Global Healthcare/Medical Simulation Market is Set to Reach USD 4.0 Billion by 2024, Growing at a CAGR of 14.2% During the Forecast Period: VynZ Research
Industry Insights by Product & Services (Medical Simulation Software (Performance Recording Software, Virtual Tutors), Anatomical Models (Patient Simulators, Task Trainers, Interventional/Surgical Simulators, Endovascular Simulators, Ultrasound Simulators, Dental Simulators, Eye Simulators), Web-Based Simulation, Simulation Training Services (Vendor-Based Training, Educational Societies, Consulting & Training Services)), and by End User (Academic Institutes, Hospitals, Military Organizations, Others), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Saudi Arabia, South Africa, U.A.E.)
NEW YORK, July 11, 2019 (GLOBE NEWSWIRE) -- The global healthcare simulation market was valued at USD 1.8 billion in 2018 and it is expected to reach USD 4.0 billion by 2024, growing at a CAGR of 14.2% during the forecast period. The market is driven by the factors such advantages of simulation over conventional learning, increasing need for minimally invasive treatments, mounting healthcare expenditure and increasing emphasis on patient safety.
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Increasing demand for the minimally invasive procedure to fuel the growth of the global healthcare simulation market
The demand for the minimally invasive procedure is increasing in order to overcome the complications of conventional surgery such as fatigue, blood clots, infection, postoperative pain, and muscle atrophy. Advantages of minimally invasive surgeries above traditional open surgeries, technological advancement, expanding the geriatric population, the mounting occurrence of lifestyle associated diseases, and reduction in healthcare cost and time are the primary reasons leading to the demand for minimally invasive surgeries, which in turn fuels the growth of the healthcare simulation market, globally.
Moreover, the swiftly progressing medical simulation market provides medical students, nurses, doctors, and other healthcare professionals with numerous simulation products and services with the imitation of reality allowing examination of promising changes, experiencing situations. The initiation of simulation in healthcare has drastically decreased the amount of deaths owing to insecure care. In addition, the performance of clinicians has enhanced with the usage of simulation techniques.
Technological advancements are also driving the growth of the market. Implementation artificial intelligence in healthcare simulation will lead to development of advanced healthcare simulation products and services. Different companies are launching new products to retain and grow their market share. In January 2018, CAE introduced CAE LucinaAR with Microsoft HoloLens, the reality childbirth simulator with incorporated mother-baby physiology. It permits beginners to understand the anatomy within the patient simulator.
Anatomical models accounted foremost share in the healthcare simulation market
On the basis of product and services the market is subdivided into medical simulation software, anatomical models, web-based simulation, and simulation training services. Elevated acceptance of high loyalty products, mounting primary care services, and scarcity of healthcare professionals are some of the factors responsible for the growth of the anatomical models segment. Of all the product and services, the anatomical models accounted foremost share in the healthcare simulation market.
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The anatomical model segment is further subdivided into task trainers, dental simulators, patient simulators, eye simulators, ultrasound simulators, interventional/surgical simulators, and endovascular simulators. Medical simulation software is segmented into performance recording software, and virtual tutors. Moreover, simulation training services are further subdivided into vendor-based training, educational societies, and consulting & training services.
On the basis of the end user, the market is subdivided into academic institutes, hospitals, military organizations, and others. Intensifying alertness concerning patient safety, mounting emphasis on reducing medical errors, and the escalating number of medical school enrollees are the factors growing the demand of healthcare/medical simulation in academic institutes. Among all end users, the academic institutes accounted for the largest share in the healthcare/medical simulation market.
North America to remain the largest market for healthcare simulation products and services
North America accounted for the major share in the healthcare simulation industry in 2017, globally as in the region the number of healthcare professionals is increasing. Easiness of availability to technologies, elevated acceptance of simulation by medical universities and training centers, improved healthcare infrastructure, and entrenched distribution channels are also up surging the growth of the North American healthcare/medical simulation market.
Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of the largest population base. In addition, mounting awareness of simulation learning, refining healthcare infrastructure, budding focus on the global medical simulation players, mounting healthcare expenditure and mounting emphasis on patient safety are also creating a positive impact on the healthcare/medical simulation market growth in the region.
Development of technologically advanced products is the key to market share growth by industry players
Key players in the healthcare simulation market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In May 2018, 3D Systems launched Simbionix ANGIO Tab Pro endovascular simulator for step-by-step teaching of endovascular interventions. In addition, in June 2017, CAE Healthcare introduced CAE Juno, a recently invented clinical skills manikin for nursing programs, in International Nursing Association for Clinical Simulation and Learning (INACSL) annual conference in Washington.
CAE Inc. and Laerdal Medical accounted for the major share in the market. CAE Inc., Simulab Corporation, 3D Systems Inc., Mentice AB, Gaumard Scientific Company, Simulaids Inc., Kyoto Kagaku Co., Ltd, Limbs & Things Ltd., Laerdal Medical and MedaPhor are the key players offering healthcare/medical simulation.
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