The global Healthcare/Medical Simulation Market is projected to reach USD 2,575.4 Million by 2022 from USD 1284.0 Million in 2017, at a CAGR of 14.9 percent. The benefits of simulation over traditional learning, increasing demand for minimally invasive treatments, and increasing focus on patient safety are the major factors driving the growth of the medical simulations market.
The report analyzes the global Healthcare/Medical Simulation Market by product and service, end user, and region. On the basis of product and services, the anatomical models segment accounted for the largest share of the global medical simulations market in 2016. The large share of this segment is due to high adoption of high fidelity (degree of realism) products, increasing primary care services, and shortage of healthcare professionals.
The global Healthcare/Medical Simulation Market by end user is segmented into academic institutes, hospitals, military, and other end users. In 2016, the academic institutes segment accounted for the largest share of the market. The large share of this segment can be attributed to the growing awareness regarding patient safety, increasing focus on minimizing medical errors, and the rising number of medical school enrollees.
Geographically, the global medical simulation market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2016, North America accounted for the largest share of the medical simulations market, followed by Europe and Asia Pacific. The ease of accessibility to technologies, well-established distribution channels, and rising number of healthcare professionals demanding hands on patient training are the major factors driving the growth of the medical simulations market in North America.
The shortage of healthcare personnel, technological advancements, and growing awareness for simulation education in emerging countries are expected to provide further growth opportunities for players operating in the medical simulation market. However, budgetary constraints, high cost of simulators, and operational challenges are some of the factors limiting the growth of this market during the forecast period.
The prominent players in the global Healthcare/Medical Simulation Market are CAE (Canada), Laerdal Medical (Norway), 3D Systems (US), Simulab Corporation (US), Simulaids (US), Limbs & Things (US), Kyoto Kagaku (Japan), Mentice (Sweden), Medaphor (UK), and Gaumard Scientific Company (US).
Laerdal Medical (Norway) held the leading position in the global healthcare/medical simulation market in 2016. Over the past three years, the company has been focusing on expanding its product portfolio in various simulation subsegments by launching innovative products in order to lure customers and gain more market share. This is evident from its recent product launches of Nursing Anne Simulator and Little Anne QCPR. The company maintains strong partnerships with leading healthcare research institutes such as American Heart Association (US), American Academy of Pediatrics (US), British Heart Foundation (UK), National League for Nursing (US), and Stavanger Acute Medicine Foundation for Education & Research (Norway) on large-scale projects pertaining to innovative simulation technology development. Innovative products and the company’s brand value helps the company maintain its leading position in the market. – Markets and Markets