USD 1.89 billion
Report ID: SQMG35G2013 | Region: Global | Published Date: June, 2022 | Pages: 157
The global healthcare/medical simulation market was valued at USD 1.89 billion in 2021 and it is expected to grow to USD 5.01 billion by 2028 at a CAGR of 14.95% over the forecast period (2022–2028).
Due to the COVID-19 pandemic, the global healthcare/medical simulation market has been witnessing an increase in the use of advanced methods and approaches for providing medical education, limited access to patients during medical training, an increase in the demand for minimally invasive treatments. The market growth is also facilitated by growing focus on patient safety, and increasing demand for virtual training interaction. Today, most of the key vendors active in the global healthcare/medical simulation market are opting various growth strategies such as new releases and advancements, which have further strengthened the availability of sophisticated products internationally.
Global Market Size
USD 1.89 billion
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Global healthcare/medical simulation market is Segmented by product and service: patient simulators, high fidelity simulators, low fidelity simulators, task trainer, surgical simulators, virtual tutor. By end user, the market is bifurcated into academic institutes and hospital. Based on region, the global healthcare/medical simulation market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by End-User
Academic institutes, hospitals, military organizations, and other end customers comprise the healthcare/medical simulation industry. In 2021, the academic institutes' sector held the largest share of the healthcare/medical simulation market. Factors such as increased patient safety awareness, greater emphasis on avoiding medical mistakes, and an growth in the number of medical schools’ enrolments are likely to drive the growth of medical simulation market for academic institutes during the forecast period.
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North America is the largest healthcare/medical simulation market, which is followed by Europe, Asia Pacific, Latin America, and the Middle East and Africa. The dominance of North America can be attributed to growing access to technology, well-established distribution channels, an increasing number of healthcare professionals needing hands-on patient training, and an increase in demand for virtual and online training due to the present COVID-19 pandemic. The use of cutting-edge technology in medical simulators, as well as strategic collaborations and agreements are expanding organizations' product and service portfolios in the US and Canada markets.
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Global healthcare/medical simulation market is highly fragmented due to strong presence of large number of players. With so many small and medium-sized players active in the market, the competition has become fierce. On the other hand, most of the new entrant are looking to tap the opportunity of growing popularity of simulation technology. As a result, the global medical simulation market has been witnessing constant entry of new players over the years. In order to sustain the highly competitive environment, existing players differentiate themselves through pricing, quality, and technology.
Top Players Company Profiles
Recent Developments in Global Healthcare/Medical Simulation Market
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It is anticipated that the high expense of medical simulation to throttle the growth to the healthcare/medical simulation market to some extent. Today, majority of simulators utilised in the current scenario are expensive and often require upgrades and maintenance for smooth functioning. Furthermore, operators are required to be trained on how to use software and/or hardware, which takes additional time and money. Simulations need a significant amount of maintenance, which may impede the growth of the healthcare simulation market to a certain level.
|Market size value in 2021||USD 1.89 billion|
|Market size value in 2028||USD 5.01 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Healthcare/Medical Simulation Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Healthcare/Medical Simulation Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Healthcare/Medical Simulation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Healthcare/Medical Simulation Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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