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Medical Simulator Market : Sales Revenue, Market Demands, Company Profile, Business Strategy Analysis Report

10-24-2019 10:48 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: AllTheResearch

A medical simulator is an effective tool in medical education, as it helps in developing technical skills in doctors and students before they start working with patients. The medical simulator can be held in classrooms, in situational environments, or in places built for simulation practices where simulated human patients are used for educating students.

The increasing use of medical simulator for training students in hospitals and healthcare institutes is driving the growth of the medical simulator market in recent years. Medical simulation training provides robust communication skills to students which help them in handling real patients. The use of medical simulator also provides a controlled learning environment to students in which they can enhance their skills, in order to deal with complex and rare clinical situations.

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Moreover, the increasing number of deaths due to medical errors is driving the demand for medical simulator. The benefits provided by medical simulator such as improved patient safety, efficiency, and others are some of the factors that have reduced the number of these deaths. The global medical simulator market is expected to grow at a CAGR of 13.8% during the forecast period.

Global Medical Simulator Market Segmentation Scope by Service Type, fidelity and End user.

By Service Type: Patient Simulator, Surgical Simulator, Ultrasound Simulator, Eye Simulator and Dental Simulator.
By Fidelity: Low, Medium and High
By End User: Academics Institutions & Research Centers, Hospitals & Clinics, Military Organization

North America dominated the market in 2018 owing to an increase in the number of medical training hospitals and institutes in the region. Further, increasing number of geriatric population and the rising demand for proper treatment and patient safety are some of the factors that are driving the medical simulator market in the region.

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Asia Pacific is growing at the fastest pace owing to the soaring demand for healthcare-related services in the region, which further accelerates the growth of the medical simulator market. China is leading the Asia-Pacific market, as the country is the home for producing low simulator models, components and parts, anatomical models, and software.

However, the high setup cost of medical simulator is expected to hamper the growth of the market. At the same time, the simulator used to study the human tissues paves to be one of the restrain to the medical simulator market. The human body is composed of different types of tissues which demand for different medical procedures, and this creates a gap between the desired and actual performance.

The tissue simulator is able to produce realistic behavior,but is unable to achieve the real time performance due to the heterogeneous nature of tissues. Further, the increasing demand for minimally invasive treatment among patients is creating opportunities for the market during the forecast period.

The key players in the market are Canadian Aviation Electronics, Ltd.; Simulaids Inc., Laerdal Medical AS, Mentice AB, Gaumard Scientific Company, Inc., Surgical Science Sweden AB, Simulab Corporation, Limbs & Things, Ltd., 3D Systems, Inc., Kyoto Kagaku Co, Ltd., and others.

Companies operating in this market are concentrating on research and development, along with acquisitions & mergers and innovations in products, in order to strengthen their market share. For instance, in January 2019, RQI, a joint venture between Laerdal Medical and the American Heart Association tries to focus on delivering innovative resuscitation solutions to patients. The RQI 2020 program provides a platform for simulation-based performance and mastery learning.

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AllTheResearch was formed with the aim of making market research a significant tool for managing breakthroughs in the industry. As a leading market research provider, the firm empowers its global clients with business-critical research solutions. The outcome of our study of numerous companies that rely on market research and consulting data for their decision-making made us realise, that it’s not just sheer data-points, but the right analysis that creates a difference.

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