COVID-19: Potential Impact on Medical Simulation Market Value to grasp $3.25 billion by 2025, at CAGR of 14.0% | CAE Inc, Gaumard Scientific Company
The global medical simulation market size was valued at $1,132 million in 2017, and is projected to reach $3,251 million by 2025, growing at a CAGR of 14.0 % from 2018 to 2025.
Global Medical Simulation Market Report provides an overview of the market based on key parameters such as market size, sales, sales analysis and key drivers. The market size of the market is expected to grow on a large scale during the forecast period (2019-2026). This report covers the impact of the latest COVID-19 on the market. The coronavirus epidemic (COVID-19) has affected all aspects of life around the world. This has changed some of the market situation. The main purpose of the research report is to provide users with a broad view of the market. Initial and future assessments of rapidly changing market scenarios and their impact are covered in the report.
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By product & service, the model-based simulation segment held more than half of the global medical simulation market share in 2017.
Medical simulation is a training method in which healthcare professionals practice tasks and processes in real life circumstances using virtual reality or simulation models. It is considered as the modern-day methodology for training healthcare professionals using advanced educational technology. Medical simulation is also often called as healthcare simulation, simulation in healthcare, and patient simulation.
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 medical simulation market trend. However, the high cost of installation and other related expenditures are expected to impede the medical simulation market growth. Further, the performance of clinicians, especially improving patient safety outcomes, has improved in the recent years with the use of simulation techniques. These factors are expected to boost the growth of the market in the near future.
By product & service, the patient simulators segment generated the maximum revenue in 2017, 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.
By fidelity, the low-fidelity simulators segment dominated in 2017 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 15.3%.
The Asia-Pacific market is projected to grow at the highest CAGR of 19.7% 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 the unmet medical needs.
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The Major Key Players Are:
• 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.
The Other Major Key Players:
• Medical Simulation Technologies sp.
• Remedy Simulation Group
• MEDICAL-X Medaphor
• Canadian Aviation Electronics, Ltd.
Key Findings of the Medical Simulation Market:
• The web-based simulation segment contributed for nearly one-third share of the global medical simulation market in 2017.
• The surgical simulation is projected to grow at a significant CAGR of 14.3%, during the forecast period.
• The hospitals & clinics segment contributed for more than half of the global market in 2017.
• Germany and France together accounted for more than one-third share of the European medical simulation market in 2017.
• Japan accounted for more than one-third share of the Asia-Pacific medical simulation market in 2017.
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