Healthcare / Medical Simulation Market

Healthcare / Medical Simulation Market Size (2024 to 2029)

As per our analysis report, the global medical simulation market size is estimated to be USD 5.89 billion by 2029 and USD 2.90 billion by 2024, growing at a healthy CAGR of 15.2% during the forecast period.

Medical simulation is a new approach for training healthcare professionals using advanced educational technologies. Human-simulated patients, animated simulants, holographic simulants, or their combinations are used in medical simulation to create an artificial representation of real-life clinical scenarios. It also aids in the management of situations that arise in clinical practice. Healthcare practitioners can now simulate procedures to teach learners securely and efficiently due to technical advancements in communication, research, and education. Medical simulation has many uses in educational institutions, research centers, healthcare facilities, and military services.

Reliability of the software, interactive, and reality technologies are used in medical simulation. Haptic technology employs the sense of touch to help in practical and multisensory learning by applying forces, vibrations, and movements. On the other side, virtual and reality technology uses a computer-simulated world. It enables surgeons to practice surgery without having to operate on real people. Students’ confidence and skills improve because of simulation. It is also an essential method for demonstrating crisis resource management abilities. The simulation will benefit the multidisciplinary team, individual learners, and the hospital. Medical training institutes are driving the demand, and hospitals in North America primarily focus on standardizing their teaching practices to improve patient safety.

MARKET DRIVERS

The growing population infected by various diseases and the growing usage of simulation in healthcare propel the medical simulation market growth.

Increased concern around patient safety, rising healthcare costs, and increasing demand for minimally invasive treatments are anticipated to promote market growth during the forecast period. According to the Institute of Medicine, medical errors during treatment cause between 46,000 and 98,000 deaths annually. This has increased the need for medical simulation as it allows physicians and surgeons to understand procedures better and prevent potentially fatal errors during treatment or surgery.

Technological advancements in medical simulations and increased adoption of animated and web-based simulations are expected to contribute to the growth of the medical simulation market.

Advantages such as specialized training in complicated and standard situations drive up demand for medical simulation. In addition, the increasing importance of various health apps, medical visualization, surgical robots, and preventive medicines encourage the increased adoption of advanced healthcare simulation technologies. 

The scarcity of healthcare professionals, growing awareness of simulation education in developing countries, and technological advances are expected to generate lucrative opportunities for market players. Surgeons are switching from open surgery to medical simulation, primarily laparoscopy, and robotic surgery. However, effective medical simulation procedures, especially laparoscopy and robotic surgery, necessitate skilled surgeons. Cholecystectomy, appendectomy, gastric bypass, ventral hernia repair, colectomy, prostatectomy, tubal ligation, hysterectomy, and myomectomy procedures have rapidly adopted the medical simulation. The METIman simulator, built by CAE simulators, is one of the most powerful and realistic simulators in recent times. The growing geriatric population in the United States and Canada and the rising number of hospital admissions are expected to increase patient safety and adequate treatment demand, which will likely boost the regional healthcare simulation market's growth. The rising demand for minimally invasive surgical procedures in the Healthcare Simulation Market is expected to create lucrative opportunities.

MARKET RESTRAINTS

The high-end cost of medical simulators is hampering the medical simulation market growth.

The budget constraints have led to less investment in the development of these types of simulation systems. The lack of technology in healthcare facilities in emerging countries hinders the market's growth and, if not rectified, will continue to do so. In addition, the lack of medical simulator-making companies in areas has led to less demand for these products. Still, this challenge can be overcome by better government initiatives and the entry of new market players.

Lack of funding, less time for simulation activities, release from the work environment, and a lack of management interest are challenges to hospitals implementing simulation products and services. In addition, operational difficulties are major factors expected to limit market growth to some degree during the forecast period.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Medical Simulation Market By Products & Services

Based on the products and services, the healthcare anatomical model segment had the largest market share in 2022 and is expected to grow at a promising rate during the forecast period. Healthcare anatomical models can be further divided into patient simulators, task trainers, interventional/surgical, endovascular, ultrasound, dental, and eye simulators. The primary factor driving the healthcare anatomical model segment is the wide variety of applications of such models in several fields, such as academics, training & practicing in hospitals and military organizations. Among these divisions, the patient simulator is expected to grow faster during the forecast period. The key factor for the patient simulator's growth is the various advantages like better understanding and gaining knowledge the patient simulator offers. Therefore, it is helpful in military organizations and academic institutes.

