Medical Simulation Market Size Is Projected To Reach USD 3,190.2 Million By 2027 - Valuates Reports

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Sep 11, 2020, 10:30 ET

BANGALORE, India, Sept. 11, 2020 /PRNewswire/ -- The global medical simulation market size was valued at USD 1,421.1 Million in 2019 and is projected to reach USD 3,190.2 Million by 2027, growing at a CAGR of 14.6% from 2020 to 2027.

Major factors driving the Medical Simulation Market size's growth are increased use of simulation in healthcare, a rise in deaths due to medical errors, and the need for improved outcomes for patient safety.

The report provides an in-depth analysis of the global medical simulation market size and the current trends and future estimations to elucidate the imminent investment pockets.

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TRENDS INFLUENCING THE MEDICAL SIMULATION MARKET SIZE

Over the past few years, the requirement for medical simulation has been established in minimally invasive surgery. The minimally invasive techniques are becoming a standard for a number of surgical procedures. These MIS procedures involve smaller incisions that lead to faster recovery. This feature drives the growth of the medical simulation market size.
The increase in various technological advances in medical simulation increases healthcare applications for the training of healthcare professionals. This increasing use for training purposes is expected to increase the growth of the medical simulation market size.
Other factors that can fuel the growth of medical simulation market size include healthcare personnel shortages, growing awareness of simulation education in emerging countries, and technological advances.
On the other hand, budgetary constraints, high simulator costs, and operational challenges could hinder the medical simulation market.

MEDICAL SIMULATION MARKET SHARE ANALYSIS

The low-fidelity segment held the largest medical simulation market share based on fidelity, with a revenue of $671.29 million in 2019. On the other hand, the high-fidelity segment is expected to witness the highest growth CAGR of 15.3% during the forecast period.
Based on end-users, the hospital segment dominated the market in 2019 at $761.41 million. The factors responsible for hospital segment dominance are the gradual shift of focus away from traditional learning, the advent of advanced simulation-based technologies, full use of simulation models in medical surgery, increased focus on minimizing errors, and cost-effectiveness of medical practitioners' procedural training.
Based on the region, Asia-Pacific is expected to witness the highest growth during the forecast period. This rapid growth is attributed to the presence of a large patient population, increasing investment in R&D, increasing focus on medical education, training, research, and patient safety, and rising healthcare spending.

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TOP COMPANIES IN THE MEDICAL SIMULATION MARKET

The medical simulation market is highly fragmented, with major players dominating the market. The top companies in the medical simulation market include Laerdal Medical AS, CAE, Inc., 3D Systems, Inc., Simulab Corporation, Simulaids, Inc., Limbs and Things, Ltd., Kyoto Kagaku Co. Ltd., Mentice AB, Surgical Science Sweden AB, and Gaumard Scientific Company, Inc.

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MEDICAL SIMULATION KEY MARKET SEGMENTS:

By Product & Service

Model-based Simulation

Patient Simulation

Task Trainer Simulation
Manikin-based Simulation
Standardized Patient Simulation

Surgical Simulation

Laparoscopic Surgical Simulators
Arthroscopic Surgical Simulators
Cardiovascular Simulators
Gynecology Simulators
Others

Ultrasound Simulation

Web-based Simulation

Simulation Software
Performance Recording Software
Virtual Tutors

Simulation Training Services

Vendor-based Training
Custom Consulting Services
Educational Societies

By Fidelity

Low-fidelity
Medium-fidelity
High-fidelity

By End User

Academic Institutions & Research Centers
Hospitals & Clinics
Military Organizations

By Region

North America

U.S.
Canada
Mexico

Europe

Germany
France
UK
Italy
Spain
Rest of Europe

Asia-Pacific

Japan
China
India
Australia
Rest of Asia-Pacific

LAMEA

Brazil
Saudi Arabia
South Africa
Rest of LAMEA

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SIMILAR REPORTS

Simulation Software Market Report

The global simulation software market was valued at USD 5,135 Million in 2017 and is projected to reach USD 10,029 Million by 2025, growing at a CAGR of 8.90% from 2018 to 2025.

Increasing demand for an environmentally friendly work environment, testing different designs before building one in hardware, increasing the use of simulation software in the automotive and healthcare industries, and significant simulation adoption among aerospace & defense are some of the major factors driving the growth of the global simulation software market size.

View Full Report: https://reports.valuates.com/market-reports/ALLI-Auto-4O301/simulation-software

Healthcare and Medical Simulation Market Report

The global Healthcare and Medical Simulation market size are projected to reach USD 2526 Million by 2026, from USD 1144.8 Million in 2020, at a CAGR of 14.1% during 2021-2026.

The most proportion of Healthcare and Medical Simulation is used in medical college, and the consumption proportion was about 48% in 2017.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-9K887/global-healthcare-and-medical-simulation

Robotics Surgical Simulation Systems Market Report

The global Robotics Surgical Simulation Systems market size is projected to reach USD 589.2 Million by 2026, from USD 266.7 Million in 2020, at a CAGR of 14.1% during 2021-2026.

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-4S3024/covid-19-impact-on-global-robotics-surgical-simulation-systems

Medical Simulation for Education Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-23H2535/covid-19-impact-on-global-medical-simulation-for-education

Medical Simulation System Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-37Z2519/covid-19-impact-on-global-medical-simulation-system

Medical Simulation Software Market Report

View Full Report: https://reports.valuates.com/market-reports/QYRE-Othe-4S305/medical-simulation-software

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