USD 3.83 billion
Virtual Patient Simulation Market Size, Share, Growth Analysis, By Component(Hardware, software, content), By Application(Pain Management, Education & Training, Academic research institute, Surgery), By Technology(Haptic Technology, Tracking Techniques, Modeling Techniques, Visual Techniques), By Region - Industry Forecast 2024-2031
Report ID:
SQSG35G2032 |
Region:
Global |
Published Date: February, 2024
Pages:
219
|Tables:
95
|Figures:
71
Virtual Patient Simulation Market Insights
Virtual Patient Simulation Market size was valued at USD 3.83 billion in 2019 and is poised to grow from USD 4.23 billion in 2023 to USD 9.4 billion by 2031, growing at a CAGR of 10.49% in the forecast period (2024-2031).
By using virtual reality technology, the method of “virtual patient simulation” allows medical personnel to practice in a synthetic environment. This kind of simulation, which mimics various clinical circumstances, enables a more authentic experience. Additionally, it allows exercise repetition and performance evaluation. Virtual patient simulators are therefore growing in popularity. The creation of a virtual environment for patients is referred to as virtual patient simulation. By using this technology, it adds to the desired experience to be used for training and evaluation purposes. This technique enhances the standard of healthcare services while lowering the incidences of clinical errors.
For hospitals and doctors, virtual patient simulation remains beneficial. Planning, treating, and diagnosing people with autism, phobias, depression, and addiction all is included under an umbrella technology. Virtual reality has several advantages, and healthcare professionals are already implementing telehealth operations. The technology has demonstrated to be an effective tool for challenging treatments since it offers risk-free settings.
US Virtual Patient Simulation Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Hardware
Fastest Growth
Hardware
Growth Rate
10.49% CAGR
Global Virtual Patient Simulation Market ($ Bn)
Country Share for North America Region (%)
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Virtual Patient Simulation Market Segmental Analysis
Global virtual patient simulation market is segmented based on the component, application, technology, and region. Based on the component, the market segmentation comprises hardware, software, and content. Based on the application, the market has been segmented into pain management, education & training, academic research institute, surgery, patient care management, rehabilitation & therapy procedures. Based on technology, the market is segmented into Haptic technology, tracking techniques, modelling techniques, visual techniques, virtual reality technology. Based on Region, it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Virtual Patient Simulation Market Analysis by Component
The hardware segment dominated the market and is expected to hold the maximum market share in 2022. The hardware for virtual patients consists of PCs, helmet mounted displays (HMD), and additional gadgets like mobile phones and laptops. Virtual patient headsets are widely utilised for educational, therapeutic, and training purposes. The growing need for training among healthcare personnel. This factor is anticipated to accelerate the market adoption of virtual patient simulation.
Content is the fastest growing segment during the forecast period. The two main content kinds in this category are 360-degree videos and 3D animations. In order to provide virtual instruction in human anatomy and for patient treatment like post-traumatic stress disorder (PTSD), rehabilitation, therapy sessions, and more, there is an increasing demand for VR material in the healthcare sector.
Virtual Patient Simulation Market Analysis by Application
Pain management dominated the global market in 2022. Technology is widely used in medical education and professional training. According to recent studies, the VR 360° Video enhances the learner's capacity for skill learning and knowledge retention. Due to the virtual platform several pain-related patients can be connected online.
Academic research institute is a faster growing segment in terms of application during forecast period. A number of academic research groups that use computer models to analyse complex biological systems suggest that the market for academic research institutions will continue to expand over the coming years. For instance, using PBPK modelling, the NIDDK investigated the effects of decreasing kidney function on pharmacokinetics of medicines that are eliminated through renal and organic anion transporters.
Global Virtual Patient Simulation Market By Component
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Virtual Patient Simulation Market Regional Insights
North America dominated the market growth in 2022. Significant expenditures to integrate cutting-edge technologies like immersive technology, with medical processes. This will probably encourage the local market to grow. Similar to this, expanding healthcare research and development would accelerate regional market expansion.
Asia Pacific is the fastest growing region during the forecast period. It is expected that the market in Asia Pacific would expand at a healthy rate. Revenue-wise, major economies like China, Japan, and India are anticipated to dominate the healthcare sector. Investments in telemedicine and digital healthcare have been boosted by China. This is expected to hasten the uptake of virtual reality in the nation’s healthcare industry. It is projected that businesses in the healthcare sector will increase their investments in virtual patient simulation technology.
