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
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
The market experienced a growth rate of 1.5% from 2019 to 2020, as compared to 9.2% as per the earlier projections.
Post-COVID-19, with the easing lockdowns, the market is expected to gain pace in 2021, by reaching USD 1.90 Billion.
Canadian Aviation Electronics, Ltd experienced delays in delivering existing orders due to COVID-19, which impacted its revenue growth as well.
The market players are also expected to invest in launching new products and other strategies, to recover from the COVID-19 impact.
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
Laparoscopic Surgical Simulators
Arthroscopic Surgical Simulators
Spine Surgical Simulators
Other Interventional/Surgical Simulators
Healthcare Simulation Software
Simulation Training Services
Medical Simulation Technology Outlook (Revenue, USD Million, 2016 - 2028)
Virtual Patient Simulation
Procedure Rehearsal Technology
Medical Simulation End-use Outlook (Revenue, USD Million, 2016 - 2028)
Medical Device Companies
Medical Simulation Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players in the global Medical Simulation Market
CAE (Canadian Aviation Electronics, Ltd)
Limbs & Things Ltd
Kyoto Kagaku Co., Ltd
Gaumard Scientific Company
Surgical Science Sweden AB
Check out more studies on technological advancements in healthcare sector, conducted by Grand View Research:
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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.