Wilmington, Delaware, United States, Nov. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global medical simulation market is projected to flourish at a CAGR of 19.1% from 2023 to 2033. As per the report published by TMR, a valuation of US$ 14.2 billion is anticipated for the market in 2033. As of 2023, the demand for medical simulation is expected to close at US$ 2.2 billion.
A growing number of medical care companies are offering various minimally invasive treatments for players in the medical simulation industry over the upcoming few decades, which will facilitate market expansion and offer multiple growth opportunities in the near future.
The growing innovations in simulation technologies, such as virtual reality (VR), augmented reality (AR), high-fidelity manikins, and simulation software, have greatly enhanced the realism and effectiveness of medical simulations and are expected to drive the market demand.
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Simulations offer a safe environment for healthcare professionals to practice without risking patient safety. With a growing emphasis on patient outcomes and safety, the demand for simulation training to reduce medical errors is increasing.
The shortage of healthcare professionals, coupled with an increasing patient population, has led to a greater need for efficient and accelerated medical training. Simulation technologies help bridge this gap by offering accessible, standardized training experiences.
The increasing collaborations between simulation technology providers, healthcare institutions, and educational bodies drive the development of more sophisticated and tailored simulation solutions, further propelling market growth.
A growing number of medical care companies are offering various minimally invasive treatments for players in the medical simulation industry over the upcoming few decades, which will facilitate market expansion and provide multiple growth opportunities in the near future.
Competitive Landscape
Market Players are investing in product launches, geographical expansions, collaborative agreements, and acquisitions to sustain in the market. The market is expected to become highly competitive as many startups seek opportunities in this sector.
- CAE
- Laerdal Medical
- 3D Systems
- Simulab Corporation
- Limbs & Things Ltd
- Mentice AB
- Simulaids
- Gaumard Scientific Company
- Surgical Science Sweden AB
- Kyoto Kagaku Co., Ltd
Key Takeaways from the Market Study
- As of 2022, the medical simulator market was valued at US$ 1.8 billion.
- Based on product and service type, the healthcare anatomical models segment is expected to dominate the market with an anticipated CAGR of 21.3%. In 2020.
- The Procedure Rehearsal Technology segment is expected to dominate the market during the forecast period.
- Based on end-use, the hospital segment is expected to account for high revenue in the market.
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Medical Simulation Market - Regional Analysis
- Medical Simulation revenue is expected to grow at the fastest pace in North America from 2023 to 2033. The growth can be attributed to factors such as the presence of key players in the region and high investments in the technology.
- Due to multiple mergers, partnerships, and acquisitions by major players in the area, North America is expected to maintain the dominating position in the worldwide Medical Simulation market post the pandemic forecast period.
- The Asia Pacific segment is anticipated to witness significant growth over the forecast period due to the constant healthcare infrastructure improvements. Moreover, the rising adoption of healthcare facilities coupled with the rapid expansion of manufacturing facilities in emerging countries, such as China and India, is propelling the market growth.
Key Developments in the Medical Simulation Market
- CAE Healthcare, known for its high-fidelity patient simulators, CAE Healthcare offers a wide range of simulation solutions for various medical disciplines, including surgery, anaesthesia, and emergency care.
- Laerdal Medical is renowned for its SimMan and SimBaby simulators, among others. They focus on providing realistic simulation solutions for training healthcare professionals worldwide.
- 3D Systems (Simbionix) acquired by 3D Systems, Simbionix offers virtual reality simulation solutions for medical training, particularly in the fields of surgery, endoscopy, and ultrasound.
- Mentice specializes in simulation solutions for endovascular procedures, and provides training modules for interventional radiology and other minimally invasive procedures.
- Simulab Corporation develops task trainers and procedural simulators that offer realistic hands-on experiences for medical professionals practicing various procedures.
Medical Simulation Market – Key Segments
By Product & Services Type
- Healthcare Anatomical Models
- Patient Simulators
- Task Trainers
- Interventional/Surgical Simulators
- Endovascular Simulators
- Ultrasound Simulators
- Dental Simulators
- Eye Simulators
- Web-Based Simulators
- Healthcare Simulation Software
- Simulation Training Services
By Technology
- Virtual Patient Simulation
- 3D Printing
- Procedure Rehearsal Technology
By End-Use
- Academic Institutes
- Hospitals
- Military Organizations
- Research
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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