(PharmaNewsWire.Com, October 13, 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% during the forecast period. 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. The base year considered for the study is 2019, while the forecast period is between 2020 and 2025.
By product, anatomical models segment accounted for the largest share of the market in 2019
Based on the product, the medical simulation anatomical models segment accounted for the largest share of the global medical simulation market. The large share of this segment can be attributed to the high adoption of high-fidelity (degree of realism) products, increasing primary care services, and shortage of healthcare professionals.
The academic institute segment is expected to witness the highest growth in the medical simulation market, by end-user, during the forecast period
Based on end-users, the academic institute segment is expected to register the highest CAGR during the forecast period. Factors responsible for the growth of this segment are the gradual shift of focus away from traditional learning, the advent of advanced simulation-based technologies, full utilization of simulation models in medical surgeries, increasing focus on minimizing errors, and cost-effectiveness of procedural training for medical physicians.
North America dominated the global medical simulation industry in 2019
North America accounted for the largest share of the medical simulation market in 2019, followed by Europe and Asia Pacific. Accessibility to technologies, well-established distribution channels, and a rising number of healthcare professionals demanding hands-on patient training are some of the factors driving the growth of the medical simulation industry in North America.
The prominent players in the global medical simulation market are CAE (Canada), Laerdal Medical (Norway), 3D Systems (US), Simulab Corporation (US), Simulaids (US), Limbs & Things (US), Kyoto Kagaku (Japan), Mentice AB (Sweden), Medaphor (UK), and Gaumard Scientific Company (US), 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).
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