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Medical Simulation Market Size, Share, Industry, Forecast and outlook (2023-2030)

Published: 2023 September 01
SKU : HCIT1362
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180 pages
Report Summary
Table of Contents
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Medical Simulation Market is segmented By Type of Product & Service (Model-based simulation, Web-based simulation, Simulation Training Services, Medical Simulation Software), By Fidelity (High fidelity, Medium Fidelity, Low-fidelity), By End-User (Academic Institutes, Hospitals, Military Organizations, and others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

 

Medical Simulation Market Overview

[150 Pages Report] Medical Simulation Market is forecasted to grow at a CAGR of 15.3% during the forecast period (2023-2030). Medical Simulation is the modern-day methodology for training healthcare professionals through the use of advanced educational technology. Medical simulation is the experiential learning every healthcare professional will need, but cannot always engage in during real-life patient care. During fully immersive medical simulation learners enter into a realistic healthcare setting where a high-fidelity patient manikin is being wirelessly operated by both educational and simulation technical staff. Medical Simulation has been proven to reduce medical errors and the associated costs all while improving outcomes in patient care.

Medical Simulation Market Summary

Metrics

Details

Market CAGR

15.3%

Segments Covered

By Type of Product & Service, By Fidelity, By End-User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

 

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Medical Simulation Market Dynamics

Technological advancements are primarily driving the global medical simulation market in recent years and expected to remain the same over the forecast period. Technological advancements are creating realistic learning environments and increasing patient safety. For instance, in 2018, Laerdal Medical announced the launch of their new simulation training technology, SimMan Vascular. The new technology will support the multidisciplinary team training and provides immersive training to all members of the acute care team, including endovascular specialists, interventional radiologists, resuscitation teams, and pre-hospital care providers.

Increasing focus on patient safety is boosting the global simulation market. Simulation in health care creates a safe learning environment that allows researchers and practitioners to test new clinical processes and enhance individual and team skills before encountering patients. Simulation has the potential to improve the safety of health care by allowing health care practitioners to acquire valuable experience, in a variety of clinical settings, without putting patients at risk. The Agency for Healthcare Research and Quality (AHRQ) supports simulation research through its patient safety program and in 2011, AHRQ funded 11 multi-year demonstration grants to evaluate the use and effectiveness of various simulation approaches and the role they can play in improving the safety and quality of health care delivery.

Limited access to live patients and the medical technology revolution are further surging global medical simulation market over the forecast period.

However, the high cost of installation and budgetary constraints are hampering the medical simulation market.

Medical Simulation Market Segmentation Analysis

Based on type of simulation, global medical simulation market is categorized into manikin-based, standardized patients, computer-assisted instruction, in-situ, human patient simulators, task trainers, medical moulage, multi-disciplinary scenarios, hybrid simulations. Human patient simulators held the highest market share in 2018 and remains to dominate over the forecast period. Human patients stimulators are preferred more as they are integrated with computer software that let them replicate normal and abnormal bodily responses to events and therapeutic interventions. Their heart, blood vessels, lungs and gastrointestinal tract can be made to respond to any number of human interventions. For instance, Samuel Merritt University developed Simbaby human simulator that responds physiologically, via computer, to the care being given. SimBaby® has an IV arm and IV/IO legs, for practising peripheral intravenous and intraosseus therapy.

Based on end-user global medical simulation market is classified into hospitals, academic institutions and research organizations. Academic institutions accounted for the highest market share and anticipated to remain the same due to the increasing number of medical institutes.  For instance, in 2019, in India, The Medical Council of India (MCI) had granted permission for three institutes that covers 350 medical seats.

Research organizations hold the second largest market share due to the increasing number of clinical researches.

Medical Simulation Market Geographical Share

The global medical simulation market is segmented into North America, Europe, Asia Pacific, South America and the Middle East and Africa.

North America dominates the global medical simulation due to technological advancements, government initiatives and an increasing number of medical institutes. According to the Association of American Medical Colleges, in the United States, there are 179 medical schools and anticipated to increase further.

Europe holds the second largest market share as the number of medical institutes and clinical researches are increasing in recent years.  According to NHS in 2018, in the UK, there are 33 medical colleges that are recognized by the General Medical Council.

Asia Pacific is registering the fastest CAGR due to the increasing number of manufacturers and technological advancements in countries such as India, China and Japan.

Medical Simulation Market Companies and Competitive Landscape

Companies are focusing on key strategies such as collaboration, acquisitions, and product launches which are boosting the growth of the market globally.

The key players in the medical simulation market are CAE, Laerdal Medical, Limbs & Things, Kyoto Kagaku, Mentice, Medaphor, Gaumard Scientific Company, 3D Systems, Simulab Corporation and Simulaids.

On January 25, 2019, EMS launched a telemedicine simulation platform for virtual, online, live, and mobile medical training.

On January 13, 2018, Laerdal Medical launched two new infant simulators, SimNewB® and SimBaby™ at the International Meeting on Simulation in Healthcare (IMSH) conference in Los Angeles, California.

On September 20, 2017, Laerdal Medical introduced its new Nursing Anne Simulator during the National League for Nursing (NLN) Summit to support the training and core nursing competencies.

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FAQ’s
What is the Medical Simulation Market growth?
The market is growing at a CAGR of 15.3%.
Who are the key players in Medical Simulation Market?
Key players are CAE, Laerdal Medical, Limbs & Things, Kyoto Kagaku, Mentice, Medaphor, Gaumard Scientific Company, 3D Systems, Simulab Corporation and Simulaids.
Which is the fastest-growing region in the Medical Simulation Market?
Asia Pacific is the fastest-growing region in the Medical Simulation Market.
Which is the Largest Market Share in the Medical Simulation Market?
North America is the Largest Market Share in Medical Simulation Market.
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