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Healthcare/Medical Simulation Market to Grow In Near Future And With the High CAGR Value - Scalar Market Research
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Medical simulation anatomical models accounted for the largest share of the Healthcare/Medical Simulation Market covers patient simulators, task trainers, surgical simulators, endovascular simulators, ultrasound simulators, dental simulators, and eye simulators. However, web-based simulation segment is expected to witness the highest growth in the next five years. The wide availability of internet services, controlled and predictable environment and controlled access are some of the major drivers for this market.
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KEY PREMIUM INDUSTRY INSIGHTS
1. The growth in this market is mainly attributed to increasing focus on training of medical practitioners, rising healthcare costs, growing focus on patient safety, consolidation of the manufacturers, and rising demand for minimally invasive technologies.
2. Several manufacturers in the medical simulation industry are increasingly adopting the multidisciplinary approach in their simulation systems to ensure patient safety, effective surgery outcomes, and reduce healthcare costs.
3. Such a trend is expected to promote greater uptake of technologically advanced medical simulation systems in the global medical industry.
Geographically, North America was the major market for medical simulation products and services, followed by Europe and Asia-Pacific. The highest market share of North America and European regions is primarily attributed to the presence and expansion of major medical simulation companies through acquisitions which has improved the accessibility of medical simulation products and services in this region. However, the future growth of the medical simulation market will be driven by the Asia-Pacific and Latin American regions. This is mainly attributed to the continuous efforts of Asian economies toward the development of the healthcare sector in this region. These economies have modified regulations and monitored the implementation of procedures, policies, and guidelines to promote innovation and commercialization. This is attracting many homegrown entrepreneurs as well as global leaders to the region. The increasing number of hospitals, academic institutions, and medical devices propel the market for medical simulation. Moreover, increasing focus on medical education, training, and research in India and China showcases great potential for the medical simulation market in this region.
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Medical Simulation Market by Product & Service, Fidelity, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global medical simulation market was valued at $986 million in 2016, and is projected to reach $2,526 million by 2023, growing at a CAGR of 14.3% from 2017 to 2023. By product & service, the model-based simulation held more than half of the global medical simulation market in 2016.
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