Press release
Medical Simulation Market is poised to surge at a CAGR of over 14% through 2031
Patient safety has always been a prominent concern in the healthcare industry. Medical errors needs to be controlled as there has been an increase in mortality rate. Death count has been mitigated significantly with the advent of simulation in healthcare.
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There is increased awareness of minimally-invasive surgical procedures due to research & development in surgical tools. Healthcare simulation is expected to offer lucrative opportunities for market players due to increasing demand for minimally-invasive surgical procedures.
Company Profiles:
CAE Inc.
Mentice
Gaumard Scientific
Limbs & Things LTD
3D Systems
Intelligent Ultrasound
Kyoto Kagaku
Operative Experience, Inc.
Synaptive Medical
3B Scientific
Laerdal Medical
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Key Takeaways from Market Study
North America was the dominant market in 2020 in terms of value. However, Europe is expected to be one of the key markets for sustainable revenue generation from medical simulation products & services, as continuous advancements in digital healthcare are boosting market growth in the region.
The BFSI (banking, financial services, and insurance) segment is expected to offer the highest incremental opportunity, as many private banks are using SaaS models for email encryption, data loss prevention, and network protection.
Demand for medical simulation in Germany is estimated to grow modestly. There is an increase in adoption of minimally-invasive procedures in the country, which will fuel market growth.
Low-fidelity technology holds major share of market, as in medical training for nurses and doctors, preference is for shorter, low-fidelity technology that helps master individual tasks.
The markets in the U.S. and U.K. are slated to surge at around 13% CAGRs each, over the next ten years.
The medical simulation market in the China is expected to expand at a CAGR of around 14.2% over the next ten years, while that in the India at 14.9%.
"Medical education is being upgraded gradually by two contemporary simulation models - virtual reality (VR) and augmented reality (AR). The ability of projecting virtual information and structures over physical objects is provided by AR. Things such as performing surgery and inserting IVs can be practiced by students using new tools, but hands-on training is still critical," says a Persistence Market Research analyst.
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