Global Medical Simulation Market - 2024-2031

Global Medical Simulation Market - 2024-2031

The global medical simulation market reached US$ YY million in 2023 and is expected to reach US$ YY million by 2031, growing at a CAGR of YY% during the forecast period 2024-2031.

The medical simulation market refers to the industry involved in creating real-world situations so that healthcare providers can learn, practice, and assess their medical skills in a safe environment. Simulation can provide this learning opportunity using whole-body manikins, devices called task trainers, actors portraying patients, or even simulated medical scenarios using virtual reality.

Medical simulation is used in medical education, and training in various industries especially for medical students during their studies. This simulation can occur in a classroom, lab, and venue for simulation exercise. It can include artificial, human, or a combination of synthetic and human patients, educational documents with fully simulated animations, casualty assessment in homeland security and war circumstances, emergency response, and support virtual health services with holographic simulation.

In addition, to technological advances and innovations, MST (modern medical simulation technology) manufacturers are now able to offer training aids capable of facilitating innovative learning in such diverse areas as human patient simulators, simulated clinical environments, virtual procedure stations, virtual medical environments, electronic tutors, and performance recording.

Medical simulation allows the acquisition of clinical skills through deliberate practice rather than an apprentice style of learning. Simulation tools serve as an alternative to real patients. A trainee can make mistakes and learn from them without the fear of harming the patient.

Market Dynamics: Drivers

Technological Advancements in Healthcare

The demand for the medical simulation market is driven by multiple factors. The market growth can be attributed to various factors such as the presence of key players in the market rapid technological advancements and product launches are some of the factors expected to fuel the market growth over the forecast period.

For instance, in August 2021, IngMar Medical announced the launch of RespiPro, its next-generation respiratory and ventilation training solution. Using their own genuine ventilators and breathing equipment, educators instruct all levels of learners across many disciplines on the complete breadth of respiratory methods using RespiPro.

In addition, in October 2023, Lumeto launched the first customizable AI-driven conversational system for healthcare simulation in VR. An industry-first, the largest language model (LLM) based AI-enabled technology supports free-flowing virtual human responses, animations, and interaction replicating real-life scenarios and ensuring more realistic and effective healthcare simulation.

Thus, the rise in various technological advancements in the field of medical simulation is increasing the applications in healthcare to train healthcare professionals, and because of this, the growth of the market is expected to propel over the forecast period.

Restraints

Factors such as the high cost of stimulators, limited availability of funds, shortage of healthcare professionals, poorly designed medical simulators, and lack of awareness about medical simulators are expected to hamper the market.

Segment Analysis

The medical simulation market is segmented based on product & services, technology, end-user, and region.

The healthcare anatomical model segment accounted for approximately 56.3% of the medical simulation market share

The healthcare anatomical model segment is expected to hold the largest market share over the forecast period. These simulators are proving to be beneficial in the research and manufacturing industry for conducting trials and permutations and combinations before finalizing design, processes, or systems, especially in the medical devices industry. These factors are anticipated to contribute to the growth of the segment over the forecast period.

An increase in the number of shocked patients in Intensive Care Units (ICU) and critical emergencies has urged the need for an expedited and precise treatment solution to avoid organ decline or patient death. As the new treatments cannot directly be tested on real patients, incorporating models that mimic human-like bodily functions has been the most common and preferred practice lately. This has led to significant growth in the adoption rate of anatomic models in recent years.

In addition, industry key players' investments in the healthcare simulation market help to drive this segment. For instance, in November 2023, Healthcare Quality and Research Systems, Inc. (HQRS), a subsidiary of the American Heart Association and Laerdal Medical, made investments in the healthcare training platform MedLern. In India, MedLern provides services to over a lakh healthcare employees and close to 400 hospitals. MedLern integrates training into hospital business operations using digital tools, information, simulation devices, and specialists.

Furthermore, technological advancements in healthcare propel this segment's growth. For instance, in May 2021 With the release of CAE Vimedix 3.2, a new product from CAE Inc., the CAE Vimedix simulation platform now delivers enhanced fidelity, ultrasonography realism, 3D/4D ultrasound, and multiplanar reconstruction (MPR).

Also in March 2022, MedLern, a leading digital learning solution for hospitals and healthcare professionals, unveiled an innovative, online resuscitation training platform that does not require instructor oversight, and this online program, HeartCodeComplete is co-developed and powered by the American Heart Association and Laerdal Medical technology.

Geographical Analysis

North America accounted for approximately 41.3% of the medical simulation market share

North America region is expected to hold the largest market share over the forecast period. The industry is being driven by increasing investments in healthcare technology because of the major players in this region. The sale of CAE Inc.'s Healthcare division to Madison Industries was announced in October 2023 in Chicago. The transaction was valued at C$311 million, subject to normal adjustments.

Furthermore, the market in this region will be driven by the partnerships and collaborations of prominent industry players. For instance, in June 2023, Laerdal Medical, a supplier of simulation-based training in the fields of resuscitation, patient care, and emergency care training, and SimX, a virtual reality (VR) medical simulation platform, announced their alliance.

Additionally, in January 2024, in U.S., Simulab Corporation announces a New Technology in medical simulation With SimuSkin.

Market Segmentation

By Product & Services
• Healthcare Anatomical Models
• Web-based Simulators
• Medical Simulation Software
• Simulation Training Services
• Others

By Technology
• Virtual Patient Simulation
• 3D Printing
• Procedure Rehearsal Technology

By End-Users
• Academic Institutes
• Hospitals
• Military Organizations
• Research & Medical Device Companies
• Others

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
U.K.
France
Spain
Italy
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
• Middle East and Africa

Competitive Landscape

The major global players in the market include Gaumard Scientific, CAE (Canadian Aviation Electronics, Ltd), 3D Systems, Laerdal Medical, Simulaids, Surgical Science, Kyoto Kagaku Co., Ltd, Mentice, VirtaMed AG, Limbs & Things LTD among others.

Key Developments

On October 13, 2022, Capital Health announced the launch of its new Advanced Simulation Training Center, a mobile simulation laboratory that provides state-of-the-art, multidisciplinary clinical training for physicians, nurses, emergency medical service providers, and other staff.

On August 11, 2022, Fundamental VR which is an immersive simulation platform for the healthcare and medical industries raised $20 Mn in a funding round to accelerate skill transfer and surgical proficiency through VR applications.

On January 14, 2022, Gaumard Scientific Co. announced that the International Meeting on Simulation in Healthcare will debut HAL S5301, the world's most advanced multifunctional patient simulator.

Why Purchase the Report?
• To visualize the medical simulation market segmentation based on product & services, technology, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development
• Excel data sheet with numerous data points of medical simulation market level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping is available in Excel consisting of key products of all the major players.

The medical simulation market report would provide approximately 62 tables, 56 figures, and 185 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies