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Healthcare Simulation, Market Dynamics, Global Opportunities, Forecast 2024
Global Medical Simulation, Industry Growth, Market Trends, Analysis 2024
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According to The Business Research Company's, The healthcare/medical simulation market size has grown rapidly in recent years. It will grow from $2.18 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The growth in the historic period can be attributed to rising demand for minimally invasive surgical procedures, growing use of advanced methods and approaches for providing medical education, increase in mortality as a result of medical mistakes, and increasing demand for virtual training interaction due to the covid-19 pandemic.
The healthcare/medical simulation market size is expected to see rapid growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to product launches and innovations, technology advancements in medical field, limited access to patients during medical training and increasing demand for minimally invasive treatments. Major trends in the forecast period include product innovation, development of advanced procedure simulators, increasing usage of augmented reality, proliferation of 3d printing technology and an increase in acquisition activity.
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Market Drivers and Trends:
The limited access to patients during medical training contributes to the growth of the healthcare/medical simulation market in the forecast period. Limited access to patients during medical training refers to the challenges or restrictions that healthcare professionals in training may face in gaining hands-on experience with real patients. Limited access to patients during medical training supports a structured and safe learning environment, promotes deliberate practice, minimizes harm to real patients, and allows for standardized training experiences. For instance, in September 2023, according to the World Health Organization, a Switzerland-based Intergovernmental organization, approximately 10% of people experienced injury while receiving medical care, and over 3 million fatalities are attributed to substandard care each year. Up to 4 out of every 100 deaths in low- to middle-income nations are related to subpar care (1). Therefore, the limited access to patients during medical training is propelling the limited access to patients during medical training market forward.
The development of advanced procedure simulators is a key trend in the healthcare and medical simulation market. For instance, in February 2021 Elsevier, a Netherland-based research publishing and information analytics company, partnered with SimX, a UK-based healthcare software company specializing in medical simulation, and announced the launch of the Simulation Learning System (SLS) for RN integrated with virtual reality technology for healthcare professionals, to offer nursing schools the ability to facilitate clinical simulations with an effective solution for nursing schools experiencing limitations with in-person labs and clinical rotations due to the COVID-19 restrictions to avoid disrupting learning continuity for students. Using this Simulation Learning System (SLS) with virtual reality the students are instantly immersed in a dynamic clinical environment and are surrounded by all the instruments and resources found in a regular healthcare setting to offer simulated clinical experiences that help students gain clinical judgment skills and enhance learning outcomes.
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Major Key Players of the Market:
Fanuc, JTEKT Corporation, DMG Mori, Amada Co. Ltd, Makino Milling Machine Co. Ltd, ANCA Pty Ltd, Junker Group, DANOBAT GROUP, Okuma Corporation, Gleason Corporation, Mitsubishi Heavy Industries Ltd, Koyo Machine Industries Co Ltd, Micromatic Grinding Technologies Pvt Ltd, Youil Grinding Machine Co. Ltd, Jiangsu Zhihe Intelligent Equipment Co. Ltd, Quanzhou DAFON Machinery Co. Ltd, Fujian RBT Intelligent Equipment Co. Ltd, Kingsbury, ELB-SCHLIFF Werkzeugmaschinen GmbH, Heinz Berger Maschinenfabrik GmbH & Co. KG, Sokar Mechanics, Grindaix GmbH, Sonicam SAS, Strausak AG, Netzsch, Sasta, UMAC LLC, PALMARY Machinery Co. Ltd, Srednevolgsky stankozavod Ltd, GRAFS Technology, Dialeks Trading Dariusz Lipinski, Gazela Mechanika Maszyn, SCORPION, Total Grinding Solutions, Gurmeet Machinery Corporation, Novovodolazkyi Abrasive, Delta Machine Srl, Falcon Machine Tools Co. Ltd, Hybrid Manufacturing Technologies, United Grinding North America, Grindmaster Equipment and Machines USA LLC, CS Unitec Inc, Bent River Machine, Macrodyne Technologies Inc, Weldon Solutions Inc, Rochester Abrasives Industries, Equipment Manufacturers International (EMI), WMW Machinery Company, KNUTH Machine Tools, LISSMAC, Schuler AG, Sandvik AB, Yamazaki Mazak Corporation, Flow International Corporation, EMAG Machine Tools, Midrand Grinders, B.C.F. Precision Grinding Works (pty) Ltd.
Healthcare/Medical Simulation Market 2024 Key Insights:
• The healthcare/medical simulation market size is expected to see rapid growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%.
• Role Of Limited Access To Patients In Driving Growth Of Healthcare/Medical Simulation Market
• Integration Of Virtual Reality In Healthcare Education: Advancements In Advanced Procedure Simulators
• North America will be the largest region in the healthcare/medical simulation market in 2023
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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