The web-based simulator segment is expected to grow the fastest during the forecast period. The main reason for high growth is the Internet service available in most areas. Other advantages of web-based simulators are a predictable environment for learning and controlled access to simulation procedures. In addition, the increase in population and improvement of healthcare facilities will eventually propel the market growth throughout the forecast period.

Medical Simulation Market By End-User

Based on end-user, the academic institutes had the highest market share in 2022 and are expected to grow at a promising CAGR during the forecast period. The main factor driving the growth of this sub-segment is the increasing importance of patient safety. In addition, the lack of appropriate knowledge for minimally invasive surgeries is expected to increase medical training demand in academic institutes during the forecast period.

The hospital segment is expected to grow with the highest CAGR during the forecast period. The availability of the latest healthcare technology in hospitals to provide the best possible treatment and the growing adoption of medical simulation are boosting the growth of the hospital segment. In addition, the large variety of medical simulators and increasing demand for minimum-invasive procedures are expected to contribute to this segment's growth positively.

REGIONAL ANALYSIS

Geographically, the North American medical simulation market dominated the global simulator market among all regions in 2022 and is expected to continue the dominating trend throughout the forecast period. The market in North America is driven by rising medical training institutes and hospitals, which greatly emphasize patient safety. In addition, the rise in the geriatric population in North American countries such as USA and Canada is further favoring the healthcare simulation market in this region. The U.S. medical simulation market had a significant share in North America in 2021.

The European medical simulation market is expected to be the second-largest market during the forecast period. The increase in the geriatric population and healthcare facility improvement is the primary positive contributing factors. In addition, the rising government initiatives will make people more aware of the medical simulation market and thus boost market growth.

The Asia Pacific medical simulation market will exhibit the highest growth rate during the forecast period. The rising demand for medical simulation and increased spending on healthcare facilities will drive the market's growth. In addition, ease of doing business due to low cost and more labor will help Asian countries to grow in this field. The increasing population in India and China is also a major contributing factor to the growth rate of the medical simulation market in the Asia-Pacific.

The Latin American medical simulation market is estimated to grow at a notable CAGR during the forecast period.

The medical simulation market in the Middle East and Africa is expected to showcase a moderate CAGR during the forecast period.

KEY MARKET PARTICIPANTS

CAE Inc., 3d Systems, Laerdal Medical, Gaumard Scientific Company, Kyoto Kagaku, Limbs & Things, Mentice Ab, Simulab Corporation, Simulaids, Intelligent Ultrasound Group Plc, Operative Experience, Inc., Surgical Science Sweden AB, Cardionics Inc., Virtamed AG, Synbone AG, Vrmagic Holding AG., Ossimtech, HRV Simulation, Synaptive Medical, and Inovus Medical, are some of the companies playing a leading role in the global medical simulation market.

RECENT MARKET DEVELOPMENTS

• In September 2020, Vexos. Inc. received Health Canada Approval for the MVM Ventilator.
• Canada Aviation Electronics retools mannequin medical simulator in August 2020 to build ventilators for COVID-19 fight.3D Systems Delivers New Innovation for its VSP® System receives 510(k) Clearance for Improved Patient-Matched Surgical Guidance in October 2020.

DETAILED SEGMENTATION OF THE GLOBAL MEDICAL SIMULATION MARKET INCLUDED IN THIS REPORT

This market research report on the global medical simulation market has been segmented and sub-segmented based on products, services, end-user, and regions.

By Products & Services

• Healthcare Anatomical Models
• Web-Based Simulators
• Healthcare Simulation Software
• Simulation Training Services

By End-User

• Academic institutes
• Military organizations
• Hospitals
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa