Medical Simulation Market to Grow at 14.7% CAGR by 2030
Constant growth in the minimally invasive surgical procedures with increased prevalence of cardiovascular disorders and technological advancements are expected to drive the growth of medical simulation industry during the forecast period of 2020-2030.
The Medical Simulation Market is expected to grow at the CAGR of 14.7% from 2020-2030, according to a new research report by Next Move Strategy Consulting.
Medical simulation is a training process which involves the creation of realistic conditions by using software, models, tools and other equipments. During the entire process every aspect of clinical practice is covered to get the exact knowledge and learning from the exercise. After the completion of entire training the feedback are also provided by the professors, peers and others which are involved in the process.
According to the report, constant growing demand of minimally invasive surgical procedures owing to the various benefits associated with the same and presence of well established healthcare infrastructure are major factors driving the medical simulation market growth. Furthermore, rising prevalence of cardiovascular disorders in addition with technological advancement has also simplified the training process. There are various advantages of medical simulation which helps in the evolution of healthcare facilities to further reduce the patient mortality rate is also expected to promote the market growth. On the contrary, surge in the adoption of advanced practices over conventional techniques and improved clinicians performance is expected to positively affect the market trend.
However, high set-up cost with high cost of products, software and high unmet needs coupled with compliance and regulatory issues may restrict the market growth. Moreover, innovation of new and advanced products with addition to the product launches and development is anticipated to provide numerous opportunities to the market in the coming few years.
On the basis of product, the medical simulation market share is segmented into Surgical or interventional simulators, Task Trainers, Others. Surgical or interventional simulators dominate the global medical simulation market and will be the dominant during the forecasted period.
On the basis of Services & software, the medical simulation market is categorised into Web-based Simulation, Medical Simulation Software, Simulation Training Services, and Other Services & Software. Web based simulation is gaining traction over the period of time and expected to dominate the market in terms of growth rate.
On the basis of technology, the medical simulation market share is segmented into High-fidelity Simulators, Medium-fidelity Simulators, and Low-fidelity Simulators. Low-fidelity Simulators anticipated the major market share and expected to dominate the global medical simulation market during the forecast period.
Based on end user, the medical simulation market is fragmented into Academic Institutes and Research Centres, Hospitals & Clinics, and Military Organizations. Hospitals and clinics account for the major market share and military organizations are gaining traction as well as expected to dominate the medial simulation market in terms of growth rate.
North America is likely to account for the highest market size share of the medical simulation market in the forecast period 2020–2030 owing to the rising demand of minimally invasive surgeries with high prevalence rate of chronic disorders. Europe accounts for the second leading position in the medical simulation market size. Asia Pacific is expected to be the fastest growing region in the medical simulation market. The growth is majorly driven by the developing healthcare infrastructure along with the improvement in healthcare expenditure and huge demand of patient safety in the developing economies.
According to the report, some the key players in the medical simulation market are LLC, B-Line Medical, CAE Ltd., Anesoft Corporation and 3B Scientific GmbH, hold a substantial market share. Other players analyzed in this report are Surgical Science Sweden AB, Gaumard Scientific Company, Inc., 3D Systems, Inc., Laerdal Medical, Canadian Aviation Electronics, Ltd., and Limbs & Things, Ltd.
Browse key industry insights from the report at https://www.nextmsc.com/report/medical-simulation-market in detail along with the table of contents:
Key Insights from the Medical Simulation Market Report:
- Asia Pacific is the fastest growing Medical Simulation market owing to the rising demand for the medical simulation with increased demand of patient safety coupled with increased prevalence of cardiovascular disorders and increased inclination towards minimally invasive surgical procedures.
- The Web based simulation dominates the segment and is expected to grow at significant CAGR to maintain the led in 2030.
- Some of the major players in the market are LLC, B-Line Medical, CAE Ltd., Anesoft Corporation and 3B Scientific GmbH, hold a substantial market share. Other players analyzed in this report are Surgical Science Sweden AB, Gaumard Scientific Company, Inc., 3D Systems, Inc., Laerdal Medical, Canadian Aviation Electronics, Ltd., and Limbs & Things, Ltd.
The report Medical Simulation market – segmented by product, service & software, technology, end user and geography
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