Global Medical Simulation Market is valued approximately at USD XXX million in 2019 and is anticipated to grow with a healthy growth rate of more than XXX% over the forecast period 2020-2026. Medical simulation is a technique that allows the clinical condition to be better understood, monitored, and practiced. It is a model of reality that provides a duplication of clinical situations through the use of collaborative videos, mannequins, and role playing. With the use of medical simulation, medical practitioners or learners are able to perform skills and role-play different circumstances without causing harm to a patient, thus minimizes stressful experiences during similar real-life situations. This medical simulation practice helps to enhance the quality of care given to patients and in turn facilitates to save lives. It can also be referred as the creation of real-world situations so that healthcare workers can practice, learn, and evaluate their medical skills in a safe situation or environment. The crucial goal of the medical simulation is to improve quality and patient safety outcomes. Growing number of deaths due to medical errors, increasing number of surgeries and increasing number of medical schools enroll are the few factors responsible for high CAGR of the market over the forecast period For instance, in the United States, medical error is the third leading cause of death after cancer and heart disease. A recent study of Johns Hopkins claims that over 250,000 people die each year in the United States from medical errors. Similarly, as per the Harvard University, around 5.2 million medical errors are occurring every year in India. This, in turn, is expected to accelerate the demand of Medical Simulation around the world. With the COVID-19 outbreak around the world, the necessity of studying the pathology and widespread health outcomes related to virus is being the major concern, due to which the medical education industry is extremely suffering whether the online classes are running. However, it creates a loss of collaborative experiences that has the potential to be a significant detriment to medical education industry, thereby hampering the demand for medical simulation products & services around the world. However, high cost of medical simulation setup is always being a major limiting factor to the market growth over the forecast period of 2020-2026.
The regional analysis of global Medical Simulation market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to high adoption of simulation by training centers and medical universities, rising number of professionals demanding hands on patient training coupled with the increasing demand for non-invasive technologies. Whereas, North America is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2026, due to rising funding in support of simulation centers in the region.
Major market player included in this report are:
3D Systems Corporation (Simbionix)
Gaumard Scientific Company
Kyoto Kagaku Co. Ltd.
Laerdal Medical As
Limbs and Things Ltd.
Surgical Science Sweden AB
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product & Services:
Simulation Training Services
Hospital & Clinics
Academic Institute & Research Centers
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2016, 2017, 2018
Base year – 2019
Forecast period – 2020 to 2026
Target Audience of the Global Medical Simulation Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Value-Added Resellers (VARs)
Third-party knowledge providers