PUBLISHER: The Business Research Company | PRODUCT CODE: 1429827
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429827
Healthcare and medical simulation involve the practice of medical tasks in realistic settings using tools and models before engaging in real-world scenarios. This approach provides opportunities to enhance patient safety, reduce healthcare costs, and improve the competence and confidence of medical professionals through education and training.
The primary products and services in healthcare and medical simulation include healthcare anatomical models, web-based simulation, healthcare simulation software, and simulation training services. Healthcare anatomical models are digital representations of some or all of the anatomy of the human body. The main technologies employed in healthcare and medical simulation are high-fidelity simulators, medium-fidelity simulators, and low-fidelity simulators. These technologies find application across various end-users such as academic institutes, hospitals, military organizations, and others.
The healthcare/medical simulation market research report is one of a series of new reports from The Business Research Company that provides healthcare/medical simulation market statistics, including healthcare/medical simulation industry global market size, regional shares, competitors with a healthcare/medical simulation market share, detailed healthcare/medical simulation market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare/medical simulation industry. This healthcare/medical simulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The healthcare/medical simulation market size has grown rapidly in recent years. It will grow from $2.18 billion in 2023 to $2.49 billion in 2024 at a compound annual growth rate (CAGR) of 14.4%. The expansion observed in the historical period can be attributed to factors such as the rising demand for minimally invasive surgical procedures, an increased use of advanced methods and approaches for medical education, a rise in mortality due to medical mistakes, and a growing demand for virtual training interaction, particularly accentuated by the COVID-19 pandemic.
The healthcare/medical simulation market size is expected to see rapid growth in the next few years. It will grow to $4.29 billion in 2028 at a compound annual growth rate (CAGR) of 14.6%. The anticipated growth in the forecast period can be attributed to factors such as product launches and innovations, advancements in medical field technology, limited access to patients during medical training, and an increasing demand for minimally invasive treatments. Key trends expected in the forecast period include a focus on product innovation, the development of advanced procedure simulators, the increasing usage of augmented reality in medical simulation, the proliferation of 3D printing technology, and a rise in acquisition activity within the healthcare and medical simulation industry.
The growth of the healthcare/medical simulation market in the forecast period is attributed to the limited access to patients during medical training. This limitation refers to the challenges or constraints faced by healthcare professionals in training to gain practical experience with real patients. Limited access to patients during medical training provides a structured and safe learning environment, facilitating deliberate practice, minimizing harm to real patients, and offering standardized training experiences. For instance, as of September 2023, the World Health Organization reported that around 10% of individuals experience injuries during medical care, with over 3 million fatalities attributed to substandard care annually. Up to 4 out of every 100 deaths in low- to middle-income nations are linked to inadequate care. Hence, the restricted access to patients during medical training is a driving force behind the growth of the healthcare/medical simulation market.
The growth of the healthcare/medical simulation market is further fueled by the global demand for minimally invasive surgical procedures. Minimally invasive surgery (MIS) involves small incisions to access the body and organs, resulting in reduced patient injury and damage. Healthcare/medical simulation techniques are employed to train professionals in the skills necessary for MIS, enabling them to perform surgical and interventional procedures without risking real patients. For example, in January 2022, Intuitive Surgical, a US-based pioneer of robotic-assisted surgery, reported a 28% increase in global da Vinci procedures in 2021 compared to the previous year. The company also experienced a 44% rise in shipments of da Vinci Surgical Systems, emphasizing the growing demand for MIS due to its cost-effectiveness and improved outcomes compared to traditional surgeries.
An emerging trend in the healthcare and medical simulation market is the development of advanced procedure simulators. In February 2021, Elsevier, a Netherlands-based research publishing and information analytics company, collaborated with UK-based healthcare software company SimX to launch the Simulation Learning System (SLS) for RN integrated with virtual reality technology. This system enables nursing schools to conduct clinical simulations effectively, offering an alternative for in-person labs and clinical rotations affected by COVID-19 restrictions. The Simulation Learning System (SLS) with virtual reality immerses students in a dynamic clinical environment, providing simulated experiences to enhance learning outcomes and clinical judgment skills.
The healthcare/medical simulation market is witnessing a key trend of continuous product innovation, with companies introducing technologically advanced products to the market. In August 2021, Ingmar Medical, a US-based Respiratory Simulation Specialists company, introduced RespiPro, a modern respiratory and ventilation training program. RespiPro allows instructors to teach students various assisted breathing procedures using their actual ventilators and respiratory equipment. The system includes the ASL 5000TM, a highly accurate breathing simulator, along with user-friendly software, a realistic patient monitor, and a respiratory-focused manikin on a small ICU bed.
In March 2021, Sweden-based Mentice AB, a provider of endovascular blood vessel simulation solutions, acquired Vascular Simulations LLC, a US-based manufacturer of tools mimicking specific surgical techniques inside blood vessels. This acquisition enhances Mentice's global leadership in endovascular simulation, offering comprehensive solutions to support all stages of a medical device's development cycle.
Major companies operating in the healthcare/medical simulation market report are Surgical Science, CAE Inc.,Laerdal Medical, Gaumard Scientific, 3B Scientific, Altay Scientific, Simulab Corporation, 3D Systems, Limbs & Things, Kyoto Kagaku Co. Ltd., Trandomed, Foshan Dade Medical Technology Co., Ltd., Mimyk Medical Simulation, SIMTICS, MEDICFX, Augment Simulation India, K.K. MedVision, Japan Medical Device Corporation, Yangzhou Kindsway Biotech Co., Ltd., Mentice, Nordic Simulators Oy, Melerit Medical, Oxford Medical Simulation, Sapiens Steering Brain Stimulation, TerraLoupe, aSR advanced Simulated Reality, MediSensum, SimScale, Simulaids, Operative Experience, Inc., Cardionics Inc., VirtaMed, IngMar Medical, Symgery, Synaptive Medical, LUMC, Afya Ltd., Glic, Iclinic Desenvolvimento de Software Ltda, Aspen Medical, Ensign Medical Coding, Al Talouk Medical Coding Training, WCM-Q, Response Plus Holding, Health-Tech Training, Medical-X.
North America will be the largest region in the healthcare/medical simulation market in 2023. The regions covered in the healthcare/medical simulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the healthcare/medical simulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The healthcare and medical stimulation market includes revenues earned by entities by providing hardware and software that can be used in healthcare organizations to make stronger decisions that reduce risk to patients, staff and financial investment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Healthcare/Medical Simulation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on healthcare/medical simulation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for healthcare/medical simulation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare/medical simulation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.