Medical Simulation Market On Target to Grow Value of $3.19 Million by 2027, at a CAGR of 14.6% | 3D Systems, Inc., Simulab Corporation

Rise in use of virtual and augmented reality, technological advancements in the medical field, and demand for virtual training drive the growth of the global medical simulation market.

Download Detailed COVID-19 Impact Sample Report at @ https://www.alliedmarketresearch.com/request-for-customization/2598?reqfor=covid

The global medical simulation industry generated $1.42 billion in 2019, and is estimated to reach $3.19 billion by 2027, witnessing a CAGR of 14.6% from 2020 to 2027.

Covid-19 Scenario:

• In the wake of the Covid-19 outbreak, the WHO's Department of Health Security and Preparedness released simulation exercises on different elements to help healthcare workers to strengthen procedural and patient care skills.
• Simulation exercises have been helping patients and general populations to get acquainted with safety and hygiene practices regulations to prevent contamination.
• Medical simulations on specific situations such as emergency airway management for patients, transport of a patient with contagious disease, and preliminary treatments have been launched by leading health authorities on their official websites.

Drivers, restraints, and opportunities

Rise in use of virtual and augmented reality, technological advancements in the medical field, and demand for virtual training drive the growth of the global medical simulation market. However, high costs related to setting up of simulators and limitations regarding implementation in real situations hinder the market growth. On the other hand, untapped potential in emerging regions presents new opportunities in the coming years.

Download Report Sample @ https://www.alliedmarketresearch.com/request-sample/2598

The model-based simulation segment to maintain its dominant share during the forecast period

Based on product & services segment, the model-based simulation segment contributed to the largest market share in 2019, holding for more than half of the global medical simulation market, and is estimated to maintain its dominant share during the forecast period. This is attributed to surge in importance on patient safety along with launch of new and advanced products offering improved training solutions. However, the web-based simulation segment is expected to grow at the fastest CAGR of 15.2% from 2020 to 2027, owing to convenient access to the internet, practicing the procedures with different degrees of difficulty and visual feedback, less risk to patients, and practice with feasibility assessment.

The hospitals segment to continue its leadership status in terms of revenue by 2027

Based on end user, the hospitals segment held more than half of the global medical simulation market in 2019, and will continue its leadership status in terms of revenue by 2027. This is due to implementation to raise clinical competence, improvement in capabilities of medical practitioners, and enhanced patient safety. However, the academic institutions segment is expected to witness the largest CAGR of 15.3% from 2020 to 2027, owing to medical trainees gaining proper clinical training and reduce medical errors during surgeries.

North America to maintain its lead position during the forecast period

Based on region, North America accounted for the highest market share in 2019, contributing to nearly half of the total market share of the global medical simulation market, and will maintain its lead position during the forecast period. This is due to increase in academic institutions, medical training centers, and hospitals along with focus on standardization and optimization of teaching practices to improve patient safety and reduce medical errors. Asia-Pacific is estimated to grow at the highest CAGR of 15.2% during the forecast period. This is attributed to rise in demand for medical simulation and related services, surge in investments in healthcare research, and focus on cost-effectiveness and scalability to fulfill growing needs.

To know more about the report, visit the website at @ https://www.alliedmarketresearch.com/medical-simulation-market

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:

• MSC
• 3-Dmed
• HRV
• Medical Simulation Technologies sp.
• Remedy Simulation Group
• MEDICAL-X Medaphor
• Canadian Aviation Electronics, Ltd.

Similar Reports:

Alopecia Treatment Market : https://www.pharmiweb.com/press-release/2020-02-18/alopecia-treatment-market-share-in-emerging-economies-will-witness-a-cagr-of-46-through-2026

Prostate Cancer Treatment Market : https://www.pharmiweb.com/press-release/2020-02-18/prostate-cancer-treatment-market-size-on-target-to-reach-9-904-million-by-2026

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free (USA/Canada):
+1-800-792-5285, +1-503-894-6022, +1-503-446-1141
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

About Us:

Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

This release was published on openPR.