Latest Study on “Healthcare/Medical Simulation Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Healthcare/Medical Simulation market size is expected to be worth around US$ 4.2 Billion by 2027, according to a new report by nova one advisor.
The global Healthcare/Medical Simulation market size was valued at US$ 2.0 Billion in 2020 and is anticipated to grow at a CAGR of 16% during forecast period 2021 to 2027.
Overview of Healthcare/Medical Simulation Market Study
Healthcare/Medical Simulation market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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The market growing use of advanced methods and approaches for providing medical education, limited access to patients during medical training, increasing demand for minimally invasive treatments, increasing focus on patient safety, and increasing demand for virtual training interaction due to the COVID-19 pandemic. Vendors are using organic growth strategies such as product launches and innovations, which has resulted into an increasing availability of advanced products globally.
The market end users of medical simulation, which is leveraged to train and teach medical professionals about different types of surgeries and teach students about anatomy and physiology, include hospitals, academics, and military, among others. Depending upon the products and services, the global healthcare/medical simulation market can be segmented into computed tomography, high fidelity mannequins, magnetic resonance imaging, live environments, serious game, simulated clinical environment, positron emission tomography, fidelity trainers, performance recording, cardiovascular simulators, imaging simulation, IV simulators, surgical simulators, interventional simulators, mid/low simulator, ultrasound imaging, and healthcare/medical simulation training services.
The global market for healthcare/medical simulation is characterized by the presence of numerous small players that operate in different segments in the regional markets. They are providing stiff competition to the dominant market players by denting their market shares. This has prompted the big names in the industry to invest heavily in developing new technologies and improving their existing products. Overall, the global market for healthcare/medical simulation is fragmented and is forecasted to grow at a robust pace in the near future on account of the robust competition between small and big players.
Healthcare/Medical Simulation Market: Trends and Opportunities Analysis
Major growth drivers in the global market for healthcare/medical simulation are the rising healthcare costs and growing demand for minimally invasive treatments. Increasing concern over patient safety is another crucial growth driver. As per the Institute of Medicine, about 44,000 to 97,000 deaths are caused very year globally because of medical errors during treatment. This has significantly upped the demand for healthcare/medical simulation as it helps doctors and surgeons to understand better the procedures and avoid fatal missteps while treatment or surgery.
Medical simulation leverages haptic and virtual and reality technology. Haptic technology makes use of the sense of touch by applying forces, vibration, and motions to aid in realistic and multisensory learning. Virtual and reality technology on the other hand leverages computer simulated environment. It assists surgeons to learn surgery sans actual patients.
Besides the aforementioned growth drivers, another factor slated to boost the market substantially in the years to come is the swift pace of technological innovation resulting from the stiff competition among existing market players wanting to improve their sales by offering more advanced and sophisticated products. This would also help address the prevalent challenges in the field of medical simulation, tackle compliance issues, and satisfy the unmet needs of the market. Deterring the growth in the market, however, is the expensiveness of the simulators.
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COVID-19 Impact on Healthcare/Medical Simulation Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Healthcare/Medical Simulation market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Healthcare/Medical Simulation market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Healthcare/Medical Simulation market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Healthcare/Medical Simulation market include:
CAE Inc., 3D Systems, Laerdal Medical, Gaumard Scientific Co., Kyoto Kagaku, Surgical Science Sweden AB, Limbs and Things, Mentice AB, Simulab Corp, and Intelligent Ultrasound Group Plc.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Global Healthcare/Medical Simulation Market, by Product and service
- Medical simulation anatomical models
- Patient Simulators
- High Fidelity Simulators
- Medium Fidelity Simulators
- Low Fidelity Simulators
- Task Trainer
- Interventional Surgical Simulators
- Laparoscopic Surgical Simulators
- Gynecology Simulators
- Cardiovascular Simulators
- Orthopedic Simulators
- Spine Surgical Simulators
- Other Interventional /Surgical Simulators
- Endovascular Simulators
- Ultrasound Simulators
- Dental Simulators
- Eye Simulators
- Patient Simulators
- Web-Based Simulation
- Medical Simulation Software
- Performance Recording Software
- Virtual Tutors
- Simulation Training Services
- Vendor Based Training
- Education Societies
- Custom Consulting Services
Global Healthcare/Medical Simulation Market, by End User
- Academic Institutes
- Military Organizations
- Other End Users
Healthcare/Medical Simulation Regional Analysis:
North America dominated the market in 2020, followed by Europe. In North America, the market is driven by rising medical training institutes and hospitals, which are mainly focusing on standardizing their teaching practices to enhance patient safety. Rising geriatric population in the U.S. & Canada and increasing number of patient admissions in hospitals are projected to fuel the demand for patient safety and proper treatment, which in turn, is likely to supplement the growth of the regional healthcare simulation market.
Asia Pacific is poised to exhibit the fastest growth due to soaring demand for medical simulation and related services and increasing government spending on healthcare research. In addition, China is considered a home for producing low cost electronic chips, simulator models’ parts & components, software, and anatomical models. Ease of doing business in Asian countries is high due to availability of huge labor and low manufacturing cost. This is an important factor estimated to augment the market in Asia Pacific.
Why Buy this Report?
The purpose of Nova one advisor’s Healthcare/Medical Simulation market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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