Status : Published Published On : Jul, 2019 Report Code : VRHC1203 Industry : Healthcare Available Format : Page : 154

Global Healthcare Simulation Market – Analysis and Forecast (2019-2024)

Industry Insights by Product & Services (Medical Simulation Software (Performance Recording Software, Virtual Tutors), Anatomical Models (Patient Simulators, Task Trainers, Interventional/Surgical Simulators, Endovascular Simulators, Ultrasound Simulators, Dental Simulators, Eye Simulators), Web-Based Simulation, Simulation Training Services (Vendor-Based Training, Educational Societies, Consulting & Training Services)), and by End User (Academic Institutes, Hospitals, Military Organizations, Others), by Geography (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Saudi Arabia, South Africa, U.A.E.)

Industry Overview

The global healthcare simulation market is expected to grow at a CAGR of 14.2% during the forecast period with its market size predicted to reach USD 4.0 billion by 2024. The global healthcare simulation market is growing at a significant rate, due to advantages of simulation over conventional learning, technological advancements, and increasing need for minimally invasive treatments. Different product and services contributed to the healthcare/medical simulation market size. The market has witnessed a high demand for anatomical models over the last few years due to mounting primary care services, and scarcity of healthcare professionals.

Healthcare Simulation Market Highlights

Market Segmentation

Insight by Product and Services

On the basis of product and services the market is subdivided into, medical simulation software, anatomical models, web-based simulation, and simulation training services. Elevated acceptance of high loyalty products, mounting primary care services, and scarcity of healthcare professionals are some of the factors responsible for the growth of the anatomical models segment. Of all the product and services, the anatomical models accounted foremost share in the healthcare simulation market.

The anatomical model segment is further subdivided into task trainers, dental simulators, patient simulators, eye simulators, task trainers, ultrasound simulators, interventional/surgical simulators, and endovascular simulators. Medical simulation software is segmented into performance recording software and virtual tutors. Moreover, simulation training services are further subdivided into vendor-based training, educational societies, and consulting & training services.

Insight by End User

On the basis of the end user, the market is subdivided into academic institutes, hospitals, military organizations, and others. Intensifying alertness concerning patient safety, mounting emphasis on reducing medical errors, and the escalating number of medical school enrollees are the factors growing the demand of healthcare/medical simulation in academic institutes. Among all end users, the academic institutes accounted for the largest share in the healthcare/medical simulation market.

Industry Dynamics

Growth Drivers

The advantages of simulation over conventional learning, increasing need for minimally invasive treatments, mounting healthcare expenditure and increasing emphasis on patient safety are the primary growth drivers for healthcare simulation market. The demand for the minimally invasive procedure is increasing in order to overcome the complications of conventional surgery such as fatigue, blood clots, infection, postoperative pain, and muscle atrophy.

Moreover, the swiftly progressing medical simulation market provides medical students, nurses, doctors, and other healthcare professionals with numerous simulation products and services with the imitation of reality allowing examination of promising changes, experiencing situations. The initiation of simulation in healthcare has drastically decreased the amount of deaths owing to insecure care. In addition, the performance of clinicians has enhanced with the usage of simulation techniques.

Lack of healthcare personnel, mounting pressure on educators, improving healthcare infrastructure in developing countries and budding alertness on simulation learning in developing countries are also facilitating the growth for the healthcare simulation market. Technological improvements are also driving the growth of the market. For instance, in January 2018, CAE introduced CAE LucinaAR with Microsoft HoloLens, the reality childbirth simulator with incorporated mother-baby physiology. It permits beginners to understand the anatomy within the patient simulator.

Challenges

The budgetary constraints, operational challenges and high cost of simulators are the major challenges for the growth of healthcare/medical simulation market. Moreover, disinclination to accept innovative training methods and inadequate obtainability of assets in emerging countries are also hindering the growth of the healthcare/medical simulation market.

Geographic Overview

Geographically, North America is the largest medical simulation market as in the region the number of healthcare professionals is increasing. Easiness of availability to technologies, elevated acceptance of simulation by medical universities and training centers, improved healthcare infrastructure, and entrenched distribution channels are also up surging the growth of the North American healthcare/medical simulation market.

Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of the large population base. In addition, mounting awareness on simulation learning, refining healthcare infrastructure, budding focus on the global medical simulation players, mounting healthcare expenditure and mounting emphasis on patient safety are also creating a positive impact on the healthcare/medical simulation market growth in the region.

Competitive Insight

Key players in the healthcare/medical simulation market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In May 2018, 3D Systems launched Simbionix ANGIO Tab Pro endovascular simulator for step-by-step teaching of endovascular interventions. In addition, in June 2017, CAE Healthcare introduced CAE Juno, a recently invented clinical skills manikin for nursing programs, in International Nursing Association for Clinical Simulation and Learning (INACSL) annual conference in Washington.

CAE Inc. and Laerdal Medical accounted for the major share in the market. CAE Inc., Simulab Corporation, 3D Systems Inc., Mentice AB, Gaumard Scientific Company, Simulaids Inc., Kyoto Kagaku Co., Ltd, Limbs & Things Ltd., Laerdal Medical and MedaPhor are the key players offering healthcare/medical simulation.

PRIMARY RESEARCH INTERVIEWS - BREAKDOWN

Healthcare Simulation Market Highlights

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Research Methodology

  •  Desk Research / Pilot Interviews
  •  Build Market Size Model
  •  Research and Analysis
  •  Final Deliverabvle