Wilmington, Delaware, United States, July 18, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, VR Medical Simulation Market was valued at US$ 954.6 million. It is expected to grow at a CAGR of 25.6% from 2023 to 2031, reaching US$ 8.5 billion by 2031.
VR technological advancements are a crucial VR medical simulation industry development. VR technology is rapidly evolving, with novel devices and accessories being developed on a regular basis.
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Some of the hardware breakthroughs projected in 2023 include compact and more convenient headsets, more accurate detection of motion, and improved tactile responses. Owing to the requirement for more advanced training and the scarcity of medical professionals, there is a greater demand for effective and productive instructional approaches.
The patient simulator segment accounted for the highest worldwide VR medical simulation market share in 2022. The present trend is projected to continue over the projection period. This is attributed to variables such as the availability of a realistic training scenario in which medical professionals can perform procedures and decision-making in a secure and regulated atmosphere.
Key Takeaways from the Market Report
- North America held a 44% share in 2022.
- The market is expected to grow at a CAGR of 25% in Asia Pacific over the forecast period.
- The Academic Institutes segment is expected to grow at a CAGR of roughly 26% throughout the projected period.
- The patient simulator segment was estimated to account for more than 55% of the worldwide market in 2022.
- Europe held a 21% share of the global market in 2022.
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VR Medical Simulation Market: Prominent Drivers and Trends
- Emerging economies are still investing in medical facilities. This opens the door for VR medical simulation firms to enter these industries. Furthermore, integrating VR medical simulation with telemedicine solutions might present remote healthcare providers with the utilization of high-quality VR medical simulation lessons and instructional resources. Throughout the forecast time frame, the sector is projected to grow more, giving possibilities for businesses.
- Academic institutes led the global VR medical simulation market in 2022, according to end-user. The surge in the number of academic study organizations participating in the research of complex biological solutions utilizing computer models is attributed to the segment's expansion.
VR Medical Simulation Market: Regional Analysis
- North America accounted for a sizable portion of the global industry in 2022. This is due to increased access to technology, well-established distribution methods, a spike in the number of medical professionals requiring hands-on patient training, an expansion popularity of virtual and digital training, and the existence of prominent market participants in the region.
- During the projected period, Asia Pacific is expected to have considerable growth in the VR medical simulation industry. This is attributed to the region's significant healthcare investment in medical simulation in order to improve healthcare services. Key companies' strategies including introductions of products, collaboration, and expenditures for research and development in the nation are projected to fuel market expansion.
Competitive Landscape
Transparency Market Research has profiled the following players in its global VR medical simulation market report:
- SimX
- Team PCS
- Virtual Education Systems (VRpatients)
- Oxford Medical Simulation
- PrecisionOS
- Virtual Medical Coaching,
- Osso VR Inc.
- Fundamental Surgery
- MedVR Education
- UbiSim
- PeriopSim,
- Medical-X
- VirtaMed AG
- CAE Inc.
- Surgical Science
- InfiVR.com
The company profiles part of the VR medical simulation market study and closes with vital information about the leading players. To remain viable in the market, businesses are focusing on methods such as launching novel goods, mergers, and agreements and collaborations.
- SimX introduced a medical simulation program in May 2023 that enables trainees to put themselves in the shoes of healthcare professionals in difficult medical circumstances. The platform includes a variety of situations that put learners' abilities to recognize and manage diverse health emergencies to the assessment, while also developing their communication and patient administration skills.
- SimX, Inc. was awarded the Virtual Advancement of Learning for Operational Readiness (VALOUR) program by the United States Space Force (USSF) in January 2023. It is a multi-year initiative to develop revolutionary VR medical simulation training capabilities for astronaut recuperating and space launch operations.
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VR Medical Simulation Market: Key Segments
- Simulator Type
- Patient Simulator
- Dental Simulator
- Surgical Simulator
- Others (ultrasound, rehabilitation, and therapy, clinical simulator)
- Application
- Training & Education
- Human Anatomy Study
- General Care
- Trauma Recovery
- Surgeries
- Laparoscopy
- Endoscopy
- Orthopedic
- Cardiovascular
- Others (ophthalmic)
- Age Group
- Adult
- Children
- Infant
- End-user
- Hospitals & ASCs
- Physician Offices & Clinics
- Academic Institutes
- Others (research institutes, etc.)
- Regions Covered
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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