According to a new report published by Allied Market Research, titled, “Medical Simulation Market by Product & Services (Model-Based Simulation, Web-Based Simulation, and Simulation Training Services), Fidelity (Low-Fidelity, Medium-Fidelity, and High-Fidelity), and End User (Academic Institutions & Research Centers, Hospitals & Clinics, and Military Organizations): Opportunity Analysis and Industry Forecast, 2020–2027,”the global medical simulation market is expected to reach $3,190.2 million by 2027, registering a CAGR of 14.6% from 2020 to 2027, in terms of value.
Medical simulation is virtual duplication of in situ activities or phenomenon, representing functions and properties of a selective real abstract or process. It is used to train healthcare professionals using advanced healthcare technologies.
Medical simulation is a modern technology for training of healthcare professionals using advanced educational technology. The study provides dynamics and trends of the global medical simulation market. In addition, it includes the market estimations and forecasts from 2020 to 2027. The global medical simulation market was valued at $1,412.1 million in 2019, and is estimated to reach $3,190.2 million by 2027, growing at a CAGR of 14.6% from 2020 to 2027.
The demand for medical simulation is expected to increase globally in the future, owing to rise in incidences of deaths from medical errors at hospitals and other healthcare-facilities. However, high cost of medical simulators is expected to hamper the market growth. Moreover, benefits of medical simulation outweighs the risks associated with it. Thus, the medical simulation market is expected to have a positive growth.
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 growth of the market. However, high cost of installation and other related expenditures related to medical simulation are expected to impede the market growth.
Further, COVID-19 has an unprecedented impact on medical education worldwide, leading to cancellation of lectures, exams, clinical rotations, and ultimately temporary closure of medical schools.
In March 2020, the International Nursing Association of Clinical Simulation and Learning (INACSL) and the Society for Simulation in Healthcare (SSH) issued a statement on the 'use of virtual simulation as a replacement for clinical hours’ during the pandemic caused by COVID-19. The use of virtual simulation technologies is likely to be adopted during the pandemic to enhance and strengthen procedural and patient care skills. Further, increase in use of remote learning with the help of screen-based simulation, augmented reality/AR, mixed reality, blended and/or extended reality, and virtual reality/VR is expected to drive growth of the virtual medical simulation market.
By product & service, the model-based segment generated maximum revenue in 2019, accounting $727.47 million in 2019. Web-based simulation segment is expected to witness highest CAGR of 15.2% during the forecast period.
By fidelity, the low-fidelity simulators segment dominated the market in 2019 with $671.29 million. High-fidelity segment is expected to witness highest CAGR of 15.3% during the forecast period.
Based on end user, the hospitals segment dominated the market in 2019 with $761.41. Academic institutions segment is expected to witness highest CAGR of 15.3% during the forecast period.
North America accounted for the largest share in the global medical simulation market. Asia-Pacific is expected to witness highest growth rate for throughout the forecast period.
The major players 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.
Key Findings Of The Study
- By product & services, the model-based simulation segment accounted for a $727.47in the global medical simulation market in 2019.
- By fidelity, the low-fidelity segment account for the largest share and the high fidelity segment is anticipated to grow with the highest CAGR of 15.3% throughout the forecast period.
- By end user, academic institutions accounted for the largest share and expected to dominate the medical simulation market with a CAGR of 15.3% during the forecast period.
- North America accounted for the largest share in the global medical simulation market. Asia-Pacific is expected to witness highest growth rate for throughout the forecast period.