Healthcare/Medical Simulation Market by Product and Service (Anatomical Models, Patient Simulators (High Fidelity, Low Fidelity), Task Trainer, Surgical Simulators, Software, Services), End User (Academic Institutes, Hospital) - Global Forecast to 2027

Healthcare/Medical Simulation Market by Product and Service (Anatomical Models, Patient Simulators (High Fidelity, Low Fidelity), Task Trainer, Surgical Simulators, Software, Services), End User (Academic Institutes, Hospital) - Global Forecast to 2027

The global medical simulation market is projected to reach USD 4.2 billion by 2027 from USD 1.9 billion in 2022, at a CAGR of 16.1% during the forecast period. Growth in this market is driven by the rising focus on patient safety, growing preference for virtual interaction. However, lack of skilled healthcare professionals and high cost of simulators are expected to restrain the growth of this market to a certain extent.

“The web-based simulation segment registered the highest growth in the medical simulation market, by product & service”

Based on the type, the web-based simulation segment registered the highest growth in the medical simulation market during the forecast period. Factors responsible for the growth of this segment is the wide availability of internet services, growing government initiatives for adopting HCIT solutions.

“Academic institutes was the largest segment by the end user of medical simulation market in 2021”

Academic institutes segment is projected to grow at the highest growth rate in the medical simulation market in 2021.Increasing utilization of simulation models in medical surgeries, increasing focus on minimizing errors, and cost-effectiveness of procedural training for medical physicians is expected to drive the demand for medical simulation services in the coming years.

“APAC to witness the highest growth rate during the forecast period.”

The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by factors such as the rising focus on medical research, growing medical tourism, increasing healthcare expenditure, and the rising purchasing power of consumers.

The break-down of primary participants is as mentioned below:

By Company Type - Tier 1:55%, Tier 2: 30%, and Tier 3: 15%

By Designation - C-level: 50%, Director-level: 35%,and Others: 15%

By Region - North America: 48%,Europe: 32%,AsiaPacific: 15%,Rest of the World: 5%

Key players in the Medical simulation Market

The key players operating in the medical simulation market includeCAE (Canada), Laerdal Medical (Norway), Simulab Corporation (US), Simulaids (US), Limbs & Things (UK), Kyoto Kagaku (Japan), Mentice AB (Sweden), Gaumard Scientific Co. (US), Operative Experience Inc. (US), Cardionics Inc. (US) (a subsidiary of 3B Scientific), VirtaMed AG (Switzerland), SYNBONE AG (Switzerland), IngMar Medical (US), Medical-X (Netherlands), KaVo Dental GmbH (Germany), Altay Scientific (Italy), Simendo B.V. (Netherlands) VRMagic Holding AG (Germany), Symgery (Canada), HRV Simulation (France), Synaptive Medical (Canada), Inovus Medical (UK), TruCorp Ltd. (Ireland), and Surgical Science Sweden AG (Sweden).

Research Coverage:

The report analyses the medical simulation market and aims to estimate the market size and future growth potential of various market segments, based on components, delivery mode, end user, and region. The report also provides a competitive analysis of the key players operating in this market, along with their company profiles, product offerings, recent developments, and key market strategies.

Reasons to Buy the Report

This 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 of the market. The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market.