“The global medical simulation market projected to grow at a CAGR of 14.9%.”
The medical simulation market is expected to reach USD 2,575.4 million by 2022 from an estimated USD 1,284.0 million in 2017, at a CAGR of 14.9%. The benefits of simulation over traditional learning, increasing demand for minimally invasive treatments, and increasing focus on patient safety are the major factors driving the growth of the significant growth drivers of the medical simulation market. However, budgetary constraints, high cost of simulators and operational challenges are limiting the adoption of medical simulation up to some extent during the forecast period.
“The web-based simulation segment is expected to register the highest CAGR during the forecast period.”
On the basis of product and service, the medical simulation market is segmented into anatomical models, medical simulation software, web-based simulation, and simulation training services. The web-based simulation segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can be attributed to the growing IT infrastructure in educational institutions, widespread availability of internet services, lack of adequate number of educators, rising demand for competency assessment, and controlled access to simulation procedures.
“Hospital segment expected to grow at the highest CAGR during 2017 to 2022.”
Based on end user, the medical simulation market is segmented into academic institutes, hospitals, military, and other end users. The hospitals segment is expected to grow at the highest CAGR during the forecast period. The advent of advanced simulation-based technologies, wide utilization of simulation models in medical surgeries, increasing focus on minimizing errors, and cost-effectiveness of procedural training for medical physicians, are expected to drive the medical simulation market for hospitals during the forecast period.
“APAC is projected to witness the highest growth during the forecast period.”
North America held the largest share of the global medical simulation market in 2016. On the other hand, the APAC region is expected to witness the highest CAGR during the forecast period, owing to increasing focus on medical education, training & research, increasing focus on patient safety, and increasing healthcare expenditure.
Break of primary participants was as mentioned below:
- By Company Type – Tier 1–28%, Tier 2–43% and Tier 3–29%
- By Designation – C-level–14%, Director Level–43%, Others–43%
- By Region – North America–43%, Europe–14%, Asia Pacific–29%, Rest of World–14%
The prominent players in the global medical simulation market are CAE (Canada), Laerdal Medical (Norway), 3D Systems (US), Simulab Corporation (US), Simulaids (US), Limbs & Things (US), Kyoto Kagaku (Japan), Mentice (Sweden), Medaphor (UK), and Gaumard Scientific Company (US).
The report analyzes the various medical simulation and their adoption pattern. It aims at estimating the market size and future growth potential of the global medical simulation market for different segments such as product and service, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, product offerings, recent developments, and key market strategies.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening the market.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the global medical simulation market. The report analyzes the global medical simulation market by type, product, procedure, material, end user, and region
- Product Development/Innovation: Detailed insights on upcoming trends and product launches in the global medical simulation market
- Market Development: Comprehensive information on the lucrative emerging regions by product and services, end user, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global medical simulation market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the global medical simulation market