Medical Simulation Market to Reach $3.19 Bn, Globally, by 2027 at 14.6% CAGR: AMR
PORTLAND, Ore., Sept. 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Simulation Market by Product & Services (Model-Based Simulation, Web-Based Simulation, and Simulation Training Services), Fidelity (Low-Fidelity, Medium-Fidelity, and High-Fidelity), and End User (Academic Institutions & Research Centers, Hospitals & Clinics, and Military Organizations): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global medical simulation industry generated $1.42 billion in 2019, and is estimated to reach $3.19 billion by 2027, witnessing a CAGR of 14.6% from 2020 to 2027.
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Drivers, restraints, and opportunities
Rise in use of virtual and augmented reality, technological advancements in the medical field, and demand for virtual training drive the growth of the global medical simulation market. However, high costs related to setting up of simulators and limitations regarding implementation in real situations hinder the market growth. On the other hand, untapped potential in emerging regions presents new opportunities in the coming years.
Covid-19 ScenarioIn the wake of the Covid-19 outbreak, the WHO's Department of Health Security and Preparedness released simulation exercises on different elements to help healthcare workers to strengthen procedural and patient care skills. Simulation exercises have been helping patients and general populations to get acquainted with safety and hygiene practices regulations to prevent contamination. Medical simulations on specific situations such as emergency airway management for patients, transport of a patient with contagious disease, and preliminary treatments have been launched by leading health authorities on their official websites.
The model-based simulation segment to maintain its dominant share during the forecast period
Based on product & services segment, the model-based simulation segment contributed to the largest market share in 2019, holding for more than half of the global medical simulation market, and is estimated to maintain its dominant share during the forecast period. This is attributed to surge in importance on patient safety along with launch of new and advanced products offering improved training solutions. However, the web-based simulation segment is expected to grow at the fastest CAGR of 15.2% from 2020 to 2027, owing to convenient access to the internet, practicing the procedures with different degrees of difficulty and visual feedback, less risk to patients, and practice with feasibility assessment.
The hospitals segment to continue its leadership status in terms of revenue by 2027
Based on end user, the hospitals segment held more than half of the global medical simulation market in 2019, and will continue its leadership status in terms of revenue by 2027. This is due to implementation to raise clinical competence, improvement in capabilities of medical practitioners, and enhanced patient safety. However, the academic institutions segment is expected to witness the largest CAGR of 15.3% from 2020 to 2027, owing to medical trainees gaining proper clinical training and reduce medical errors during surgeries.
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North America to maintain its lead position during the forecast period
Based on region, North America accounted for the highest market share in 2019, contributing to nearly half of the total market share of the global medical simulation market, and will maintain its lead position during the forecast period. This is due to increase in academic institutions, medical training centers, and hospitals along with focus on standardization and optimization of teaching practices to improve patient safety and reduce medical errors. Asia-Pacific is estimated to grow at the highest CAGR of 15.2% during the forecast period. This is attributed to rise in demand for medical simulation and related services, surge in investments in healthcare research, and focus on cost-effectiveness and scalability to fulfill growing needs.
Leading market playersLaerdal Medical AS CAE, Inc. 3D Systems, Inc. Simulab Corporation Simulaids, Inc. Limbs and Things, Ltd. Kyoto Kagaku Co. Ltd. Mentice AB Surgical Science Sweden AB Gaumard Scientific Company, Inc.
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