New York, Feb. 21, 2023 (GLOBE NEWSWIRE) -- The Surgical Simulation Market was estimated at US$ 304.1 Mn in 2021 and is anticipated to grow at a CAGR of 24.1% from 2022-2032, according to a recently published Persistence Market Research report. By the end of 2032, the market is expected to reach a revenue of US$ 3.1 Billion.
The increase in the usage of medical simulation is mostly due to the rise in the use of simulations in healthcare; an increase in mortality because of medical errors and the need to improve patient safety outcomes. Virtual and augmented reality is becoming increasingly popular, and they have been demonstrated to be effective for education and communication in healthcare simulation programs. Virtual reality, for example, can be used to aid faraway students in conducting operations and other activities together. This allows the trainees to use their knowledge and improve their mistakes.
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During Covid-19, the increased usage of remote learning via screen-based simulations, augmented reality/AR, blended and/or extended reality, mixed reality, and virtual reality/VR stimulated the demand in the surgical simulation market. Elective surgery cases had been suspended all around the world during this period of lockdown, resulting in a considerable decrease in the number of cases accessible for surgical residents' teaching. Therefore, the virtual simulation was used to refine and reinforce procedural and patient care abilities. The epidemic has restricted medical training possibilities in the conventional apprenticeship process, with fewer elective procedures and residents having less access to operating rooms.
Competitive Landscape
Some of the key players in the Surgical Simulation Market include
- Materialise
- Stratasys Ltd
- Canadian Aviation Electronics Ltd
- Surgical Science
- Mentice
- Gaumard Scientific
- VirtaMed AG
- Osteo3d
- Simulab Corp.
- 3-Dmed
- Laerdal Medical
- 3D Systems, Inc.
- Axial3D
- Formlabs
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Some of the recent developments of key Surgical Simulation service providers are as follows:
- In November 2021, Materialise decided to exercise its option to purchase Link3D Inc., a provider of additive workflow and digital manufacturing software that helps clients in the automotive, aerospace, and defense industries grow and integrate their AM operations across complicated supply chains and IT environments. The deal, which was subject to the usual requirements for this type of transaction, was completed in January 2022. Materialise paid US$ 33.5 Million for 100% ownership stake in Link3D.
- In January 2021, Stratasys Ltd announced the completion of its acquisition of Origin, which will take effect on December 31, 2020. Origin's software-centric additive manufacturing system, which delivers printing technology associated with digital light processing for production-oriented polymer applications, has been acquired.
- In July 2021, Surgical Science entered into a conditional agreement to acquire all outstanding shares of Simbionix USA Corp., which uses simulation to train surgeons and other medical specialists in a variety of areas, including robotic surgery. The deal was carried out in cash and debt-free consideration of US$ 305 million.
More Insights Available
Persistence Market Research, in its new offering, presents an unbiased analysis of the Surgical Simulation Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
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The study reveals extensive growth in Surgical Simulation Market in terms of
- Material Type (Polymer, Metal),
- Speciality (Orthopaedic Surgery, Cardiac Surgery/Interventional Cardiology, Gastroenterology, Neurosurgery, Reconstructive Surgery, Oncology Surgery, Transplants, Other Specialties),
- End-Use (Hospitals, Specialty Centers, Other End-uses),
- across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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