Global Virtual Patient Simulation Market By Region
- Largest
- Fastest
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Virtual Patient Simulation Market Dynamics
Virtual Patient Simulation Market Drivers
Increasing Applications and growing digitization of virtual patient treatment
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Healthcare professionals are utilising virtual reality to expand the scope of patient care. With the aid of virtual reality medical care, experts can identify, diagnose, educate about, and cure medical issues swiftly. Virtual reality technologies are being used by psychiatrists more frequently to treat patients’ worries. In treatment sessions for claustrophobia, fear of the dark, height phobia, and other phobias that are on the rise, virtual reality is used in healthcare. It helps claustrophobic patients during MRI exams, for instance. Virtual reality is also being rapidly used into many forms of therapy, which drive the market growth.
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The increasing digitization across the healthcare industry is expected to impel the market growth in the coming years and is projected to contribute to the market growth.
Virtual Patient Simulation Market Restraints
Technical Limitations and high bandwidth to restraint the market growth
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The technical constraints in the healthcare sector could be pushed by virtual reality headsets and other hardware. The virtual reality system’s size might prevent some healthcare settings from using it. Similar to this, some healthcare facilities may be limited due to the available resolution and computer specifications. Additionally, since the industry has been using a paper-based system for a longer period of time, the adoption of electronic medical records may call for specific technological skills, which could restrain the global growth given the dearth of technical experts in this field.
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High bandwidth costs are more likely to restrict the market demand. In addition, software compatibility is one of the major challenges witnessed in the market.
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Virtual Patient Simulation Market Competitive Landscape
The Global Virtual Patient Simulation Market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Virtual Patient Simulation Market Top Player's Company Profiles
- Simbionix USA Corporation (U.S.)
- Surgical Science Sweden AB (Sweden)
- Laerdal Medical (Norway)
- B-Line Medical (U.S.)
- Gaumard (U.S.)
- Limbs and Things (U.K.)
- Simulaids (U.S.)
- Mentice AB (Sweden)
- CAE Healthcare (Canada)
- TheraSim Inc. (U.S.)
- Simulated Surgical Systems (U.S.)
- Dassault Systemes (France)
- VirtaMed (Switzerland)
- Voxel-Man (Germany)
- Red Llama (U.S)
Virtual Patient Simulation Market Recent Developments
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Smith+Nephew Academy broadens worldwide access to professional medical education through virtual reality and other advanced simulation technologies in 2022
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Surgical Science acquired 3D Systems’ Simbionix business in 2021 to strengthen its VR medical simulation offering.
Virtual Patient Simulation Key Market Trends
- Growing trend of wearable technology: Wearable technology has changed how society views physical activity and health. Customers think wearable tech makes healthcare more affordable and available. The considerable technological advancement in the healthcare industry is expected to be led by wearables. It is projected that the market for virtual patient simulation would expand when wearable technologies such as rings, fit bands, fitness trackers, goggles, headsets, and others are combined with virtual reality
- Increase in scenarios for immersive technology: The growing use of augmented reality and virtual technologies is expected to push the market growth further. These technologies offer highly immersive experiences for healthcare professionals and easily share data across multiple channels.
Virtual Patient 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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the Global Virtual Patient Simulation Market analysis report, North America is expected to capture higher market share. The growth of the region is attributed to the availability of advanced technology. The US has emerged as a significant contributor to market growth in North America. In terms of component, the hardware segment dominates the virtual patient simulation market. In terms of application, the pain management application led the market and is predicted to grow at the fastest rate due to its use, medical education and professional training.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 3.83 billion |
| Market size value in 2031 | USD 9.4 billion |
| Growth Rate | 10.49% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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 | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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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 Virtual Patient 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
- Exhibit: Impact analysis of DROC, 2021
- 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 Virtual Patient 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
- Exhibit: Impact analysis of DROC, 2021
- 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
- Competitive rivalry
- 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(%)
- Total number of companies covered
Methodology
For the Virtual Patient 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 Virtual Patient 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 Virtual Patient Simulation Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Virtual Patient 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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