Medical Simulation Market Size to Exceed US$ 3.6 Billion by 2026
The global Medical Simulation Market is projected to grow from USD 3.6 billion by 2019 – 2026 and growing at a CAGR of around 12.1% from 2019 to 2026.
Simulation is a word, used for an artificial representation of a real process to educate professionals or students through experiential learning. Medical simulation education is defined as educational activities that utilize simulation models to reproduce the clinical scenario. The medical simulation process is used in medical universities and hospitals to train and demonstrate healthcare professionals. The process helps to increase the safety of patients by decreasing errors during practice.
North America held the maximum share of the global medical simulation market in 2018 and is anticipated to hold its share during the forecast period. This can be attributed to more adoption of simulation technology by medical institutes and universities, easy access to technology due to the local presence of market players, and strong distribution channels across the region. Furthermore, the growing number of trainee healthcare professionals and well-established healthcare infrastructure are some of the other factors for the dominance of the region. Europe held the second-largest share of the market. However, Asia Pacific is anticipated to propel the market at the fastest rate during the forecast period. This can be attributed to a large number of medical institutes and universities, growing awareness about simulation learning, government funding, and increasing focus on patient safety. For instance, in October 2018, Bangalore Medical College & Research Institute (BMCRI) received Rs. 22 Crore for simulation lab from the state government. Furthermore, investment by global healthcare simulation players in the region due to the presence of unmet needs and increasing healthcare expenditure are key factors responsible for the growth of the market in the region during the forecast period.
Based on the product & service, the market has been segmented into anatomical models, web-based simulation, and simulation training services. The anatomical model accounted for the largest share of the market in 2018. This can be attributed to benefits associated with the anatomical model such as understanding key concepts through practical information. Furthermore, an increase in focus on patient safety helps to enhance the demand for anatomical models for academic purposes. However, the web-based simulation segment is anticipated to observe the fastest growth during the forecast period. Web-based simulation combines electronic multimedia options with a central video or virtual world to create interactive learning activities. An increase in the usage of internet services is anticipated to observe significant growth during the forecast period.
Based on the technology, the medical simulation market is divided into low-fidelity simulators, medium-fidelity simulators, and high fidelity simulators. Low-fidelity simulators accounted for the largest share in 2018. However, the high fidelity simulators segment is expected to observe the fastest growth during the forecast period.
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Based on the end-user, the market has been divided into academic & research institutes and hospitals. The academic & research institute segment held the maximum share in 2018 and is anticipated to observe the significant growth during the forecast period. This can be attributed to the increase in the number of medical institutes and its enrollees, growing adoption of the simulation model, and an increase in focus on patient safety & minimizing medical errors.
Key players operating in the medical simulation market are CAE, Kyoto Kagaku, Laerdal Medical, Limbs and Things, Mentice, 3D Systems, Simulab Corporation, Simulaids, Surgical Science Sweden, and Gaumard Scientific Company. Product launches, Partnerships or collaboration of market players with academic & research institutes are some of the key strategies being adopted by the market players to enhance their share in the global market.
Some of the key observations regarding the medical simulation industry include:
- In July 2019, Laerdal acquired B-Line Medical to accelerate and expand the scope of its product lines. Both the companies are leaders in the healthcare simulation industry hence merged entity is aiming to deliver high-quality training and education to doctors and patients.
- In July 2019, 3B Scientific acquired Cardionics, Inc. to expand the product line of the company. Cardionics auscultation products complement the overall 3B Scientific simulation line.
- In July 2019, Surgical Science Sweden AB acquired SenseGraphics AB, a Sweden-based medical simulator software developer.
- In April 2019, Oxford Medical Simulation, a London based VR training company, announced a partnership with NHS England’s diabetes team to provide training for doctors.
- In December 2017, Mentice acquired Medical Simulation Corporation’s endovascular business to expand its presence in the U.S. and addition of clinical training service line. Mentice is a key player in the simulation-based performance solutions industry for endovascular therapies.
- In January 2016, SIMnext signed a partnership agreement with Limbs & Things to introduce DR Doppler Dynamic Ultrasonography Training System (DR Doppler), a training tool. As the design of DR Doppler is portable and economical, this can be utilized in hospitals to train clinicians for the use of ultrasound during diagnosis. This training will further help to reduce medical errors and thereby improve overall patient outcomes.
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