Healthcare/Medical Simulation Market worth $3.4 billion by 2026 - Research Provides In-Depth Detailed Analysis of Trends and Forecast

MarketsandMarkets™ Research Report's View on Revenue Impact?

The healthcare/medical simulation market is projected to reach USD 3.4 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 15.1% during the forecast period

Factors Responsible for Growth and In-Depth Analysis?

Driver: Limited access to patients during medical training;

Medical simulators have gained a valued spot in medical education across the globe as these stimulators exhibit characteristics of a human. Owing to limited access to patient and to maintain patient safety during training, the use of simulation in professional training programs and traditional learning is gaining adoption. The simulation allows students to sharpen their clinical and critical thinking skills for high-risk events. Pre‐education with simulation significantly enhances student knowledge, confidence in performance, ability in nursing practice, and satisfaction with learning methods compared with pre‐education or simulation alone. The training and education model is evolving, as evidenced by military branches around the world. Therefore, in medicine, simulation is offering significant scope for the enhanced training of interdisciplinary medical teams.

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Leading Key Players and Analysis:

The prominent players in this market are CAE Inc. (Canada), 3D Systems (US), Laerdal Medical (Norway), Gaumard Scientific Co. (US), Kyoto Kagaku (Japan), Surgical Science Sweden AB (Sweden), Limbs and Things (UK), Mentice AB (Sweden), Simulab Corp. (US), and Intelligent Ultrasound Group Plc (UK).

Geographical Analysis in Detailed?

In 2020, North America accounted for the largest share of the healthcare/medical simulation market, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa. The large share of this market segment can be characterized by growing access to technologies, well-established distribution channels, the rising number of healthcare professionals demanding hands-on patient training, and the rise in demand for virtual and online training due to the current COVID-19 pandemic. The introduction of cutting-edge technologies in medical simulators and strategic partnerships and agreements is enhancing companies' product and service portfolios.

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Industry Segmentation:

The medical simulation and anatomical models is expected to dominate the product and service segment in healthcare/medical simulation market;

Based on the product and service, the medical simulation and anatomical models segment accounted for the largest share of the global healthcare/medical simulation market in 2020. The large share of this segment can be attributed to the growing need for high fidelity (degree of realism) products, rising demand for primary care services, an increase in demand for patient safety, limited access to live patients, and the growing demand for minimally invasive surgeries.

Academic institutes in end-user segment accounted for the largest share of the healthcare/medical simulation market;

The healthcare/medical simulation market, by end-user, is segmented into academic institutes, hospitals, military organizations, and other end users. The academic institutes segment accounted for the largest market share in 2020. Factors such as growing awareness regarding patient safety, increasing focus on minimizing medical errors, and the rising number of medical school enrollees are expected to drive the growth of the medical simulation market for academic institutes during the forecast period.

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