Medical Simulation Market size would account for remunerative growth in the coming years, driven by rising use of advanced methods and approaches for offering medical education, increasing demand for minimally invasive treatment, and limited access to patients during medical training. Besides, the surging focus on patient safety and rising demand for virtual training interaction owing to the COVID-19 pandemic would further augment the market growth prospects.
The mounting demand for medical simulation in minimally invasive surgery is as well expected to have a significant impact on the growth structure of the global market over 2021-2027. MIS procedures generally involve smaller incisions leading to rapid recovery, thus aiding the overall market expansion.
The use of medical simulation devices is gaining ground over the years, ascribed to the rising technological advancements and their growing adoption in the field of medical. Various organizations and companies are deploying these devices to streamline medical education worldwide. For instance, Royal Philips, along with LeQuest announced offering online interactive training for the Philips Ultrasound Affiniti system. This device can allow the medical staff to train themselves at their own convenience without the need for equipment, avoiding the resulting loss of operational time on the device or equipment, as well as offering assurance through practice with realistic simulation scenarios.
However, the medical simulation market is poised to observe hinderance from the rising cost of high-fidelity simulators and virtual environments. Moreover, declining funding from government and private institutes for medical simulation training facilities would further restrict the growth of market.
Based on the product and services, medical simulation software would account for significant gains through 2027, as it is being largely used for training, education, and evaluation in diverse medical fields. It also enables medical organizations and institutions to offer continued education, accreditation, and training to their employees in an efficient manner. Besides, healthcare professionals make use of this to keep up with the changing healthcare guidelines and reforms, transforming medical technology, and updating procedures and standards. This software includes virtual tutor and performance recording software.
In terms of the technology, high-fidelity simulation segment is considerably growing as it has been playing a substantial role in nursing education. High-fidelity simulation training by utilizing human patient simulators has been playing a key role as a part of teaching programs in nursing schools and education. The technology makes use of a computer-based mannequin, enabling experiential training of skills, knowledge, and decision-making, which develops an environment for proper medical treatments.
Academic institutions are anticipated to observe massive demand for medical simulation devices and software. The segment growth would be driven by pivotal factors like increasing focus on reducing medical errors, growing cognizance regarding patient safety, and the increasing number of medical school admissions.
North America medical simulation market is touted to have a considerable share in the overall industry, fueled by the ongoing technological advancements in various economies including the U.S., Canada, and others. The growing usage of virtual healthcare and virtual nursing during the COVID-19 outbreak in 2020 has further stimulated the growth graph of market across the North American economies.
The global medical simulation market is highly consolidated and boasts the presence of leading market players including Gaumard Scientific, Simulab Corporation, Simbionix USA Corporation (Surgical Science Sweden), Laerdal Medical, and others.
These participants are involved in various organic marketing strategies such as mergers and acquisitions, partnerships, and product launches to score an edge over others.
The overall medical and healthcare industry was positively influenced by the coronavirus pandemic outbreak during 2020. This is predicted to have a significant impact on the overall market through the coming years. The pandemic enabled medical practitioners and professionals to shift to virtual tutoring and practices, thus increasing the sales of medical simulation devices and software worldwide.
Market, by Product and Services
Market, by Technology
Market, by End-Use
The above information is provided for the following regions and countries: