Global Medical Simulation Market 2022-2028

Global Medical Simulation Market 2022-2028

Global medical simulation market size was $1.1 billion in 2021 and is growing at a considerable CAGR of 13.8% during the forecast period (2021-2027). The factors that augment the growth of the market include a rise in the number of healthcare workers, an increase in demand for a user-friendly interface, an increase in n demand for minimally invasive treatment procedures, and training of complex cases. Moreover, the need to increase patient safety and reduce medical errors is also estimated as one of the major factors. For instance, as per the analysis of NCBI, every year around 250,000 deaths occur due to medical error. According to the analysis of The Johns Hopkins University, deaths due to medical error are estimated to be the third leading cause of death, behind cancer and cardiovascular disease. The need for tackling these unnecessary death rates is further surged up the demand for medical simulations to assist, doctors, nurses, surgeons, or any other healthcare worker to understand the procedures.

In addition to this, government and non-government initiatives to increase the skilled training of healthcare workers also contribute to the growth of the market. For instance, Advanced Initiative in Medical Simulation (AIMS) Board and SSH established the Bob Waters Memorial Scholarship Fund to support students in healthcare simulation every year by providing motivation and scholarships.However, the high cost of simulators, difficulty in attaining multimodal simulation, and lack of complete real situation are some of the restraints that are estimated to challenge the growth of the market in the forecast period. Conversely, technological advancements in the medical field, researches in the field, and a rise in the number of market players with innovative solutions are the opportunity estimated for the market players. The lack of healthcare professionals, and raising awareness of simulation education in emerging countries, are all likely to provide profitable opportunities for market players.

Impact of COVID-19 on the Global Medical Simulation Market

The global medical simulation market is hardly hit by the COVID-19 pandemic since December 2019. The outbreak of COVID-19 in the major economies disrupted medical education across the globe. This led to the most number of students being physically distant from classrooms and leading to cancellation lectures. However, as the number of cases got high with time, there were many new enrollments in the medical staff to reduce the effects of the pandemic and treat patients. For instance, in March 2020, Oxford Medical Simulation announced the offering of online VR training to assist medical facilities to reduce the burden. The facilities were provided for free countries the UK, Canada, and the US so retired doctors and nurses can get back up to speed on patient care quickly. Moreover, organizations like The International Nursing Association of Clinical Simulation and Learning (INACSL) and the Society for Simulation in Healthcare (SSH) supported the use of virtual simulation as a replacement clinical hour for students who were enrolled during the current public health crisis caused by COVID-19.

Segmental Outlook

The market is segmented based on products and services, technology, and end-user. Based on the products and services segment, the market is segmented into the web-based simulation, model-based simulation, and simulation training services. Among these, the web-based simulation segment is expected to develop at the fastest CAGR during the forecast period. The extensive availability of Internet services, a regulated and predictable learning environment, and controlled access to simulation processes are all factors contributing to this segment's rapid growth. Further, based on the web-based simulation, the market is sub-segmented into simulation software, performance recording software, and virtual tours. Based on the model-based simulation, the market is sub-segmented into patient simulators, ultrasound simulators, surgical simulators, endovascular simulators, and others (dental simulators and eye simulators). Based on the simulation training services, the market is sub-segmented into vendor-based training, educational societies, and custom consulting & training services. Based on the technology segment, the market is segmented into low fidelity simulators, medium-fidelity simulators, and high fidelity simulators. Further, based on the end-user segment, the market is bifurcated into academic institutes & research centers, and hospitals.

Low Fidelity Simulators Segment to Hold a Lucrative Share in the Global Medical Simulation Market

Amongst the technology segment of the global medical simulation market, the low fidelity simulators segment was estimated to have one of the largest shares in the fidelity segment in the medical simulation market in 2020. This type of simulation is demonstrated in teaching medical procedures in traditional classrooms and is used in a broad range of skill acquisition and team training activities. These types of fidelity generally come at a lower cost however have fewer resources when compared to high fidelity. Moreover, less complexity mitigating implementation barriers and availability of CCC data set to yield assessments of performance are the other factors that drive the growth of the market. However, the high fidelity segment is estimated to be one of the fastest-growing segments as it is more realistic when compared to medium and low fidelities and substitution for hands-on training.

Regional Outlooks

The global medical simulation market is analyzed based on the geographical regions that are contributing significantly towards the growth of the market. Based on the geography, the market is segmented into North America (the US and Canada), Europe (Germany, Spain, Italy, France, the UK, and the Rest of Europe), Asia-Pacific (India, China, Japan South Korea, and the Rest of Asia-Pacific), and the Rest of the World (the Middle East and Africa, and Latin America). North America is estimated to have one of the largest shares in the global medical simulation market. Increasing demand for hands-on training from rapidly increasing healthcare professionals, the presence of major players in the market, and advancement in technology are some of the factors that fuel the growth of the market in the North American region. Europe is also estimated to have a significant share in the market due to the presence of high healthcare workers in the region. According to the estimation of the World Health Organization (WHO), there are around 42 doctors per 10 000 population in the European region which is the highest when compared to the other continents.

Asia-Pacific is projected to highest Contributor to the growth of the Global Medical Simulation Market

Asia-Pacific is anticipated to be the fastest-growing region in the global medical simulation market due to the increasing focus on medical education, training, research, and patient safety in emerging economies and improvement in healthcare infrastructure. Besides, the presence of a large patient population (especially in China and India), increasing investments in R&D, increasing focus on patient safety, and rising healthcare expenditure are among the major factors driving the growth of the market. For instance, according to the World Bank, in 2019 the population in India was around 1.36 billion and in China, it was around 1.39 billion.

Market Player Outlook

Key players of the global medical simulation market include 3D Systems, Inc., Mentice AB, Moog Inc., Gaumard Scientific Co., Inc., CAE Inc., Laerdal Medical AS, and Kyoto Kagaku Co. Ltd., among others. To survive in the market these players adopt different marketing strategies such as a merger, acquisitions, product launch, and geographical expansion so on. For instance, in July 2019, LAERDAL MEDICAL AS announced the acquisition of B-Line Medical to expand the integration and scope of the company’s product lines. The acquisition was aimed to yield the most integrated simulator, services, and center management platform on the market.