Medical Simulation Market by Products & Services (Anatomical Models, Web-based Simulation, Simulation Software, and Simulation Training Services), End User (Academic Institutes & Research Centers, Hospitals, and Military Organizations) – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+Reports, the global medical simulation market was pegged at ~US$ 1.7 billion in 2020. The market is expected to witness a CAGR of ~14.4% from 2021 to 2031.
New product launches, increasing focus on patient safety and rising awareness regarding the use of medical simulation are some of the key factors driving the medical simulation market. However, higher cost required for the development and maintenance of these models are likely to restrain the market to a certain extent.
After the sudden COVID-19 outbreak that originated from China, it rapidly started spreading across the globe. This situation gave rise to critical ‘just-in-time’ training for all the medical personnel. Medical simulation industry helped to cope up with this situation as it supported communities by providing healthcare education and training to recruited medical emergency resources. Many societies and organizations carried out webinars and training sessions to support simulation training during the COVID-19 pandemic. For instance, The Society for Simulation in Europe (SESAM) actively supported simulation training during the COVID-19 pandemic. The Society for Simulation in Healthcare (SSH) also hosted a series of webinars about simulation and training for COVID-19.
Virtual reality (VR) and augmented reality (AR) have helped in transforming medical education. VR provides a 3D and realistic view of structures and AR provides the ability to project this virtual information and structures over physical objects which in turn helps in better understanding of physiological mechanisms and anatomical structures. Such advancements have helped in making the experience of the user more realistic and interactive. The implementation of advanced technologies in healthcare training has helped in changing the experience of the medical student or professional and at the same time provides a safe and effective learning environment.
Increasing use of medical simulation in medical institutes has led to increasing demand for simulators. To meet the increasing demand, companies operating in the market are continuously launching new products in the market. For instance, in Oct 2019, Stratasys launched a new printer, the J750 Digital Anatomy 3D Printer. The printer replicates the feel, responsiveness, and biomechanics of human anatomy in medical models. Similarly, in Jan 2019, Limbs & Things launched New Simulation Products at International Meeting for Simulation in Healthcare (IMSH) in San Antonio. The company launched 6 products namely Male Rectal Examination Trainer, Shoulder for Injection – Palpation Guided, Abdominal Examination Trainer, Chest Drain & Needle Decompression Trainer, PROMPT Flex Birthing Simulator, and SONON Ultrasound Imaging System.
Higher purchasing cost of medical simulators and higher cost required for maintenance of these simulators are likely to hamper the market growth. Moreover, incomplete mimicking of human body functions has also limited the use of these simulators. However, simulation companies are increasingly focusing on developing more realistic models that will mimic most of the human body organs and their functions. Such initiatives and further development of more realistic products are likely to overcome this challenge in the future.
Regionally, Asia-Pacific is anticipated to witness highest CAGR during the forecast period. Rising healthcare expenditure, increasing government fundings, and growing awareness regarding medical simulation are some of the key factors driving its demand in the APAC region. Moreover, new product launches has also played a key role in driving the medical simulation market. For instance, in June 2020, West China School of Nursing of Sichuan University launched its first virtual nursing simulation platform for COVID-19. The platform aims to provide teaching to medical students, and knowledge of epidemic prevention and control among the public.
Some of the prominent players operating in the global medical simulation market include CAE Healthcare, Inc., Simulab Corporation, 3D Systems, Inc., Cardionics, Simulaids, Mentice, Laerdal Medical., Kyoto Kagaku Co., Ltd., Gaumard Scientific, Intelligent Ultrasound (MedaPhor Ltd.), Limbs & Things LTD., among others.