Industry Outlook and Trend Analysis
The Patient Simulator Market was worth USD 0.86 billion in 2014 and is expected to reach approximately USD 2.99 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 14.83% during the forecast period. Patient simulators systems are life-like dummies that respond physiologically as though they were alive. They are incorporated with PC programming that enables them to depict normal and strange bodily reactions to events, for example, an asthma assault and remedial intercessions, for example, a side effect of medication. A defibrillator can provide a live stun to the body. An intravenous needle will infiltrate the skin. Simulated blood can be directed into the veins through an IV tube.
Drivers and Restraints
The market is majorly driven due to expanding investments in the healthcare sector for the enhancement of patient management. Past patterns and connections recommend that low and lower-middle-income economies will spend less on health, including foreign aid from donor economies in the estimates. The Patient Simulators market is anticipated to develop, as their expanded usage will specifically add to bringing down of the general cost of healthcare. Patient simulators are useful in determining better patient results, by the method of simulation, therefore driving lower costs of healthcare. Aside from these, factors like advancement in healthcare and technology, and an expanding concentration around patient safety is driving the development of worldwide patient simulators market. Despite the extensive usage of patient simulators and medical simulators in multiple sectors, the overall funding for the same at global scale is low, which is one of the major aspects inhibiting the development of the market.
The Patient Simulator Market is segmented on the basis of product and application. Based on product the market is segmented into Childbirth Simulator, Infant Simulator and Adult Patient Simulator. Based on application the market is segmented into Education and Training.
Regional Outlook and Trend Analysis
Geographically, North America is the leading regional market and is anticipated to continue its dominance throughout the forecast period. The widespread awareness and usage of patient simulators has brought about significant demand in the region. Moreover, supportive initiatives made by regulatory bodies are additionally boosting the demand of the market in the regions. Europe and Asia Pacific are anticipated to encounter substantial development over the forecast period.
The leading players in the market are Simulaids Inc, Laerdal, 3B Scientific, CAE Healthcare and Gaumard Scientific. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Patient Simulator Market is segmented based on regions as follows-
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?