The Global Medical Simulation Market was valued at $986 million in 2016, and is estimated to reach $2,526 million by 2023, registering a CAGR of 14.3% from 2017 to 2023. Medical simulation is a process of simulating a real-life medical situation to demonstrate and train healthcare professionals. The global medical simulation market is driven by factors such as growing emphasis on patient safety & outcomes, associated benefits of medical simulation such as illustrating complex and normal cases to professionals, and enlightening the medical fraternity about the evolution of medical technology. However, high set-up cost of simulation and other related costs are expected to impede the market growth
The major companies profiled in the report are Laerdal Medical AS, CAE, Inc., 3D Systems, Inc., Simulab Corporation, Simulaids, Inc., Limbs and Things, Ltd., Kyoto Kagaku Co. Ltd., Mentice AB, Surgical Science Sweden AB, and Gaumard Scientific Company, Inc.
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By product & service, the patient simulators segment generated the maximum revenue in 2016, accounting for more than one-fourth share of the global medical simulation market. Surgical simulation segment is expected to witness the highest CAGR during the forecast period, owing to increase in the number of cardiac, arthroscopic, and gynecological procedures.
Key Findings of the Medical Simulation Market:
- Web-based simulation segment contributed for nearly one-third share of the global medical simulation market in 2016.
- Surgical simulation is projected to grow at a significant CAGR of 14.6%, during the forecast period (2017-2023).
- Hospitals & clinics segment contributed for more than half of the global market in 2016.
- Germany and France together accounted for more than one-third share of the European medical simulation market in 2016.
- Japan accounted for more than one-third share of the Asia-Pacific medical simulation market in 2016.
The Asia-Pacific market is projected to grow at the highest CAGR of 15.6% during the forecast period, owing to increase in awareness about the benefits of simulation in healthcare industry and rise in expenditures in the emerging markets (such as India and China) to cater to the unmet medical needs.
Medical simulation is a training method in which healthcare professionals practice tasks and processes in real life circumstances using virtual reality or simulation models. Increase in use of simulation in healthcare, surge in emphasis on patient safety & outcomes, limited access to live patients during training, and medical technology revolution drive the growth of the market. However, the high cost of installation and other related expenditures are expected to impede the market growth.
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The global medical simulation market is segmented based on product & services, fidelity, end user, and region. Based on product & service, it is divided into model-based simulation, web-based simulation, and simulation training services. Model-based simulation is further classified into patient simulation, surgical simulation, and ultrasound simulation. Patient simulation is segmented further into task trainers, manikin-based simulators, and standardized patient simulators. Surgical simulation is sub-segmented into laparoscopic surgical simulators, arthroscopic surgical simulators, cardiovascular simulators, gynecology simulators, and others.
According to an article published by NCBI, more than 250,000 patients die every year due to medical errors, which makes it the third leading cause of death in the world. The advent of simulation in healthcare has significantly reduced the number of deaths due to unsafe care. Moreover, the performance of clinicians, especially improving patient safety outcomes, has improved in the recent years with the use of simulation techniques. These factors are expected to boost the growth of the market in the near future.
By fidelity, the low-fidelity simulators segment dominated in 2016 with three-fifths share in the global medical simulation market. Based on application, the hospitals & clinics segment is expected to dominate the global market in the future owing to increase in the number of surgical procedures. On the other hand, the academic institution & research centers segment is estimated to exhibit a CAGR of 15.6%.
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