Medical Simulation Market to Grow with a CAGR of 15.15% through 2028
Rising prevalence of chronic diseases are expected to
drive the Global Medical Simulation Market in the forecast period 2024-2028.
According to TechSci Research report, “Medical
Simulation Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Medical Simulation Market
stood at USD 2.05 billion in 2022 and is anticipated to grow with a CAGR of 15.15%
in the forecast period, 2024-2028. The expected drivers for market growth
include the continuous technological advancements, a preference for less
invasive treatment methods, and an increased emphasis on ensuring patient
safety. However, the COVID-19 pandemic has had adverse effects on several
market participants. Canadian Aviation Electronics, Ltd has highlighted that
medical and nursing schools constitute a significant portion of the simulation
products market. As a result, their capacity to fulfill contracts and meet
existing order deliveries has been adversely affected. Additionally, the impact
of COVID-19 on the demand for medical simulation became evident in Asia during
the early part of the fourth quarter of the 2020 financial year, due to border
restrictions. In North America and Europe, the effects were felt later in
March. In the hospital sector, the primary focus of customers shifted towards
addressing the immediate operational challenges posed by the ongoing healthcare
crisis, diverting attention and budgets away from training initiatives.
This may lead to a reduced emphasis and allocation of
resources for regular operations and training projects in the short term.
However, manufacturing operations for healthcare products continued
uninterrupted during the pandemic, which was a trend observed across various
companies. Medical simulation in healthcare serves as a valuable tool for
creating a safe learning environment where healthcare professionals and
researchers can experiment with new clinical processes and improve the skills
of both individuals and teams. Many simulation applications involve the use of
artificial patients capable of exhibiting symptoms and responding to simulated
treatments. This capability enables medical specialists to enhance their
clinical expertise without exposing real patients to potential risks,
underlining the significance of medical simulation in advancing healthcare
training and practice.
Medical simulation, also known as healthcare
simulation, is a technique used in medical education, training, and research to
replicate real-life medical scenarios and processes in a controlled and safe
environment. It involves the use of various technologies and methodologies to
mimic clinical situations, patient interactions, and medical procedures for the
purpose of skill development, competence assessment, and research within the
healthcare field. Medical simulation encompasses a wide range of tools and approaches,
including high-fidelity manikins that closely resemble human anatomy and
physiology, virtual reality (VR) and augmented reality (AR) environments,
standardized patients (trained actors who simulate specific medical conditions
or patient interactions), computer-based simulations, and task trainers
designed for specific procedures or skills. Healthcare professionals, such as
doctors, nurses, surgeons, and emergency responders, use medical simulation to
practice and refine their clinical skills, improve decision-making abilities,
enhance teamwork and communication, and gain hands-on experience without
putting real patients at risk. Additionally, medical simulation is utilized for
research purposes to study healthcare processes, develop and test new medical
devices and treatments, and analyze human factors in medical errors. Overall,
medical simulation plays a crucial role in improving the quality of healthcare
education and training, enhancing patient safety, and advancing medical
research and innovation.
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through XX Pages and an in-depth TOC on "Global
Medical Simulation Market.”
Focus on Patient Safety: The paramount importance of
patient safety drives the demand for medical simulation. Healthcare
institutions recognize the need to train healthcare professionals in a
risk-free environment to reduce medical errors and enhance patient outcomes. Technological
Advancements: Continuous advancements in simulation technology, such as
high-fidelity manikins, virtual reality (VR), and augmented reality (AR),
improve the realism and effectiveness of medical simulations, making them more
attractive for training and education. Complex Medical Procedures: The
increasing complexity of medical procedures and treatments requires healthcare
professionals to acquire and hone advanced skills. Medical simulation offers a
safe and controlled setting for practicing intricate and high-stakes
procedures. Healthcare Education and Training Needs: Medical schools,
hospitals, and healthcare institutions require effective training solutions to
prepare healthcare professionals for the evolving healthcare landscape. Medical
simulation meets this need by offering realistic and hands-on training
experiences. COVID-19 Pandemic Acceleration: The pandemic accelerated the
adoption of virtual and remote simulation solutions, enabling healthcare
professionals to continue training while adhering to social distancing
measures, contributing to the market's growth. Regulatory Requirements:
Regulatory bodies and accrediting agencies emphasize standardized and
competency-based education and training. Medical simulation helps institutions
meet these requirements by providing measurable assessments. Cost-Efficiency:
Despite initial investments, simulation technology can lead to long-term cost
savings by reducing the need for disposable supplies, minimizing medical
errors, and improving patient outcomes. Global Healthcare Workforce Shortages:
The shortage of healthcare professionals in many regions drives the need for
efficient training methods, with medical simulation helping to bridge this gap.
