PUBLISHER: The Business Research Company | PRODUCT CODE: 1672396
PUBLISHER: The Business Research Company | PRODUCT CODE: 1672396
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 $2.56 billion in 2024 to $2.96 billion in 2025 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to rising demand for minimally invasive surgical procedures, growing use of advanced methods and approaches for providing medical education, increase in mortality as a result of medical mistakes, and increasing demand for virtual training interaction due to 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 $5.61 billion in 2029 at a compound annual growth rate (CAGR) of 17.3%. The growth in the forecast period can be attributed to product launches and innovations, technology advancements in the medical field, limited access to patients during medical training, and increasing demand for minimally invasive treatments. Major trends in the forecast period include product innovation, the development of advanced procedure simulators, increasing usage of augmented reality, the proliferation of 3d printing technology, and an increase in acquisition activity.
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 global demand for minimally invasive surgical procedures has contributed to the growth of the healthcare/medical simulation market. Minimally invasive surgery (MIS) involves small surgical incisions to access the body and its organs, resulting in less injury and damage to patients. Medical simulation techniques are employed to train the skills necessary for MIS, allowing professionals to perform surgical and interventional procedures without risking harm to real patients. For instance, in February 2024, the American Academy of Facial Plastic and Reconstructive Surgery, a US-based non-profit organization, reported that in 2023, a significant majority of medical procedures-83%-were minimally invasive, while the remaining 17% involved traditional surgical methods. Therefore, the rising demand for minimally invasive surgical procedures is driving growth in the healthcare/medical simulation market.
Major companies in the healthcare/medical simulation market are focusing on developing innovative solutions, such as virtual reality (VR), to enhance user experiences and create more immersive applications in healthcare. VR refers to a simulated experience that can resemble or differ entirely from the real world, created through computer technology to immerse users in a three-dimensional environment. For example, in June 2023, Osso VR, a US-based company, launched Osso Academy. This virtual reality training program for surgical residency aims to improve medical education through immersive technology and a curated curriculum. The platform offers over 25 orthopedic training modules and highlights the significance of innovative training methods for future surgeons.
Major companies in the healthcare/medical simulation market are concentrating on integrating innovative technologies, such as artificial intelligence (AI), into their platforms to enhance training accuracy, improve decision-making, and provide personalized learning experiences for medical professionals. AI refers to the simulation of human intelligence in machines programmed to think, learn, and perform tasks that typically require human cognition, such as problem-solving, decision-making, and language understanding. For example, in October 2023, Lumeto, a US-based XR healthcare simulation company, launched a customizable AI-driven conversational system for its InvolveXR platform. This system utilizes large language models to enable dynamic, natural interactions between learners and virtual patients. This advancement allows for customizable scenarios, facilitating realistic simulations that enhance clinical training and assessment outcomes.
In June 2024, Simulations Plus Inc., a US-based software company, acquired Pro-ficiency from QHP Capital L.P. for approximately $100 million in cash. This acquisition aims to enhance Simulations Plus' drug development capabilities by integrating Pro-ficiency's simulation-enabled performance and intelligence solutions. This strategic move is intended to create a comprehensive platform that supports the entire drug development continuum, effectively doubling the company's total addressable market. Pro-ficiency specializes in providing simulation-based learning, intelligence, and compliance solutions tailored for the life sciences industry.
Major companies operating in the healthcare/medical simulation market include 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 2024. 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 2025 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 forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.