Global Medical Simulation Market is anticipated to grow at a 14.4% CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Medical Simulation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global medical simulation market is estimated to be over US$ 1,400 Mn in 2018. It is anticipated to grow at a CAGR of 14.4% from 2019 to 2030.
The continual growth of the medical simulation market can be attributed to several factors which have led to wide-scale adoption of these products. These medical simulation products are extensively used for increasing focus on patient safety. As there is an increasing demand for minimally invasive procedures, it is anticipated to further contribute to the substantial growth of the global medical simulation market between 2019 and 2030. To obtain better insights regarding the market scenario, prominent players are increasingly focusing on innovation and advancements in technologies. For instance, American Society of Anesthesiologists and CAE healthcare launched first-of-its-kind interactive simulation product called Anesthesia SimSTAT. However, the high cost of medical simulators can hamper the growth of the overall market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Medical Simulation Market by Product & Services (Healthcare Anatomical Models, Web-Based Simulators, Medical Simulation Software and Simulation Training Services), Fidelity (Low-fidelity, Medium-fidelity and High-fidelity), End Users (Academic Institutes, Hospitals, Research Centers and Others) – Global Analysis and Forecast 2019-2030 in detail along with the table of contents:https://www.marketindustryreports.com/medical-simulation-market/64
Innovation and Technological Advancements
Over the period, the evolution in innovation and technology has played a vital role in contributing to the growth of the global medical simulation industry. Patient-Specific Virtual Reality Simulation is the new technological advancement that allows the practice of upcoming real operations and used for minimally invasive neurosurgery. CAE healthcare came up with CAE Luna infant simulator which is designed to fulfill clinical training requirements for neonatal and infant care. Furthermore, this simulator is also used to stimulate the critical newborn baby conditions that require an interprofessional team response. 3D Systems announced its new Simbionix ARTHRO Mentor Express training simulator to help medical professionals to learn surgical procedures for knees, shoulders, and hips on a portable and affordable tabletop platform. Guanard Scientific has innovated the world’s most advanced pediatric patient simulator which is capable of simulating lifelike emotions through dynamic facial expressions, movement, and speech. These factors are anticipated to present a lucrative growth opportunity for the global medical simulation market in the coming years.
Increasing Focus on Patient Safety
Medical simulation training is an essential educational strategy to improve patient safety. It enables enhancing knowledge, skills, and attitudes to be acquired for healthcare in a safe, educationally oriented and efficient manner. Simulation deals with ethical advantages, medical accuracy, importance of training assessment and some new methods that teaches how to minimize and manage errors. Through medical simulation, healthcare professionals can learn by practicing skills and experiencing mistakes before interacting with an actual patient. Increasing focus on patient safety and professional training is anticipated to positively contribute to the growth of the global medical simulation market.
High Cost of Medical Simulators to hamper the overall growth
The cost of medical simulators is very high to buy and maintain. Owing to its high price, the small and medium-sized healthcare training centers and educational institutes are not able to afford it. Therefore, this hampers the growth of medical simulation market. The market price of the equipment, accessories and training is very costly. Additionally, equipment maintenance requires high cost due to annual subscription fees, software upgrade costs and technological support. Moreover, simulators require computers, projectors and a separate room which ultimately affects the cost of the overall product, these factors can restrain the global medical simulation growth.
Rapid Growth of the Asia Pacific Market
Asia Pacific is estimated to witness the highest CAGR during the forecast period. Increasing population, continuously growing economy and increasing awareness is expected to aid the growth of the medical simulation market in this region. Additionally, this region is expected to show the fastest growth due to increasing demand for healthcare simulation and related services and increasing government spending on healthcare research. China is known as the home for producing low-cost electronic chips, simulator models’ parts and components, software and anatomical models. Due to the availability of huge labor and low manufacturing cost, ease of doing business is high in the Asia Pacific market. This is an important factor estimated to augment the market in this region.
Major Players in the Medical Simulation Market
The prominent players in the medical simulation market are CAE Inc., 3D Systems Inc., Laerdal Medical AS, Guamard Scientific, Mentice AB, Limbs & Things Ltd., Simulaids Inc., Simulab Corporation, Kyoto Kagaku Co. Ltd., and Surgical Science Sweden AB among others.
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