Medical Simulation Market is Estimated to Grow Rapidly till 2023 | Top key Players - 3D SYSTEMS, CANADIAN AVIATION ELECTRONICS, GAUMARD SCIENTIFIC COMPANY, KYOTO KAGAKU, LAERDAL, LIMBS & THINGS, MENTICE AB

Global Medical Simulation Market Highlights
The medical simulation market is expected to register a CAGR of 20%, during the forecast period, 2018 to 2023. Medical simulation is the modern day methodology for training healthcare professionals through the use of advanced educational technology. Medical simulation is an experiential learning that every healthcare professional will need, but cannot be engaged in always during real-life patient care. Medical simulation has also been called healthcare simulation, simulation in healthcare, patient simulation, nursing simulation, surgical simulation, and clinical simulation.

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US Lead the Market in North America Region
The US medical simulation market holds the largest market share in 2017 in North America region due to the presence of high quality healthcare system and modern medical technology in the country. Additionally, the presence of prominent players in the region is likely to contribute towards the growth of the medical simulation market.

Key Developments in the Market
December 2017: Mentice has acquired Endovascular Business from Medical Simulation Corporation, which has strengthen its presence in US region

Major Players:
3D SYSTEMS, CANADIAN AVIATION ELECTRONICS, GAUMARD SCIENTIFIC COMPANY, INC., KYOTO KAGAKU CO., LTD, LAERDAL, LIMBS & THINGS, MENTICE AB, SIMULAB CORPORATION, SIMULAIDS, INC., SURGICAL SCIENCE SWEDEN AB, are among others.

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Continuous Technological Advancements
Technology-enhanced simulation has seen increasing applications in healthcare for the purpose of training healthcare professionals. Furthermore, it is projected to play critical roles in standardized assessment of clinical competencies and as clinical research tools, manikins have been widely available for practices, such as CPR and airway management training, over the last decade; new simulators that are unprecedented in their functionality, have been produced. New features reproduced many, but not all, of the signs seen in deteriorating patents. It became possible to interface them to commercial physiological monitors, anesthesia machines, ventilators and even cardiac defibrillators. Consequently, it became feasible to recreate most medical emergencies with acceptable realism. Patient-Specific Virtual Reality Simulation (PSVR) is a new technological advancement that allows practice of upcoming real operations and complements the established role of VR simulation as a generic training tool. So, this factor is driving the medical simulation market.
The other factors, such as rising number of minimally adhesive surgeries and innovations in patient simulators, and increasing concern over patient safety are driving the medical simulation market to grow.

High Cost of Simulators
Due to the high fixed (overhead) cost structure of simulation centers, economic viability is directly tied with the number of billable hours taught per week.

Types of High Fidelity Manikin and Approximate Costing
• METI Man HPS (CAE) u2013 Unit Cost >USD 200,000
• SIM MAN 3G u2013 Unit Cost USD 96,000
• Mega-code Kelly u2013 Unit cost USD 11,000
• SIM MAN Essential u2013 Unit Cost USD 20,000

Most institutions recognize overall benefits of simulation, however, concerns exist over the capital costs of developing a simulation center. The reported average cost to start a well-equipped lab is estimated at USD 450,000 (ranging from USD 100,000 to several million dollars). Up-front costs include space development or remodeling, if needed, and purchase of trainer systems, which can range from very simple models and multipurpose laparoscopic box trainers to more sophisticated virtual-reality endoscopic, laparoscopic or robotic platforms. In addition, a simulation center requires between USD 12,000-300,000 annually, for consumable materials, such as surgical supplies, maintenance and upgrades, as well as other administrative overhead costs. However, it may cost as little as a few thousand dollars to obtain simple laparoscopic trainer boxes and supplies, if already available, laparoscopic equipment can be utilized for training sessions. So, this high costs are hindering the growth of medical simulation market. The other factors, such as reluctance to adopt new training methods and limited availability of funds, especially in the developing and underdeveloped countries is also hindering the growth of the market.

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