Wilmington, Delaware, United States, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Medical Simulation Market size is estimated to be US$ 2.2 Bn in 2023. The global industry is likely to be valued at US$ 14.2 Bn by 2033, expanding at a CAGR of 19.1% between 2023 and 2033.
Medical simulation is the virtual reconstruction of in-person events or activities that mimic the features and properties of a real-world concept or procedure. It is a kind of simulation that is utilized in the instruction and training of people in a range of medical specialties. Simulated events can happen in a controlled setting, such as in a classroom, in the actual world, or in a specially designed setting.
Students demonstrate greater comprehension of various topics when taught in combination with simulation or pre-education. In line with this, army units and other organizations have included simulations in order to improve their training procedures.
North America is anticipated to be one of the rapidly growing regions and is likely to continue to dominate the global medical simulation market owing to several mergers, acquisitions, and collaborations by prominent local companies.
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Key Findings of Market Report
- Based on technology, the procedure rehearsal technology segment is projected to lead the global industry, with a CAGR of 15.4% between 2023 and 2033. The segment accounted for the largest market share in 2020. The adoption of procedure rehearsal technology is expected to grow due to the rise in the number of medical errors and patient safety demands. Industry players are implementing technological advancements. This is expected to drive business opportunities in the global medical simulation market.
- Based on product & service type, the healthcare anatomical model segment is anticipated to lead the industry with a CAGR of 21.3% during the forecast period. The healthcare anatomical model segment accounted for more than 30% market share in 2020. Medical simulators have been demonstrated to be effective for undertaking trials, permutations, and combinations before finalizing designs, processes, or systems, notably in the medical device business. These aspects are anticipated to support the segment's growth in the next few years.
Global Medical Simulation Market: Growth Drivers
- Medical simulators are currently utilized in medical education across the globe due to their remarkable resemblance to human traits. The requirement to maintain patient safety and accessibility are particularly important in the healthcare sector. As a result, simulation is used more often in general education classes and professional training programs. This is anticipated to drive market development.
- Virtual simulation technologies have been applied during the COVID-19 outbreak to enhance and boost healthcare procedures. There has been an increasing adoption of screen-based simulation for virtual reality, remote learning, mixed reality, extended reality, and augmented reality. This, in turn, is likely to drive industry growth between 2023 and 2033.
- Better healthcare infrastructure has been developed over time to address challenges including unmet healthcare demands and medical blunders, which are becoming more prevalent. As a result, the use of medical simulation has increased to avert medical errors and also to cater to unmet healthcare needs.
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Global Medical Simulation Market: Regional Outlook
- The market in Asia Pacific is anticipated to expand at a CAGR of 20.4% over the projected period. The industry in the region is anticipated to grow at the fastest rate due to the rise in demand for healthcare simulation and related services. Developing economies of India and China are anticipated to account for a large share of the market in Asia Pacific, led by the increase in emphasis on medical studies and research in these countries. Additionally, undertaking business in Asian nations is fairly easy due to the abundant availability of trained workers and low manufacturing costs. This is a crucial factor that is anticipated to accelerate the expansion of the Asia Pacific market.
- The U.S. market is anticipated to expand at a CAGR of 19.7% from 2023 to 2033. The U.S. is estimated to have significant market demand for medical simulation due to the presence of established distribution networks, better accessibility to technology, and an increase in the inclination of doctors toward classroom training. High demand for telemedicine and online training due to the recent pandemic is also projected to propel the U.S. market in the near future.
Global Medical Simulation Market: Key Players
Some of the key players in the global medical simulation market are:
- Surgical Science Sweden AB
- Kyoto Kagaku Co. Ltd
- Mentice AB
- Limbs & Things Ltd
- Gaumard Scientific Company
- Laerdal Medical
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Global Medical Simulation Market: Segmentation
Product & Services Type
- Healthcare Anatomical Models
- Web-Based Simulators
- Healthcare Simulation Software
- Simulation Training Services
Technology
- Virtual Patient Simulation
- 3D Printing
- Procedure Rehearsal Technology
End-use
- Academic Institutes
- Hospitals
- Military Organizations
- Research
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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