Medical Simulation Market to hit $2.5 billion, at a CAGR of 14.3% by 2023 with Top companies are Laerdal Medical AS, CAE, Inc., 3D Systems, Inc., Simulab Corporation, Simulaids, Inc., Limbs and Things, Ltd., Kyoto Kagaku Co. Ltd.
The global medical simulation market was valued at $986 million in 2016, and is projected to reach $2.5 billion 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.
The model-based simulation segment would continue its dominance in the future, while academic institutions segment would register the highest growth rate in the forecast period. Asia-Pacific is expected to grow at the highest CAGR of 15.6% during the forecast period.
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.
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By product & services, the model-based simulation segment is expected to dominate the global market through 2023. Meanwhile, the web-based simulator segment would grow at the fastest CAGR of 15.5% from 2017 to 2023. By fidelity, the low-fidelity segment is expected to continue its dominance throughout the forecast period and occupy more than half of the global generated revenue by 2023. However, the high-fidelity segment is expected to register the highest CAGR of 16.1% during the forecast period.
By end user, the hospitals & clinics segment is expected to account for almost half of the total generated revenue by 2023. Meanwhile, academic institutions segment is poised to register the highest CAGR of 15.6% during the analysis period. Regionally, North America is anticipated to continue dominating the global market and generate more than 45% of global revenue in 2023. However, Asia-Pacific would grow at the highest CAGR of 15.6% from 2017 to 2023.
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The Major market players Are:
o Laerdal Medical AS
o CAE, Inc.
o 3D Systems, Inc.
o Simulab Corporation
o Simulaids, Inc.
o Limbs and Things, Ltd.
o Kyoto Kagaku Co. Ltd.
o Mentice AB
o Surgical Science Sweden AB
o Gaumard Scientific Company, Inc.
Key Findings of the Medical Simulation Market:
o The web-based simulation segment contributed for nearly one-third share of the global medical simulation market in 2017.
o The surgical simulation is projected to grow at a significant CAGR of 14.3%, during the forecast period.
o The hospitals & clinics segment contributed for more than half of the global market in 2017.
o Germany and France together accounted for more than one-third share of the European medical simulation market in 2017.
o Japan accounted for more than one-third share of the Asia-Pacific medical simulation market in 2017.
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