(PharmaNewsWire.Com, May 30, 2020 ) The global medical simulation market size is projected to reach USD 3.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 14.6% from 2020 to 2025. The limited access to live patients during training, advancements in medical education, increasing demand for minimally invasive treatments, increasing focus on patient safety, and growing demand for virtual training due to current COVID-19 pandemic are the major factors driving the growth of the medical simulation industry. Moreover, factors such as growing awareness pertaining to simulation education in emerging countries and shortage of healthcare personnel are creating lucrative opportunities for the market players.
The global medical simulation market is fragmented with the presence of many regional and global players. CAE (Canada), Laerdal Medical (Norway), 3D Systems (US), Simulab Corporation (US), Limbs & Things (US), Kyoto Kagaku (Japan), Mentice (Sweden), and Gaumard Scientific Company (US) are the major players in this market. These companies are majorly focusing on strategies such as agreements, collaborations, partnerships, and service launches to remain competitive and further increase their share in the market. Some of the prominent players in the market namely, Operative Experience, Inc. (US), Cardionics Inc. (US), VirtaMed AG (Switzerland), SynBone AG (Switzerland), VRMagic Holding AG (Germany), OssimTech (Canada), HRV Simulation (France), Synaptive Medical (Canada), Inovus Medical (UK), and Surgical Science Sweden AG (Sweden) are focusing on these strategies to enhance their presence in the global market.
CAE Healthcare dominated the global medical simulation market in 2019. The company’s leading position can be attributed to its broad offering in the simulation market and its extensive global presence. CAE has adopted product launch as its key growth strategy to increase its share in the market. For instance, in February 2020, CAE launched an ultrasound simulator-ViMedix 3.0. This simulator is a high-fidelity simulator that facilitates the learning process for cardiac, lung, abdominal, and Ob/Gyn ultrasound-all on one common platform.
3D SYSTEMS is the second-largest player in the global medical simulation market. The company derives the majority of its revenue from its operations in North America. However, the company intends to expand its business in the international market, mainly through partnerships and product launches. In November 2018, 3D Systems’ anatomical modeling expertise and end-to-end medical workflow supported OpHeart’s mission by providing accurate, detailed anatomical models of patients with congenital heart disease to surgeons.
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