Medical Simulation Market Application, Profit Margin Analysis and Business Environment Study

Medical Simulation Industry Overview

The global medical simulation market size is expected to reach a value of USD 5.48 billion by 2028. The market is expected to expand at a CAGR of 16.3% from 2021 to 2028. With recent technological advancements, the use of new medical devices and advanced procedures, such as enhanced mechanical ventilation devices, cardiac assist devices, and intra-cardiac echocardiography technology, is increasing; which drives the need for advanced training solutions, such as simulation, for customer training and internal product development. Certification and regulatory agencies are strictly recommending that physicians and clinicians be trained before the adoption of new, disruptive technologies. Although hands-on learning with real patients cannot be replaced, simulation training offers safe learning conditions. Students and medical residents making mistakes in this phase is an important part of the learning process, as in simulation training patients are not put at risk.

Education Management Solutions, LLC- a company dealing in medical simulation learning management technology-released workflows that were COVID-19 contingency ready for healthcare education. CAE Healthcare responded to the pandemic by helping with a complimentary webinar, SCE, and outreach toolkit to assist educators. Such factors boosted the demand for medical simulation services during the pandemic.

Medical Simulation Market Segmentation

Grand View Research has segmented the global medical simulation market by products and services, technology, end use, and region:

Based on the Products & Services Insights, the market is segmented into Healthcare Anatomical Models, Web-Based Simulators, Healthcare Simulation Software, and Simulation Training Services

• Healthcare anatomical model dominated the products and services segment of the overall market in 2020, as these simulators are proving to be beneficial in the manufacturing and research industry for conducting trials
• The Healthcare anatomical models segment is further classified into task trainers, patient simulators, interventional/surgical simulators, ultrasound simulators, dental simulators, endovascular simulators, and eye simulators.

Based on Technology Insights, the market is segmented into Virtual Patient Simulation, 3D Printing, and Procedure Rehearsal Technology

• The procedure rehearsal technology segment held the largest share of 40.6% in 2020. The rising number of medical errors leading to increasing demand for patient safety is expected to boost the demand for procedure rehearsal technology.
• The virtual patient simulation segment is expected to expand at a lucrative CAGR of over 18.9% during the forecast period.

Based on the End-use Insights, the market is segmented into Academic Institutes, Hospitals, Military Organizations, and Research

• The academic institutes' segment held the largest share of 30.6% in 2020. The academic research institutions segment is likely to witness persistent growth due to the presence of several academic research groups that are involved in the study of complex biological systems using computer models.
• The hospitals segment is expected to witness the fastest growth rate of around 16.6% during the forecast period

Medical Simulation Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

Vendors are investing in product launches, geographical expansions, collaborative agreements, and acquisitions, to sustain in the market. The market is expected to become highly competitive as many startups are seeking opportunities in this sector.

Some prominent players in the global Medical Simulation market include:

• CAE (Canadian Aviation Electronics, Ltd)
• Laerdal Medical
• 3D Systems
• Simulab Corporation
• Limbs & Things Ltd
• Simulaids
• Kyoto Kagaku Co., Ltd
• Gaumard Scientific Company
• Mentice AB
• Surgical Science Sweden AB

Order a free sample PDF of the Medical Simulation Market Intelligence Study, published by Grand View Research.