The global Medical Simulation Market is projected to reach USD 2,575.4 Million by 2022 from USD 1,284.0 Million in 2017, at a CAGR of 14.9%. The benefits of simulation over traditional learning, increasing demand for minimally invasive treatments, and increasing focus on patient safety are the major factors driving the growth of the medical simulations market.
https://www.marketsandmarkets.com/Market-Reports/healthcare-medical-simulation-market-1156.html
Drivers
1 Benefits of Simulation Over Traditional Learning
2 Increasing Demand for Minimally Invasive Treatments
3 Increasing Focus on Patient Safety
Restraints
1 Budgetary Constraints
Opportunities
1 Shortage of Healthcare Personnel
2 Technological Advancements
3 Growing Awareness on Simulation Education in Emerging Countries
Challenges
1 High Cost of Simulators
2 Operational Challenges
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Industry Trends
1 Virtual Reality and Augmented Reality
2 Race Towards Top Fidelity
3 Use of Multidisciplinary Approach in the Development of Simulators
The global Market by end user is segmented into academic institutes, hospitals, military, and other end users. In 2016, the academic institutes segment accounted for the largest share of the market. The large share of this segment can be attributed to the growing awareness regarding patient safety, increasing focus on minimizing medical errors, and the rising number of medical school enrollees.
Geographically, the global market is segmented into North America, Europe, Asia Pacific, and Rest of the World. In 2016, North America accounted for the largest share of the medical simulations market, followed by Europe and Asia Pacific. The ease of accessibility to technologies, well-established distribution channels, and rising number of healthcare professionals demanding hands on patient training are the major factors driving the growth of the medical simulations market in North America.
The shortage of healthcare personnel, technological advancements, and growing awareness for simulation education in emerging countries are expected to provide further growth opportunities for players operating in the market. However, budgetary constraints, high cost of simulators, and operational challenges are some of the factors limiting the growth of this market during the forecast period.
The prominent players in the global Market are CAE (Canada), Laerdal Medical (Norway), 3D Systems (US), Simulab Corporation (US), Simulaids (US), Limbs & Things (US), Kyoto Kagaku (Japan), Mentice (Sweden), Medaphor (UK), and Gaumard Scientific Company (US).
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