Healthcare Simulators Market Set to Witness Impressive CAGR of 14.7% and Reaching US$ 4,596.8 Million Valuation by 2030: 3D Systems, Simulab Corporation, Simulaids Inc., Kyoto Kagaku, Mentice

Medical simulation, also called healthcare simulation, is a contemporary approach to educating and training healthcare professionals by providing hands-on experience. Patient safety and clinical competency are top priorities for medical institutions, which has led to the widespread adoption of simulation technology in the medical sector. To this end, various organizations such as the American Surgical Association’s Blue Ribbon Panel and The American Board of Internal Medicine endorse medical simulators as a valuable tool for education, teaching, and evaluating competence in surgery. Additionally, The American Board of Internal Medicine offers grants to companies that are developing medical simulators.

In 2017, the healthcare simulators market had a global market size of US$1,347.9 million. It is projected to grow at a compound annual growth rate (CAGR) of 14.7% from 2018 to 2028.

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The global market for healthcare simulation software is anticipated to grow as a result of an increase in medical institutes and educational travel.

Healthcare organizations and institutes are turning to simulators as a means of training medical professionals and specialists in order to decrease the likelihood of adverse incidents during medical practice, treatment, and surgeries. The global demand for healthcare simulators is expected to increase due to a rise in the number of medical institutes and healthcare training centers. According to the World Directory of Medical Schools in 2016, about one-third of medical schools worldwide are located in India, China, the U.S., Brazil, and Pakistan, and ten countries have almost half of the medical schools. China, the third most well-known country for its medical schools, follows India and Brazil.

Additionally, as per the Journal of Medical Education and Training in 2018, China is restructuring its education system by merging medical schools, expanding medical enrollment, and increasing class sizes. This move is likely to facilitate medical education-related tourism. Furthermore, many foreign students enroll in science and arts fields for higher education in China. Therefore, the medical sector in China is expanding at a rapid pace, indicating a surge in demand for healthcare simulators for training medical students.

Market for Healthcare Simulators Worldwide: Restraints

The high purchase and maintenance expenses of healthcare simulators, particularly high-fidelity simulators, is a significant obstacle to the growth of the global healthcare simulators market. Smaller educational institutions and hospitals lack adequate funds for medical education based on simulators. The simulator’s cost is determined by the level of fidelity, techniques, and simulation technology employed. For example, as per the Society of American Gastrointestinal and Endoscopic Surgeons in 2016, Simulab Corporation’s Trauma Man, a surgical simulator, cost roughly US$ 24,000.

Healthcare Simulators Industry in the World: Competitive Scenario

The global healthcare simulators market is competitive and is led by several key players such as Laerdal Medical, 3D Systems, Simulab Corporation, Simulaids Inc., Kyoto Kagaku, Mentice, Medaphor, CAE Healthcare, Gaumard Scientific Company, Limbs & Things, BT, Inc., Trandomed 3D, Inc., Fujian Zhongli Co., Ltd., and Tellyes Scientific Co., Ltd. These companies are focusing on strategies such as collaborations, partnerships, and product launches to expand their market share and strengthen their position in the global healthcare simulators market.

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Regional insights on the global market for healthcare simulators

The global healthcare simulators market is categorized by region, including North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is anticipated to hold a prominent position in the global healthcare simulators market throughout the forecast period, due to the rising usage of simulators in medical universities with the support of funding agencies. For example, in February 2018, Intermountain Healthcare granted US$ 15 million to the University of Utah to help fund the construction of a medical school facility that will provide interactive simulation training with animatronic simulators, providing an opportunity for standardized patient actors to learn.

The global healthcare simulators market in Europe is predicted to experience a significant surge in growth during the forecast period. This growth is due to the research being conducted in the region to develop new and innovative simulator products. A recent collaboration between the European Respiratory Society (ERS) and 3D Systems to provide simulation equipment and event services for training centers using the ERS Endobronchial Ultrasound (EBUS) Certified Training Program is an example of such research. This is likely to boost the demand for healthcare simulators in the European market.

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Table of Contents with Major Points:

Executive Summary

• Introduction
• Key Findings
• Recommendations
• Definitions and Assumptions

Executive Summary

Market Overview

• Definition of Healthcare Simulators Market
• Market Dynamics
• Drivers
• Restraints
• Opportunities
• Trends and Developments

Key Insights

• Key Emerging Trends
• Key Developments Mergers and Acquisition
• New Product Launches and Collaboration
• Partnership and Joint Venture
• Latest Technological Advancements
• Insights on Regulatory Scenario
• Porters Five Forces Analysis

Qualitative Insights Impact of COVID-19 on Global Healthcare Simulators Market

• Supply Chain Challenges
• Steps taken by Government/Companies to overcome this impact
• Potential opportunities due to COVID-19 outbreak

Conclusion 

Appendix

• Data Sources
• Abbreviations
• Disclaimer

TOC Continued…!

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