Medical Simulation Market by Product & Service (Model-Based Simulation, Web-Based Simulation, and Simulation Training Services), Fidelity (Low Fidelity, Medium Fidelity, and High Fidelity), and End User (Academic Institutions, Hospitals, and Military Organizations): Global Opportunity Analysis and Industry Forecast, 2021-2030

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This section provides the opinions of the top level CXOs in the global medical simulation market. According to the insights of CXOs, increase in use of augmented reality (AR) and virtual reality (VR) techniques, rise in patient safety outcomes, benefits of simulation, and development of new technology, are all expected to significantly boost the growth of the medical simulation market.

The CXOs further added that owing to increase in mortality rates worldwide from medical errors in healthcare facilities including hospitals also drives the market. Furthermore, benefits associated with medical simulation such as training healthcare professionals about normal and complex medical cases are expected to boost the adoption of medical simulation devices. Integration of augmented and virtual reality in medical simulation provides healthcare professionals a real time experience, which boosts the adoption of medical simulation based on virtual reality. Moreover, rise in demand for improved patient safety outcomes is expected to boost the market growth. However, high set-up cost of simulation and other related costs are expected to impede the market growth.

In addition, rise in need for medical students to use the simulation to sharpen their clinical and critical thinking abilities for high-risk situations, student knowledge, confidence in performance, ability in nursing practice, and for satisfaction with learning techniques is anticipated to further drive the growth of the medical simulation market.

The market gains interest of healthcare companies, owing to increase in focus in adoption of medical simulation in hospitals, academic institutions & research centers, and military organizations providing simulations for better patient safety, is a great opportunity for the key players to invest, thus further propelling the growth of the market.

North America is expected to witness highest growth, in terms of revenue, owing to firmly established distribution channel, increase in adoption of advanced technologies such as V-R, rise in medical errors, presence of key players, and advancements in healthcare investments. Asia-Pacific was the second largest contributor to the market in 2020, and is expected to register the fastest CAGR during the forecast period, owing to the number of hospitals, commercialization, and innovation in simulator, rise in R & D activities, and increase in awareness in healthcare sectors. However, high cost of the implementation and stringent government policies are projected to restrain the market growth during the forecast period.