Healthcare/Medical simulation Market – Research Provides In-Depth Detailed Analysis of Trends and Forecast
Healthcare/Medical simulation is the use of simulation technology to train healthcare professionals. It involves simulating real-life medical scenarios in a virtual environment, allowing healthcare workers to practice and refine their skills in a safe and controlled environment. Healthcare simulation can be used to train medical staff on patient care and procedures, emergency response protocols, and communication with patients. It also can be used to provide a platform for research and development of new medical treatments and protocols.
Currently, healthcare simulation market in terms of revenue was estimated to be worth $1.9 billion in 2022 and is poised to reach $4.2 billion by 2027, growing at a CAGR of 16.1% from 2022 to 2027. The major factors driving the growth of this market includes the need to maintain regulatory compliance, rising need to curtail healthcare costs, and growing demand for patient-centric healthcare. However, dearth of skilled IT professionals, and security concerns is challenging the growth of the global medical simulation market to a certain extent.
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Market Growth Drivers
- Limited access to patients during medical training
- Rising technological advancements in medical education
- Growing demand for minimally invasive treatments
Market Growth Opportunities
- Shortage of healthcare personnel
- Growing awareness about simulation training in emerging economies
Market Challenges
- High cost of simulators
- Operational challenges
The prominent players operating in the healthcare simulation market are CAE (Canada), Laerdal Medical (Norway), Gaumard Scientific Co. (US), Limbs & Things (UK), Surgical Science Sweden AB (Sweden), Kyoto Kagaku (Japan), Mentice AB (Sweden), Intelligent Ultrasound Group Plc (UK), Simulab Corp. (US), Simulaids (US), Operative Experience Inc. (US), Cardionics Inc. (US), VirtaMed AG (Switzerland), Altay Scientific (Italy), IngMar Medical (US), TruCorp Ltd. (Ireland), Medical-X (Netherlands), KaVo Dental GmbH (Germany), Simendo B.V. (Netherlands), VRMagic Holding AG (Germany), Symgery (Canada), HRV Simulation (France), Synaptive Medical (Canada), and Inovus Medical (UK).
CAE Inc. (Canada) CAE Inc. is one of the prominent players providing superior quality medical simulation products/software. The company’s leading position can be attributed to its wide offerings in the simulation market and its strong global presence. CAE mainly adopts product launches and acquisitions as its key growth strategies to increase its share in the market. The company launched new tools and training capabilities, including the Blue Phantom COVID-19 Ultrasound Lung Simulator, in April 2020. The acquisition of Medicor Lab brought greater capabilities and realism to patient simulators.
Laerdal Medical (Norway) Laerdal Medical is among the leading solution providers for medical simulation and skill development solutions across 25+ countries globally. The company offers a wide range of healthcare education products & services, including patient simulators, patient care manikins, skills trainers, venous/arterial access products, and simulation software. Laerdal Medical uses organic growth strategies such as product launches and innovations and inorganic growth strategies such as partnerships and collaborations to expand its geographical presence and increase its market share. The firm has collaborated with organizations such as the American Heart Association (AHA), the American Academy of Pediatrics (AAP), the British Heart Foundation (BHF), and Jhpiego.
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Report Highlights
- To define, describe, and forecast the medical simulation market based on product & service, end user, and region
- To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets1 with respect to the individual growth trends, prospects, and contributions to the overall market
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market segments with respect to five main regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa (along with country-wise segmentation)
- To profile the key players and comprehensively analyze their market shares and core competencies2 in the medical simulation market
- To track and analyze competitive developments such as partnerships, agreements, collaborations, alliances, mergers and acquisitions, new product developments, geographic expansions, and R&D activities in the medical simulation market
Recent Developments:
- In August 2021, Surgical Science Sweden AB acquired Simbionix (US) to provide the highest standard in training for medical professionals with their respective technologies.
- In July 2021, CAE Inc. partnered with Rush Center for Clinical Skills and Simulation (RCCSS) to help the companies improve patient safety and enhance healthcare education.
- In June 2021, Mentice AB collaborated with Thomas Jefferson University Hospitals to establish a Simulation Center of Excellence to elevate and promote clinical training and introduce advanced Virtual Reality-based simulation solutions for physicians.
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