Medical Simulation Market Size Is Projected To Reach USD 3,190.2 Million By 2027
September 11, 2020
BANGALORE, India, Sept. 11, 2020 /PRNewswire/ — The global medical simulation market size was valued at USD 1,421.1 Million in 2019 and is projected to reach USD 3,190.2 Million by 2027, growing at a CAGR of 14.6% from 2020 to 2027.
Major factors driving the Medical Simulation Market size’s growth are increased use of simulation in healthcare, a rise in deaths due to medical errors, and the need for improved outcomes for patient safety.
The report provides an in-depth analysis of the global medical simulation market size and the current trends and future estimations to elucidate the imminent investment pockets.
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TRENDS INFLUENCING THE MEDICAL SIMULATION MARKET SIZE
Over the past few years, the requirement for medical simulation has been established in minimally invasive surgery. The minimally invasive techniques are becoming a standard for a number of surgical procedures. These MIS procedures involve smaller incisions that lead to faster recovery. This feature drives the growth of the medical simulation market size.
The increase in various technological advances in medical simulation increases healthcare applications for the training of healthcare professionals. This increasing use for training purposes is expected to increase the growth of the medical simulation market size.
Other factors that can fuel the growth of medical simulation market size include healthcare personnel shortages, growing awareness of simulation education in emerging countries, and technological advances.
On the other hand, budgetary constraints, high simulator costs, and operational challenges could hinder the medical simulation market.
MEDICAL SIMULATION MARKET SHARE ANALYSIS
The low-fidelity segment held the largest medical simulation market share based on fidelity, with a revenue of $671.29 million in 2019. On the other hand, the high-fidelity segment is expected to witness the highest growth CAGR of 15.3% during the forecast period.
Based on end-users, the hospital segment dominated the market in 2019 at $761.41 million. The factors responsible for hospital segment dominance are the gradual shift of focus away from traditional learning, the advent of advanced simulation-based technologies, full use of simulation models in medical surgery, increased focus on minimizing errors, and cost-effectiveness of medical practitioners’ procedural training.
Based on the region, Asia-Pacific is expected to witness the highest growth during the forecast period. This rapid growth is attributed to the presence of a large patient population, increasing investment in R&D, increasing focus on medical education, training, research, and patient safety, and rising healthcare spending.
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TOP COMPANIES IN THE MEDICAL SIMULATION MARKET
The medical simulation market is highly fragmented, with major players dominating the market. The top companies in the medical simulation market include 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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MEDICAL SIMULATION KEY MARKET SEGMENTS:
By Product & Service
Task Trainer Simulation
Standardized Patient Simulation
Laparoscopic Surgical Simulators
Arthroscopic Surgical Simulators
Performance Recording Software
Simulation Training Services
Custom Consulting Services
By End User
Academic Institutions & Research Centers
Hospitals & Clinics
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
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Simulation Software Market Report
The global simulation software market was valued at USD 5,135 Million in 2017 and is projected to reach USD 10,029 Million by 2025, growing at a CAGR of 8.90% from 2018 to 2025.
Increasing demand for an environmentally friendly work environment, testing different designs before building one in hardware, increasing the use of simulation software in the automotive and healthcare industries, and significant simulation adoption among aerospace & defense are some of the major factors driving the growth of the global simulation software market size.
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Healthcare and Medical Simulation Market Report
The global Healthcare and Medical Simulation market size are projected to reach USD 2526 Million by 2026, from USD 1144.8 Million in 2020, at a CAGR of 14.1% during 2021-2026.
The most proportion of Healthcare and Medical Simulation is used in medical college, and the consumption proportion was about 48% in 2017.
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Robotics Surgical Simulation Systems Market Report
The global Robotics Surgical Simulation Systems market size is projected to reach USD 589.2 Million by 2026, from USD 266.7 Million in 2020, at a CAGR of 14.1% during 2021-2026.
View Full Report: https://reports.valuates.com/market-reports/QYRE-Auto-4S3024/covid-19-impact-on-global-robotics-surgical-simulation-systems
Medical Simulation for Education Market Report
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Medical Simulation System Market Report
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Medical Simulation Software Market Report
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