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DUBLIN, Jan. 7, 2022 /PRNewswire/ — The "Medical Simulation Market – Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com’s offering.
The global medical simulation market is estimated to be valued at US$1.106 billion in 2019 and is projected to grow steadily during the forecast period.
Medical simulation is a modern-day methodology that facilitates the simulation of clinical scenarios for the training of healthcare professionals through advanced technology. Medical simulation is also known as healthcare simulation or Nursing or clinical simulation. Medical simulation serves as an experiential learning platform for healthcare professionals. Medical simulation aids in facilitating patient safety by integrating education, research, assessment, and health system learning. Medical simulation serves as a bridge between classroom learning and real-life clinical experience, also provides a safe training medium for healthcare professionals by engaging them in activities that would be dangerous to practice otherwise. Furthermore, healthcare simulation provides a learner-centered approach through a safe and controlled environment, thereby ensuring better quality care for patients.
The market growth can be attributed to increasing technological advancements in medical simulation techniques coupled with reduced healthcare costs by improving medical providers’ competencies. Additionally, growing importance towards patient safety and allied outcomes owing to rising deaths due to medical errors is further estimated to augment the demand in the global medical simulation market. Moreover, growing expenditure for healthcare systems worldwide is expected to propel growth in the market. However, the high cost associated with training and recruitment of raters for simulation-based assessments may hamper growth in the global medical simulation market. Also, unwillingness to adopt novel technological solutions may hamper market growth for medical simulation solutions.
The outbreak of the novel coronavirus disease positively impacted the Global medical simulation market. Medical-based simulation played an integral role during the COVID-19 pandemic. A rapid influx of critically ill patients and resource limitations presented patient safety concerns; thereby deployment of simulation-based solutions became a vital component of combating the pandemic. Medical simulation played an integral role by helping in refining protocols, uncovering safety gaps, and aid in training healthcare workers in unfamiliar roles. Moreover, medical simulators are being used in vaccine development, thereby boosting demand for simulation-based solutions in the Global medical simulation market.
The Web-Based Simulation segment shows promising growth
The growth in the market can be attributed to the global availability of internet services and allied applications. The web-medical simulation platform offers controlled, predictable outcomes by promoting trial and error learning in a risk-free environment and facilitates controlled access for varied simulation procedures. Moreover, Web-based simulation offers web-based simulation resources across regions to a broader audience, thereby boosting growth in the global medical simulation market.
Hospitals dominate the market
Medical Simulation-based technologies are widely used in Research and Academic institutes and hold a dominant market share. Medical simulation has helped in improving medical practitioner’s competencies, thereby improving patient safety and reducing patient costs. However, the hospital segment is expected to grow at a significant rate owing to shifting market trends towards advanced simulation-based technologies and optimal utilization of simulation technologies in medical solutions to minimize errors and increase cost-effectiveness within operations.
Asia Pacific region to witness lucrative growth opportunities
The North American region holds a dominant market share owing to the presence of prominent market players, well-established distribution channels, and increased availability of advanced technological solutions. However, the Asia Pacific region offers lucrative growth opportunities and is projected to grow at a substantial rate over the forecasted period. The inclining market size can be attributed to the growing demand for healthcare simulation and allied training services within the region. Moreover, the growing demand for medical research and studies within emerging economies such as China, India is estimated to further boost demand in the medical simulation market in the region. Additionally, the growing patient population and ease in regulatory compliance in the region are further expected to augment the demand in the medical simulation market.
Participation by market players
The growing investments in R&D and inclining market trends have led to the launch of novel product solutions to expand their market share and meet the growing end-use requirements. Growing market trends have forced market players to offer innovative market solutions to gain a significant competitive advantage over their competitors. For instance, CAE Inc. announced the launch of the industry’s first ultrasound simulator which facilitates 3D/4D scanning along with multiplanar reconstruction. The advanced software technology solution offers improved fidelity and improved ultrasonographic realism. Similarly, MedaPhor Ltd. announced the launch of novel technological solutions including the PoCUS simulator that facilitates interactive point of care scenario training.
Key Topics Covered:
2. Research Methodology
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of End-Users
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Medical Simulation Analysis, by Products and Services
5.2. Web-based Simulation
5.3. Model-based Simulation
5.4. Ultrasound Simulation
5.5. Surgical Simulation
5.6. Simulation Training Services
6. Medical Simulation Analysis, by End-User
6.3. Research & Academic Institutes
6.4. Surgical Clinics
6.5. Military Organizations
7. Medical Simulation Analysis, by Geography
7.2. North America
7.3. South America
7.5. Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. 3D Systems, Inc.
9.2. MedaPhor Ltd.
9.3. CAE Inc.
9.4. Gaumard Scientific
9.5. Laerdal Medical
9.6. Mentice AB
9.7. SIMETRI, Inc.
9.8. Simulaids, Inc.
9.11. Medical Simulation Technologies
For more information about this report visit https://www.researchandmarkets.com/r/vre3w5
Research and Markets
Laura Wood, Senior Manager
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SOURCE Research and Markets
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