Global Healthcare/Medical Simulation Market

Global Healthcare/Medical Simulation Market Size, Share, Growth Analysis, By Product and Service(Patient Simulators, High Fidelity Simulators), By End-User(Academic Institutes, Hospital) - Industry Forecast 2022-2028


Report ID: SQMG35G2013 | Region: Global | Published Date: June, 2022 | Pages: 157

Global Healthcare/Medical Simulation Market Insights

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.

Market snapshot

Global Market Size

USD 1.89 billion

Largest Segment

Academic Institutes

Fastest Growth

Hospital

Growth Rate

14.95% CAGR

Global Healthcare/Medical Simulation Market, 2021-2027 ($ Mn)
Country Share for North America Region- 2021 (%)
Global Healthcare/Medical Simulation Market Size By End-User , 2021-2027 ($ Mn)
Global Healthcare/Medical Simulation Market Size By End-User , 2021-2027 (%)

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Global Healthcare/Medical Simulation Market Segmental Analysis

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.

Global Healthcare/Medical Simulation Market By End-User , 2021(%)

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Global Healthcare/Medical Simulation Market Regional Insights

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.

Global Healthcare/Medical Simulation Market By Geography, 2021 - 2027
  • Largest
  • Fastest

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Global Healthcare/Medical Simulation Market Dynamics

Driver

  • Need for cost-effective training
  • Need to improve patient safety
  • Need to reduce the risk of errors. In the last few years, numerous patients lost their lives due to medical blunders. This has put more emphasis on the desire to improve patient safety outcomes. Wherein, virtual and augmented reality are becoming increasingly popular, and they have been found to improve teaching and communication in the healthcare/medical simulation market. For example, virtual reality (VR) can be used to let faraway students collaborate on operations and other activities. This allows students to apply their knowledge and improve their mistakes.

Restraint

  • Developing or purchasing of high-fidelity simulators and virtual environments, construction of simulated learning environments and simulation programmes necessitates are found to be extremely expensive. In addition to this, most of the medical simulation training facilities in healthcare/medical simulation market the are primarily reliant on government and private financing. On top of that funding from the government and private institutes has already in recent years, owing mostly to latest advances in medical technology, diminishing reimbursement for clinical services, rising healthcare professional costs, and decreases in federal GME payments. As a result, the medical simulation market in industrialized nations throughout North America and Europe has grown at a slower rate than expected.

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Global Healthcare/Medical Simulation Market Competitive Landscape

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

  • In May 2022, CloudCME, a Nashville-based health care technology business with a countrywide customer base, acquired remaining stocks in HealthStream, a supplier of workforce and organisation solutions for the health care industry.
  • In May 2022, EW Healthcare Partners agreed to buy all outstanding shares of TherapeuticsMD common stock for a total enterprise value of about USD 177 million in a comprehensive merger agreement.

Global Healthcare/Medical Simulation Key Market Trends

  • Virtual and augmented reality are becoming increasingly popular, and they have been found to improve teaching and communication in healthcare simulation programmes. For example, virtual reality (VR) is being used to let faraway students collaborate on operations and other activities. This has enabled pupils to use their knowledge and improve their mistakes. The use of virtual and augmented reality in healthcare simulation may be a great supplement to hands-on training by performing surgery and placing IVs in the global healthcare/medical simulation market.
  • With the introduction of simulation into professional education programmes, clinical and critical thinking abilities for high risk and low frequency occurrences have improved. Aside from typical clinical practise, there are various simulators available in the global market that give consistent, repeatable training and exposure to a larger range of patients and settings.

Global Healthcare/Medical Simulation Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.

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.

Report Metric Details
Market size value in 2021 USD 1.89 billion
Market size value in 2028 USD 5.01 billion
Growth Rate 14.95%
Base year 2021
Forecast period 2022–2028
Forecast Unit (Value) USD Billion
Segments covered
  • Product and Service
    • Patient Simulators, High Fidelity Simulators, Low Fidelity Simulators, Task Trainer, Surgical Simulators, Virtual tutor
  • End-User
    • Academic Institutes, Hospital
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)
Companies covered
Customization scope

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  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Healthcare/Medical Simulation Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Healthcare/Medical Simulation Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

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.

Analyst Support

Customization Options

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.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQ's

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).

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.'CAE Inc. (Canada)','3D Systems (US)','Laerdal Medical (Norway)','Gaumard Scientific Co. (US)','Kyoto Kagaku (Japan)','Surgical Science Sweden AB (Sweden)','Limbs and Things (UK)','Mentice AB (Sweden)','Simulab Corp. (US)'

Need for cost-effective training

Virtual and augmented reality are becoming increasingly popular, and they have been found to improve teaching and communication in healthcare simulation programmes. For example, virtual reality (VR) is being used to let faraway students collaborate on operations and other activities. This has enabled pupils to use their knowledge and improve their mistakes. The use of virtual and augmented reality in healthcare simulation may be a great supplement to hands-on training by performing surgery and placing IVs in the global healthcare/medical simulation market.

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

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