Medical Simulation Market Size and Growth Rate:
According to the Research Report, the Global Medical Simulation Market Size was Expected to Reach at a CAGR of 12.43% during the forecast period 2019-2024.
Medical Simulation Market Growth Drivers and Restraints:
The propelling factors for the growth of the medical simulation market include continuous technological advancements, increasing concern over patient safety and increasing demand for minimally-invasive treatments.
The requirement of medical simulation in minimally invasive surgery has been established over the past few years. The minimally invasive techniques are becoming standard of surgical technique, at a very fast pace, for a number of surgical procedures. These MIS procedures involve smaller incisions leading to quicker recovery that helps in the increase of the overall market.
The use of medical simulation devices along with standardized patient simulators has gained rapid growth over the last few years, this is mainly due to increasing technological advancements and their adoption in the field of healthcare. The barriers to adopting simulation products and services in hospitals include lack of funding, less time for simulation exercises, release from job environment, lack of management interest etc.
The METIman simulator is found to be one of the most advanced and realistic simulators in recent times, developed by the CAE simulators. Thus, the rise in various technological advancements in the field of medical simulation is increasing the applications in healthcare to train healthcare professionals, and as a result of this, the growth of the market studied is expected to propel over the forecast period.
The Scope of the Medical Simulation Market Report:
As per the scope of the report, medical simulation is the modern day methodology for training healthcare professionals through the use of advanced educational technology. Medical simulation is experiential learning that every healthcare professional may need, but cannot be always engaged in during real-life patient care. The market of medical stimulation is growing with the increasing healthcare facilities.
Medical Simulation Market Regional Presence:
The Asia Pacific is projected to exhibit the fastest growth due to the increasing demand for healthcare simulation and its related services. The emerging economies of India and China will majorly boost the market due to the growing thrust on medical studies and research. In addition, the ease of doing business in Asian countries is high due to the availability of high labor and low manufacturing cost. This is an important factor estimated to augment the market in the Asia Pacific.
Competitive Landscape for Medical Simulation Market:
The market is highly fragmented with many players. With many small and medium players, the competition is high. The market has been experiencing entry of new players over the last few years, owing to the rising popularity of simulation technology. The existing players are differentiating on the basis of price, quality, and technology.
Some of the Promising Companies dominating the Global Medical Simulation Market Profiled in the Report are:
- 3D Systems, Inc
- CAE Inc.
- Gaumard Scientific Company Inc.
- Kyoto Kagaku Co. Ltd
- Laerdal Medical
The Research Report segments the Global Medical Simulation Market into the following submarkets:
Global Medical Simulation Market -By Products and Services:
- Interventional/Surgical Simulators
- Laparoscopic Surgical Simulators
- Gynecology Surgical Simulators
- Cardiac Surgical Simulators
- Arthroscopic Surgical Simulators
Global Medical Simulation Market By Services & Software:
- Web-Based Simulation
- Medical Simulation Software
- Simulation Training Services
Global Medical Simulation Market By Technology:
- High-Fidelity Simulators
- Medium-Fidelity Simulators
- Low-Fidelity Simulators
Global Medical Simulation Market By End User:
- Academic & Research Institutes
Global Medical Simulation Market- By Region:
- North America
- Asia Pacific
- Latin America
- Middle East
Key Market Trends for Medical Simulation Market:
Laparoscopic Surgical Simulators is the Segment under Interventional/Surgical Simulators that is expected to grow Fastest during the Forecast Period
Surgeons are found shifting to MIS, primarily laparoscopy and robotic surgery from the open surgery. However, the MIS, primarily laparoscopy and robotic surgery require skilled surgeons to deliver successful procedures. There has been a rapid adoption of the MIS seen in the cholecystectomy, appendectomy, gastric bypass, ventral hernia repair, colectomy, prostatectomy, tubal ligation, hysterectomy, and myomectomy procedures. Thus the increasing MIS surgeries and the need for skilled professionals has propelled the laparoscopic surgical simulators market.
There are also cardiac surgeries that have been a major challenge for the surgeons because of the complex nature of the surgery and need of highly skilled professionals. Also, there has been a change observed general surgery training, with the shift from open surgery towards the endovascular and minimally invasive approaches to disease management. Therefore, further simulation is expected to reduce the risks associated with the complex operations of cardiothoracic surgery and help create a more efficient, thorough, and uniform curriculum for cardiothoracic surgery fellowships.
1. Study Deliverables
2. Study Assumptions
3. Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
1. Market Overview
2. Market Drivers
1. Continuous Technological Advancements
2. Increasing Concern over Patient Safety
3. Increasing Demand for Minimally-invasive Treatments
3. Market Restraints
1. High Cost of Simulators
2. Reluctance to Adopt New Training Methods
3. Limited Availability of Funds, Especially in the Developing and Underdeveloped Countries
4. Porter's Five Force Analysis
1. Threat of New Entrants
2. Bargaining Power of Buyers/Consumers
3. Bargaining Power of Suppliers
4. Threat of Substitute Products
5. Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
1. By Products and Services
1. Interventional/Surgical Simulators
1. Laparoscopic Surgical Simulators
2. Gynecology Surgical Simulators
3. Cardiac Surgical Simulators
4. Arthroscopic Surgical Simulators
2. Task Trainers
2. Services & Software
1. Web-Based Simulation
2. Medical Simulation Software
3. Simulation Training Services
2. By Technology
1. High-Fidelity Simulators
2. Medium-Fidelity Simulators
3. Low-Fidelity Simulators
3. By End User
1. Academic & Research Institutes
1. North America
6. Rest of Europe
3. Asia Pacific
5. South korea
6. Rest of Asia-Pacific
4. Middle East and Africa
2. South Africa
3. Rest of Middle East and Africa
5. South America
3. Rest of South America
6. COMPETITIVE LANDSCAPE
1. Company Profiles
1. 3D Systems
2. Canadian Aviation Electronics (CAE)
3. Gaumard Scientific Company Inc.
4. Kyoto Kagaku Co. Ltd
5. Laerdal Medical
6. Limbs & Things Ltd
7. Mentice AB
8. Simulab Corporation
9. Simulaids Inc.
*List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS