor will help the Asian countries to grow in this field. The increasing population in India and China is also a major contributing factor in the medical simulator market growth rate.
KEY MARKET PARTICIPANTS:
CAE Inc., 3d Systems, Laerdal Medical, Gaumard Scientific Company, Kyoto Kagaku, Limbs & Things, Mentice Ab, Simulab Corporation, Simulaids, Intelligent Ultrasound Group Plc, Operative Experience, Inc., Surgical Science Sweden AB, Cardionics Inc., Virtamed AG, Synbone AG, Vrmagic Holding AG., Ossimtech, HRV Simulation, Synaptive Medical, and Inovus Medical, are some of the companies playing a leading role in the global medical simulation market.
RECENT MARKET DEVELOPMENTS:
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