Medical Simulation Market Size Worth $5.48 Billion By 2028: Grand View Research, Inc.

SAN FRANCISCO, Nov. 15, 2021 /PRNewswire/ -- The global medical simulation market size is expected to reach a value of USD 5.48 billion by 2028, according to new research report by Grand View Research, Inc. The market is expected to expand at a CAGR of 16.3% from 2021 to 2028. With recent technological advancements, the use of new medical devices and advanced procedures, such as enhanced mechanical ventilation devices, cardiac assist devices, and intra-cardiac echocardiography technology, is increasing; which drives the need for advanced training solutions, such as simulation, for customer training and internal product development.

Key Insights & Findings:

• Healthcare anatomical model dominated the products and services segment of the overall market in 2020, as these simulators are proving to be beneficial in the manufacturing and research industry for conducting trials
• The hospitals end-user segment is expected to expand at the fastest CAGR of 16.6% over the forecast period. Factors responsible for the growth are the gradual shift of focus on advanced learning and increasing focus on minimizing errors
• Procedural rehearsal technology is expected to be the largest technology segment. The rising number of medical errors leading to increasing demand for patient safety is expected to boost the demand for procedure rehearsal technology
• The Asia Pacific region is anticipated to register rapid growth in the forthcoming years owing to the growing healthcare IT spending and rapidly evolving healthcare infrastructure
• Key players operating in this market include CAE, 3D Systems, Limbs & Things Ltd, Mentice AB, and Surgical Scientific Sweden AB
• In February 2021, Surgical Science joined

Mimic Technologies, thus expanding its foothold in the robotic surgery segment

Read 150 page market research report, "Medical Simulation Market Size, Share & Trends Analysis Report By Product & Services (Medical Simulation Software, Web-based Simulators, Simulation Training Services), By Technology, By End Use, And Segment Forecasts, 2021 - 2028", by Grand View Research

Certification and regulatory agencies are strictly recommending that physicians and clinicians be trained before the adoption of new, disruptive technologies. Although hands-on learning with real patients cannot be replaced, simulation training offers safe learning conditions. Students and medical residents making mistakes in this phase is an important part of the learning process, as in simulation training patients are not put at risk.

Education Management Solutions, LLC- a company dealing in medical simulation learning management technology-released workflows that were COVID-19 contingency ready for healthcare education. CAE Healthcare responded to the pandemic by helping with a complimentary webinar, SCE, and outreach toolkit to assist educators. Such factors boosted the demand for medical simulation services during the pandemic.

The market is very competitive. The most notable market participants are CAE, Laerdal Medical, 3D Systems, Simulab Corporation, Limbs & Things Ltd, Mentice AB, Simulaids, Gaumard Scientific Company, Surgical Science Sweden AB, Kyoto Kagaku Co., Ltd and account for a considerable share owing to their product offerings to the market. Market leaders are involved in the establishment of extensive distribution systems as well as in mergers and acquisitions to capture a larger share of the market. For instance, in January 2021, Gaumard Scientific Company revealed its ultrasound system and pediatric emergency scenario modules for Pediatric HAL.

Medical Simulation Market COVID Impact Snapshot

Grand View Research has segmented the global medical simulation market by products and services, technology, end use, and region:

• Medical Simulation Products & Services Outlook (Revenue, USD Million, 2016 - 2028)
• Healthcare Anatomical Models
• Patient Simulators
• Task Trainers
• Interventional/Surgical Simulators
• Laparoscopic Surgical Simulators
• Gynecology Simulators
• Cardiovascular Simulators
• Arthroscopic Surgical Simulators
• Spine Surgical Simulators
• Other Interventional/Surgical Simulators
• Endovascular Simulators
• Ultrasound Simulators
• Dental Simulators
• Eye Simulators
• Web-Based Simulators
• Healthcare Simulation Software
• Simulation Training Services
• Medical Simulation Technology Outlook (Revenue, USD Million, 2016 - 2028)
• Virtual Patient Simulation
• 3D Printing
• Procedure Rehearsal Technology
• Medical Simulation End-use Outlook (Revenue, USD Million, 2016 - 2028)
• Academic Institutes
• Hospitals
• Military Organizations
• Research
• Medical Device Companies
• Others
• Medical Simulation Regional Outlook (Revenue, USD Million, 2016 - 2028)
• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia

List of Key Players in the global Medical Simulation Market

• CAE (Canadian Aviation Electronics, Ltd)
• Laerdal Medical
• 3D Systems
• Simulab Corporation
• Limbs & Things Ltd
• Simulaids
• Kyoto Kagaku Co., Ltd
• Gaumard Scientific Company
• Mentice AB
• Surgical Science Sweden AB

Check out more studies on technological advancements in healthcare sector, conducted by Grand View Research:

• Healthcare IT Market – The global healthcare IT market size was valued at USD 74.2 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.7% over the forecast period. High demand and adoption of preventive care along with increasing funding for various mobile health startups is advancing the market growth.
• Healthcare Customer Data Platform Market – The global healthcare customer data platform market size was valued at USD 215.4 million in 2020 and is expected to expand at a CAGR of 27.2% from 2021 to 2028. Customer data platforms integrate a variety of information, structured as well as unstructured, and work with various data sets to transform the results into useful insights to drive the growth of the business.
• Artificial Intelligence In Healthcare Market – The global artificial intelligence in healthcare market size was valued at USD 6.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 41.8% from 2021 to 2028. The increase in the inflow of patient health-related digital data, growing pressure for cutting down healthcare spending, and rising demand for personalized medicine are some of the key factors aiding revenue growth in the market.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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