Surgical Simulation Market: Current Analysis and Forecast (2021-2027)

Surgical Simulation Market: Current Analysis and Forecast (2021-2027)

The Surgical Simulation market is predicted to grow at a CAGR of ~15% between 2021 and 2027. A simulation is a mimic of real life with the use of certain models that represents the characteristic behaviors and features of the system, and the simulation represents how the model evolves over time. Surgical Simulation is the specialization of the medical simulation where the students and the medical professionals educate and train by using advanced simulator technology and with the help of Artificial Intelligence and robotics. Furthermore, the increasing public and private investments in the healthcare sector along with the technological advancements in the biomedical devices owing to the significant growth of the market for the medical simulators. Moreover, the companies are constantly developing simulation models and technology to properly train healthcare professionals. For instance, CAE Inc developed Cut Suit - CAE's Surgical Simulator combinations and task simulators simulate extreme physical trauma. Additionally, the 3D technology and AI-based computer interfaces provide better and replicate real-life situations along with risks associated with the human life in case of the training on the human subject attributes to the widening of the market of the surgical simulator in the future.

Insights Presented in the Report
"Amongst Specialty, Orthopedic Surgery, segment dominated the market in 2020

Based on specialty, the market is segmented into cardiac surgery, gastroenterology, neurosurgery, orthopedic surgery, and others. In 2020, orthopedic surgeries dominated the surgical simulator market due to the increased number of orthopedic cases such as arthritis and osteoporosis and the increased number of road accidents, and injuries. Due to a higher number of cases, the need for proper medical and surgical training increased. However, in the forecast period, the market for neurosurgery simulators is likely to witness significant growth. The rapidly increasing number of neurological disorders and death caused by them are the primary factors. For instance, the deaths reported by Parkinson’s disease in the U.S. increased by 54% in 2017 as compared to 2013. Furthermore, due to the complexity of neurosurgery, professionals require intensive training on simulators prior to direct dealing with the patient. These are some factors that may contribute to the future market growth of surgical simulators in neurosurgery.
"Amongst End-user, the academic institute segment is likely to capture significant market share during the foreseeable future

On basis of end-user, the market is categorized into academic institutes, hospitals, and others. Among these, the academic institute segment is likely to experience dominating growth during the projected future. The rising number of educational institutes is responsible for the growth of the market. Furthermore, the higher number of death reported due to medical errors requires more training for the professional. According to WHO, 2.6 million deaths are reported annually due to medical errors. This indicates the strong need for appropriate training of medical students and health care professionals during their academic sessions. Moreover, the presence of developed infrastructure in the medical schools and increasing government investments in them, make them ideal markets for the surgical simulation market. Additionally, the research and development of new methods of surgery along with the consideration of patient safety and their outcomes are driving factors for the market growth of simulators in academic institutions
"North America holds the lion’s share in the Surgical Simulation market”

During the forecast period, North America is expected to have a higher CAGR due to ongoing industrialization and the prevalence of lifestyle-associated diseases, which have fueled manufacturing output levels, positively influencing the global medical equipment industry landscape. This has a great influence on developed nations such as the U.S. and Canada to focus on surgical simulation and deal with a higher number of surgeries annually. Moreover, developed countries have well-established medical infrastructure and the availability of advanced research facilities owing to the development of the markets in the region. Furthermore, the presence of the leading medical schools along with the increasing healthcare expenditure of the nations attributed to the development of new technology in the field of medical simulations. In Canada, for instance, the per capita expenditure on the healthcare sector accounted for US$ 4,629 in 2016 which was increased by 9% in 2019 which was denominated to US$ 5,048. Furthermore, in 2020, the U.S. held the largest market share in the North American market owing to the surging yearly investment in research and development in the country. The government investment in research projects accounted for US$ 496.1 billion in 2015 which was further rise to US$ 583.3 billion in 2018. The industry's expansion was aided further by market players focusing on the adoption of advanced technology and product innovation.

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