Healthcare/Medical Simulation Market Insight and Trends 2027
The global Healthcare/Medical Simulation market gathered revenue around USD 2.0 Billion in 2020 and market is set to grow USD 4.2 Billion by the end of 2027 and is estimated to expand at a modest CAGR of 16% during the prediction period 2021 to 2027.
Growth Factors:
The market growing use of advanced methods and approaches for providing medical education, limited access to patients during medical training, increasing demand for minimally invasive treatments, increasing focus on patient safety, and increasing demand for virtual training interaction due to the COVID-19 pandemic. Vendors are using organic growth strategies such as product launches and innovations, which has resulted into an increasing availability of advanced products globally.
The market end users of medical simulation, which is leveraged to train and teach medical professionals about different types of surgeries and teach students about anatomy and physiology, include hospitals, academics, and military, among others. Depending upon the products and services, the global healthcare/medical simulation market can be segmented into computed tomography, high fidelity mannequins, magnetic resonance imaging, live environments, serious game, simulated clinical environment, positron emission tomography, fidelity trainers, performance recording, cardiovascular simulators, imaging simulation, IV simulators, surgical simulators, interventional simulators, mid/low simulator, ultrasound imaging, and healthcare/medical simulation training services.
The global market for healthcare/medical simulation is characterized by the presence of numerous small players that operate in different segments in the regional markets. They are providing stiff competition to the dominant market players by denting their market shares. This has prompted the big names in the industry to invest heavily in developing new technologies and improving their existing products. Overall, the global market for healthcare/medical simulation is fragmented and is forecasted to grow at a robust pace in the near future on account of the robust competition between small and big players.
This research report purposes at stressing the most lucrative growth prospects. The aim of the research report is to provide an inclusive valuation of the Healthcare/Medical Simulation market and it encompasses thoughtful visions, actualities, industry-validated market findings, historic data, and prognoses by means of appropriate set of assumptions and practice. Global Healthcare/Medical Simulation market report aids in comprehending market structure and dynamics by recognizing and scrutinizing the market sectors and predicted the global market outlook.
| Report Scope | Details |
| Market Size | USD 4.2 Billion by 2027 |
| Growth Rate | CAGR of 16% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Product and Service, and End User |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Companies Mentioned | CAE Inc., 3D Systems, Laerdal Medical, Gaumard Scientific Co., Kyoto Kagaku, Surgical Science Sweden AB, Limbs and Things, Mentice AB, Simulab Corp, and Intelligent Ultrasound Group Plc. |
Report Coverage
COVID-19 Impact Assessment on Market Landscape
The report comprises the scrutiny of COVID-19 lock-down impact on the income of market leaders, disrupters and followers. Since lock down was instigated differently in diverse regions and nations, influence of same is also dissimilar across various industry verticals. The research report offers present short-term and long-term influence on the market to assist market participants across value chain makers to formulate the framework for short term and long-lasting tactics for recovery and by region.
Healthcare/Medical Simulation market Report empowers readers with all-inclusive market intelligence and offers a granular outline of the market they are operational in. Further this research study delivers exceptional combination of tangible perceptions and qualitative scrutiny to aid companies accomplishes sustainable growth. This report employs industry-leading research practices and tools to assemble all-inclusive market studies, intermingled with pertinent data. Additionally, this report also emphases on the competitive examination of crucial players by analyzing their product portfolio, pricing, gross margins, financial position, growth approaches, and regional occurrence.
Healthcare/Medical Simulation Regional Analysis:
North America dominated the market in 2020, followed by Europe. In North America, the market is driven by rising medical training institutes and hospitals, which are mainly focusing on standardizing their teaching practices to enhance patient safety. Rising geriatric population in the U.S. & Canada and increasing number of patient admissions in hospitals are projected to fuel the demand for patient safety and proper treatment, which in turn, is likely to supplement the growth of the regional healthcare simulation market.
Asia Pacific is poised to exhibit the fastest growth due to soaring demand for medical simulation and related services and increasing government spending on healthcare research. In addition, China is considered a home for producing low cost electronic chips, simulator models’ parts & components, software, and anatomical models. Ease of doing business in Asian countries is high due to availability of huge labor and low manufacturing cost. This is an important factor estimated to augment the market in Asia Pacific.
Healthcare/Medical Simulation Market: Trends and Opportunities Analysis
Major growth drivers in the global market for healthcare/medical simulation are the rising healthcare costs and growing demand for minimally invasive treatments. Increasing concern over patient safety is another crucial growth driver. As per the Institute of Medicine, about 44,000 to 97,000 deaths are caused very year globally because of medical errors during treatment. This has significantly upped the demand for healthcare/medical simulation as it helps doctors and surgeons to understand better the procedures and avoid fatal missteps while treatment or surgery.
Medical simulation leverages haptic and virtual and reality technology. Haptic technology makes use of the sense of touch by applying forces, vibration, and motions to aid in realistic and multisensory learning. Virtual and reality technology on the other hand leverages computer simulated environment. It assists surgeons to learn surgery sans actual patients.
Besides the aforementioned growth drivers, another factor slated to boost the market substantially in the years to come is the swift pace of technological innovation resulting from the stiff competition among existing market players wanting to improve their sales by offering more advanced and sophisticated products. This would also help address the prevalent challenges in the field of medical simulation, tackle compliance issues, and satisfy the unmet needs of the market. Deterring the growth in the market, however, is the expensiveness of the simulators.
Competitive Rivalry
Foremost players in the market are attentive on adopting corporation strategies to enhance their market share. Some of the prominent tactics undertaken by leading market participants in order to sustain the fierce market completion include collaborations, acquisitions, substantial spending in R&D and the improvement of new-fangled products or reforms among others.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Some of the prominent players in the Healthcare/Medical Simulation Market include: CAE Inc., 3D Systems, Laerdal Medical, Gaumard Scientific Co., Kyoto Kagaku, Surgical Science Sweden AB, Limbs and Things, Mentice AB, Simulab Corp, and Intelligent Ultrasound Group Plc.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Global Healthcare/Medical Simulation Market, by Product and service
Global Healthcare/Medical Simulation Market, by End User
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Highlights of the Report:
Research Methodology
In the study, a unique research methodology is utilized to conduct extensive research on the growth of the Healthcare/Medical Simulation market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the Healthcare/Medical Simulation market study are as follows - statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the market, and makes the projections on the growth prospects of the Healthcare/Medical Simulation markets more accurate and reliable.
Secondary Research
It involves company databases such as Hoover's: This assists us recognize financial information, structure of the market participants and industry competitive landscape.
The secondary research sources referred in the process are as follows:
Primary Research
Primary research includes face-to face interviews, online surveys, and telephonic interviews.
Industry participants involved in this research study include:
Key Points Covered in Healthcare/Medical Simulation market Study:
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers