The global medical simulation market size is expected to reach around US$ 3.6 Bn by 2026 and growing at a CAGR of 12.1% over the forecast period 2019 to 2026.
Simulation is a word, used for an artificial representation of a real process to educate professionals or students through experiential learning. Medical simulation education is defined as educational activities that utilize simulation models to reproduce the clinical scenario. The medical simulation process is used in medical universities and hospitals to train and demonstrate healthcare professionals. The process helps to increase the safety of patients by decreasing errors during practice.
The simulation model helps in professional training programs and complements the traditional learning process. The simulation model allows professionals or students to sharpen their clinical skills for high-risk events. According to a study carried out by the US National Council of State Boards of Nursing (NCSBN), it was observed that nursing students that practiced on simulation model need half the time to become as competent as those following traditional training methods. Hence, the study proved the effectiveness of simulation model training in pre-licensure nursing programs.
Associated benefits of medical simulation models such as updating the medical society about the advancement in medical technology and demonstrating complex and normal cases to professionals and an increasing emphasis on patient safety & outcomes are anticipated to propel the market growth in the coming years. However, the high set-up and other related cost of simulation is expected to restraint the growth of the medical simulation market.
Product & Service Analysis
Based on the product & service, the market has been segmented into anatomical models, web-based simulation, and simulation training services. The anatomical model accounted for the largest share of the market in 2018. This can be attributed to benefits associated with the anatomical model such as understanding key concepts through practical information. Furthermore, an increase in focus on patient safety helps to enhance the demand for anatomical models for academic purposes. However, the web-based simulation segment is anticipated to observe the fastest growth during the forecast period. Web-based simulation combines electronic multimedia options with a central video or virtual world to create interactive learning activities. An increase in the usage of internet services is anticipated to observe significant growth during the forecast period.
Based on the technology, the medical simulation market is divided into low-fidelity simulators, medium-fidelity simulators, and high fidelity simulators. Low-fidelity simulators accounted for the largest share in 2018. However, the high fidelity simulators segment is expected to observe the fastest growth during the forecast period. Based on the end-user, the market has been divided into academic & research institutes and hospitals. The academic & research institute segment held the maximum share in 2018 and is anticipated to observe the significant growth during the forecast period. This can be attributed to the increase in the number of medical institutes and its enrollees, growing adoption of the simulation model, and an increase in focus on patient safety & minimizing medical errors.
North America held the maximum share of the global medical simulation market in 2018 and is anticipated to hold its share during the forecast period. This can be attributed to more adoption of simulation technology by medical institutes and universities, easy access to technology due to the local presence of market players, and strong distribution channels across the region. Furthermore, the growing number of trainee healthcare professionals and well-established healthcare infrastructure are some of the other factors for the dominance of the region. Europe held the second-largest share of the market. However, Asia Pacific is anticipated to propel the market at the fastest rate during the forecast period. This can be attributed to a large number of medical institutes and universities, growing awareness about simulation learning, government funding, and increasing focus on patient safety. For instance, in October 2018, Bangalore Medical College & Research Institute (BMCRI) received Rs. 22 Crore for simulation lab from the state government. Furthermore, investment by global healthcare simulation players in the region due to the presence of unmet needs and increasing healthcare expenditure are key factors responsible for the growth of the market in the region during the forecast period.
The market research study on “Medical Simulation Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 – 2026”, offers a detailed insight on the global medical simulation market entailing insights on its different market segments. Market dynamics with drivers, restraints, and opportunities with their impact are provided in the report. The report provides insights into the global medical simulation market, its product & service, its technology, end-user, and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global medical simulation market size and segment markets by product & service, technology, end-user, and geography along with the information on companies operating in the market. The medical simulation market analysis is provided for major regional markets including North America, Europe, Asia Pacific, Latin America and Middle East and Africa. For each region, the market sizes for different segments have been covered under the scope of the report.
The players profiled in the report include CAE, Kyoto Kagaku, Laerdal Medical, Limbs and Things, Mentice, 3D Systems, Simulab Corporation, Simulaids, Surgical Science Sweden, and Gaumard Scientific Company. Product launches, Partnerships or collaboration of market players with academic & research institutes are some of the key strategies being adopted by the market players to enhance their share in the global market.
By Product & Service
The medical simulation process is used in medical universities and hospitals to train and demonstrate healthcare professionals.
According to Acumen Research and Consulting, the medical simulation market value is anticipated to be worth around US$ 3.6 billion in 2026.
The medical simulation market is anticipated to grow over 12.1% CAGR during the forecast period 2019 to 2026.
North America held maximum share in 2018 for medical simulation market.
Asia Pacific is projected to grow at a fast pace during forecast period in the medical simulation market.
The medical simulation market key players are CAE, Kyoto Kagaku, Laerdal Medical, Limbs and Things, Mentice, 3D Systems, Simulab Corporation, Simulaids, Surgical Science Sweden, and Gaumard Scientific Company.
The anatomical model accounted for the largest share of the market in 2018.