New Innovations in Healthcare Simulation Transforming Medical Simulation Market at a CAGR of 14.3%

Medical simulation is a training method in which healthcare professionals practice tasks and processes in real life circumstances using virtual reality or simulation models. Increase in use of simulation in healthcare, surge in emphasis on patient safety & outcomes, limited access to live patients during training, and medical technology revolution drive the growth of the market. However, the high cost of installation and other related expenditures are expected to impede the market growth.

By product & service, the patient simulators segment generated the maximum revenue in 2016, accounting for more than one-fourth share of the global medical simulation market. Surgical simulation segment is expected to witness the highest CAGR during the forecast period, owing to increase in the number of cardiac, arthroscopic, and gynecological procedures.

Medical Simulation Market by Product & Service, Fidelity, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global medical simulation market was valued at $986 million in 2016, and is projected to reach $2,526 million by 2023, growing at a CAGR of 14.3% from 2017 to 2023. By product & service, the model-based simulation held more than half of the global medical simulation market in 2016.

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By fidelity, the low-fidelity simulators segment dominated in 2016 with three-fifths share in the global medical simulation market. Based on application, the hospitals & clinics segment is expected to dominate the global market in the future owing to increase in the number of surgical procedures. On the other hand, the academic institution & research centers segment is estimated to exhibit a CAGR of 15.6%.

The Asia-Pacific market is projected to grow at the highest CAGR of 15.6% during the forecast period, owing to increase in awareness about the benefits of simulation in healthcare industry and rise in expenditures in the emerging markets (such as India and China) to cater to the unmet medical needs.

Analyst Review :

Medical simulation involves training and educating the healthcare professionals by replicating the real-life situations. The adoption of medical simulation is expected to increase in the near future, owing to increase in deaths due to medical errors in healthcare facilities such as hospitals.

The global medical simulation market is expected to witness significant growth, owing to benefits associated with medical simulation such as educating the healthcare professionals about the normal as well as complex medical cases. Moreover, rise in demand for improved patient safety outcomes is also expected to boost the market growth. However, high installation cost restrains the market growth.

Among regions, North America dominates the global medical simulation market, owing to increase in incidence of deaths caused due to medical errors and unsafe care, followed by Europe and Asia-Pacific.

Top Key Players :

• Laerdal 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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