Research and
Development: The medical simulation market benefits from ongoing research and
development efforts, resulting in more sophisticated and realistic simulation
systems. Industry Collaboration: Collaboration between healthcare institutions,
technology providers, and educational organizations fosters the development and
adoption of medical simulation solutions. These drivers collectively contribute
to the growth and adoption of medical simulation as a critical tool in
healthcare education, training, and patient safety.The Global Medical
Simulation Market is segmented into product and services, end use, technology, regional
distribution, and company.
Based on products and services, the market is
segmented into web-based simulators, healthcare anatomical models, simulation
training services, and healthcare simulation software. The Healthcare
anatomical models segment is further classified into task trainers, patient
simulators, interventional/surgical simulators, ultrasound simulators, dental
simulators, endovascular simulators, and eye simulators. The healthcare
anatomical model segment held the largest market share of more than 30.47% in
2020. These simulators are proving to be beneficial in the research and
manufacturing industry for conducting trials and permutations and combinations
before finalizing design, processes, or systems, especially in the medical
devices industry. These factors are anticipated to contribute to the growth of
the segment over the forecast period.
Based on technology, the medical simulation market is
segmented into virtual patient simulation, 3D printing, and procedural
rehearsal technology. The procedure rehearsal technology segment held the
largest share of 38.9% in 2022. The rising number of medical errors leading to
increasing demand for patient safety is expected to boost the demand for
procedure rehearsal technology. Market players are involved in technological
advancements, which is expected to fuel market growth. The virtual patient
simulation segment is expected to expand at a lucrative CAGR of over 18.9%
during the forecast period. The technology has many applications in medical
school curricula. Companies dealing in virtual patient simulation include 3D
Systems, Simulab Corporation, Simulaids, and Surgical Science Sweden AB.
Major companies operating in Global
Medical Simulation Market are:
- CAE (Canadian Aviation Electronics, Ltd)
- Laerdal Medical Corp.
- 3D SystemsInc.
- Simulab Corporation
- Limbs & Things Ltd
- Simulaids Inc.
- Kyoto Kagaku Co., Ltd
- Gaumard Scientific Company Inc.
- Mentice AB
- Surgical Science Sweden AB
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“The Global Medical Simulation Market is driven by
several compelling factors that collectively contribute to its rapid growth and
innovation in the healthcare industry. Firstly, the demand for personalized and
patient-specific medical solutions is a significant driver. the continuous
technological advancements, a preference for less invasive treatment methods,
and an increased emphasis on ensuring patient safety. However, the COVID-19
pandemic has had adverse effects on several market participants. Canadian Aviation
Electronics, Ltd has highlighted that medical and nursing schools constitute a
significant portion of the simulation products market contributes to foster the
demand for Global Medical Simulation Market in the forecast period” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Medical Simulation - Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Product & Services (Healthcare Anatomical Models, Web-based Simulators,
Healthcare Simulation Software, Simulation Training Services), By Technology
(Virtual Patient Simulation, 3D Printing, Procedure Rehearsal Technology), By
End-use (Academic Institutes, Hospitals, Military Organizations, Research), By
Region and Competition” has evaluated the future growth potential of Global
Medical Simulation Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Medical
Simulation Market.
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