PUBLISHER: The Business Research Company | PRODUCT CODE: 1499782
PUBLISHER: The Business Research Company | PRODUCT CODE: 1499782
AR/VR medical simulation entails leveraging immersive technologies to construct lifelike virtual environments and scenarios tailored for medical education and training purposes. These simulations offer hands-on experiences, repetitive practice opportunities, and valuable feedback mechanisms, thereby enhancing clinical skills, knowledge retention, confidence levels, and ultimately, patient outcomes.
The primary products and services within AR/VR medical simulation encompass medical simulation anatomical models, web-based simulation platforms, medical simulation software solutions, and simulation training services. Medical simulation anatomical models represent physical replicas of human anatomy utilized extensively in medical training, education, and practice settings. These models serve various applications, including medical education and patient care management, and cater to diverse end-users such as hospitals, healthcare institutions, medical schools, universities, and military organizations.
The AR/VR medical simulation market research report is one of a series of new reports from The Business Research Company that provides AR/VR medical simulation market statistics, including the AR/VR medical simulation industry global market size, regional shares, competitors with an AR/VR medical simulation market share, detailed AR/VR medical simulation market segments, market trends and opportunities, and any further data you may need to thrive in the AR/VR medical simulation industry. This AR/VR medical simulation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The AR/VR medical simulation market size has grown exponentially in recent years. It will grow from $2.74 billion in 2023 to $3.30 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth observed in the historic period can be attributed to several key factors, including a heightened focus on resuscitation training within the healthcare sector, a surge in demand for minimally invasive surgical procedures, the expansion of remote healthcare solutions, an increase in pediatric critical care training initiatives, a growing demand for healthcare services overall, and an increased utilization of medical simulators for training purposes.
The AR/VR medical simulation market size is expected to see exponential growth in the next few years. It will grow to $6.96 billion in 2028 at a compound annual growth rate (CAGR) of 20.5%. The anticipated growth in the forecast period can be attributed to several key factors, including the escalating demand for medical training solutions, a steady rise in healthcare expenditure globally, population growth, an increasing prevalence of chronic diseases, and a heightened focus on patient safety and quality care within the healthcare industry. Additionally, major trends expected in this period include the widespread adoption of computer-based simulations for medical training, advancements in graphics and processing power enhancing the realism of simulations, the emergence of virtual reality (VR) surgical simulations for immersive training experiences, advancements in medical imaging technologies facilitating more accurate diagnosis and treatment, the trend towards miniaturization and mobility of medical devices, and ongoing technological advancements in surgical tools aimed at improving procedural outcomes.
The rising number of surgeries is anticipated to drive the growth of the AR/VR medical simulation market in the coming years. Surgeries are medical procedures performed by surgeons to treat various conditions or diseases. Factors contributing to the increase in surgeries include the aging population, advancements in medical technology, and the growing burden of chronic diseases. Augmented reality (AR) and virtual reality (VR) medical simulations in surgeries enhance training, improve surgical outcomes, and enhance patient care by offering a safe and effective platform for learning, skill development, and preoperative planning. For example, data from the Aesthetic Society in April 2022 revealed a 54% increase in surgical procedures in 2021 compared to the previous year. On average, a plastic surgeon completed 320 surgical procedures in 2021, up from 220 in 2020. This surge in surgeries is a key driver behind the growth of the AR/VR medical simulation market.
Leading companies in the AR/VR medical simulation market are concentrating on developing innovative solutions, such as medical virtual reality (VR) training platforms, to gain a competitive advantage. A medical VR training platform is a digital system that utilizes virtual reality technology to create realistic medical scenarios, procedures, and environments for medical education, training, and skill enhancement. For instance, in March 2022, ORamaVR Inc., based in Switzerland, launched MAGES SDK, the world's first hyper-realistic VR authoring tool designed for rapid surgical training and assessment. This tool allows institutions or firms to create bespoke medical VR training or teaching simulations with minimal programming, enabling rapid development of VR psychomotor simulations of medical operations. It supports multiplayer functionality, enabling active user-instructor engagement with numerous spectators, including cooperative mode for up to 20 users from different countries and headsets.
In July 2021, Surgical Science, a Sweden-based company specializing in medical simulation training and software solutions, acquired Simbionix for $305 million. This acquisition aims to bolster Surgical Science's position in the medical simulation market by expanding its product portfolio and enhancing its capabilities in delivering advanced virtual reality simulators for medical training. Simbionix, headquartered in the US, is known for providing virtual reality simulators tailored for medical training purposes.
Major companies operating in the AR/VR medical simulation market are Siemens AG, Koninklijke Philips N.V., GE HealthCare Technologies Inc., Intuitive Surgical Operations Inc., CAE Inc., 3D Systems Healthcare Inc., Surgical Science Sweden AB, Eon Reality Inc., Gaumard Scientific Co., Osso VR Inc., FundamentalVR, Mentice AB, Limbs & Things Ltd., Kyoto Kagaku Co. Ltd., VirtaMed AG, BioDigital Inc., Vuzix Corporation, Oxford Medical Simulation, Laerdal Medical AS, AppliedVR Inc., SimforHealth, Precision OS, Medical Realities, UbiSim Inc., GigXR, Virtual Education Systems (VRpatients), MedVR Education, PeriopSim, InfiVR.com
North America was the largest region in the AR/VR medical simulation market in 2023. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the AR/VR medical simulation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the AR/VR medical simulation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The AR/VR medical simulation market includes revenues earned by entities by providing services such as training modules, patient education, surgical planning and simulation, anatomy visualization, diagnostic assistance, rehabilitation and therapy, patient monitoring, and remote consultation and telemedicine. 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.
AR/VR 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 AR/VR 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 AR/VR 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 AR/VR 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.
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