Healthcare Simulation Market: Revenue Growth Development and Analysis

According to the new market research report "Healthcare/Medical Simulation Market by Product and Service (Patient Simulators, High Fidelity Simulators, Low Fidelity Simulators, Task Trainer, Surgical Simulators, Virtual tutor) By End User (Academic Institutes, Hospital) - Global Forecast to 2026", published by MarketsandMarkets™, the Healthcare Simulation Market is projected to reach USD 3.4 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 15.1% during the forecast period

Opportunity: shortage of healthcare personnel;

The shortage of skilled healthcare workers is the prime factor contributing to an increasing number of preventable deaths across the globe. According to the June 2021 article published by the Association of American Medical Colleges (AAMC), the rapidly increasing demand for physicians in the US will outpace its supply and is projected to create a shortfall of 37,80-124,000 physicians by 2034. Additionally, due to the ongoing COVID pandemic, the global healthcare industry is facing a severe shortage of healthcare workers. Physicians and nurses are frontline forces but are at a high risk of contracting COIVD-19. Many nursing schools worldwide are using technology in innovative ways to enhance teaching and learning capabilities.

For instance, webcasting lectures are provided to a large number of students on several campuses. Clinical simulation centers and agreements with local healthcare service providers are helping the nursing schools secure clinical and other opportunities for students. This has increased the adoption of medical simulation solutions among end users, thereby offering lucrative growth opportunities to the vendors operating in the healthcare/medical simulation market.

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The limited access to patients during training, advancements in medical education, increasing demand for minimally invasive treatments, increasing focus on patient safety, and growing demand for virtual training due to COVID-19 pandemic are the major factors driving the growth of the medical simulation market. The base year considered for the study is 2020, while, the forecast period is 2021 to 2026

By product, medical simulation anatomical models segment accounted for the largest share of the healthcare simulation market in 2020

On the basis of product, medical simulation anatomical models segment accounted for the largest share of the global healthcare/medical simulation market. The large share of this segment can be attributed to the high adoption of high-fidelity (degree of realism) products, increasing primary care services, and shortage of healthcare professionals.

The academic institutes segment is expected to witness the highest growth rate in the healthcare simulation market, by end user, during the forecast period

Based on end user, the academic institutes segment is expected to register the highest CAGR during the forecast period. Factors responsible for the growth of this segment are the gradual shift of focus away from traditional learning, advent of advanced simulation-based technologies, wide utilization of simulation models in medical surgeries, increasing focus on minimizing errors, and cost-effectiveness of procedural training for medical physicians.

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North America dominated the healthcare/medical simulation market in 2020

North America accounted for the largest share of the medical simulation market in 2019, followed by Europe and Asia Pacific. Accessibility to technologies, well-established distribution channels, and rising number healthcare professionals demanding hands-on patient training are some of the factors driving the growth of the healthcare simulation market in North America.

The prominent players in the global medical simulation market are CAE Inc. (Canada), Laerdal Medical (Norway), 3D Systems (US), Gaumard Scientific Co. (US), Limbs & Things (US), Surgical Science Sweden AG (Sweden), Kyoto Kagaku (Japan), Mentice AB (Sweden), Intelligent Ultrasound Group Plc (UK), Simulab Corp. (US), Simulaids (US), Operative Experience, Inc. (US), Cardionics Inc. (US) (subsidiary of 3B Scientific), VirtaMed AG (Switzerland), IngMar Medical (US), Altay Scientific (Italy), Medical-X (The Netherland), KaVo Dental GmbH (Germany), Simendo B.V. (The Netherlands), VRMagic Holding AG (Germany), Symgery (Canada), HRV Simulation (France), Synaptive Medical (Canada), and Inovus Medical (UK).

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