Healthcare/Medical Simulation Market Worth 2.27 Billion USD by 2021
PUNE, India, September 14, 2016 /PRNewswire/ --
According to a new market research "Healthcare/Medical Simulation Market by Product & Services (Patient Simulator, Task Trainers, Surgical Simulator, Web-based Simulation, Software, Dental Simulator, Eye Simulator), End User (Academics, Hospital, Military) - Global Forecast to 2021", published by MarketsandMarkets, the market witnessed healthy growth rate during the last decade and is expected to grow at a CAGR of 15.2% between 2016 and 2021 to reach USD 2.27 Billion by 2021.
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Browse 158 market data Tables and 31 Figures spread through 224 Pages and in-depth TOC on "Healthcare/Medical Simulation Market"
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The growth in this market is mainly attributed to factors such as increasing healthcare costs, technological advancements, increasing demand for minimally invasive treatments, rising focus on patient safety, and increasing consolidation of market players.
The global Healthcare/Medical Simulation Market is segmented on the basis of products and services, end users and regions. Based on products and services, the medical simulation market is segmented into medical simulation anatomical models, web-based simulation, simulation software, and simulation training services. In 2015, medical simulation anatomical models accounted for the largest share of the Healthcare/Medical Simulation Market covers patient simulators, task trainers, surgical simulators, endovascular simulators, ultrasound simulators, dental simulators, and eye simulators. However, web-based simulation segment is expected to witness the highest growth in the next five years. The wide availability of internet services, controlled and predictable environment and controlled access are some of the major drivers for this market.
The simulation software segment is further classified into performance recording software and virtual tutors. The simulation training services are classified into vendor-based training services, custom consulting services, and educational societies' services. Furthermore, on the basis of end users, the market is classified into academic institutions, hospitals, military organizations, and others.
The academic institutes end user segment accounted for the largest share of Healthcare/Medical Simulation Market. This large share for academic institutes is due to increasing awareness of patient safety, focus on minimizing medical errors, and the rising number of medical school enrollees. In addition, the rising educational grants and the improvement of healthcare infrastructure are expected to support the growth of this segment.
In 2015, North America was the major market for medical simulation products and services, followed by Europe and Asia-Pacific. The highest market share of North America and European regions is primarily attributed to the presence and expansion of major medical simulation companies through acquisitions which has improved the accessibility of medical simulation products and services in this region. However, the future growth of the medical simulation market will be driven by the Asia-Pacific and Latin American regions. This is mainly attributed to the continuous efforts of Asian economies toward the development of the healthcare sector in this region. These economies have modified regulations and monitored the implementation of procedures, policies, and guidelines to promote innovation and commercialization. This is attracting many homegrown entrepreneurs as well as global leaders to the region. The increasing number of hospitals, academic institutions, and medical devices propel the market for medical simulation. Moreover, increasing focus on medical education, training, and research in India and China showcases great potential for the medical simulation market in this region.
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Laerdal Medical AS (Norway) and CAE, Inc. (Canada) held the major share of the Healthcare/Medical Simulation Market and will continue to dominate the market between 2016 and 2021. Other major players operating in this market are 3D Systems, Inc. (U.S.), Simulab Corporation (U.S.), Simulaids, Inc. (U.S.), Limbs and Things, Ltd (U.K.), Kyoto Kagaku Co., Ltd (Japan), Mentice AB (Sweden), Surgical Science Sweden AB (Sweden), and Gaumard Scientific Company, Inc. (U.S.).
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