Portland, OR, Sept. 10, 2020 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global medical simulation market accounted for $1.42 billion in 2019, and is projected to hit $3.19 Billion by 2027, registering a CAGR of 14.6% from 2020 to 2027.
Increase in use of AR and VR technology, benefits of medical simulation, and surge in demand for virtual training drive the growth of the Medical Simulation Market. However, high cost of setting up medical simulators coupled with limitations in creating a real situation hamper the market growth. On the contrary, potential in developing countries is expected to create lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- Due to Covid-19 outbreak, the World Health Organization of Health Security and Preparedness has released simulation exercises to help healthcare professionals improve patient care.
- However, there is a lack of funding for medical simulation as most of the government finances are diverted for the care of Covid-19 patients.
The global medical simulation market is segmented on the basis of product & services, fidelity, end user, and geography. Based on product & services, the market is divided into model-based simulation, web-based simulation, and simulation training services. The web-based simulation segment is expected to manifest the highest CAGR of 15.2% during the forecast period. However, the model-based simulation dominated the market in 2019, accounting for more than half of the market.
Based on fidelity, the market is classified into low-fidelity, medium-fidelity, and high-fidelity. On the basis of end user, the market is categorized into academic institutions & research centers, hospitals & clinics, and military organizations. The academic institutions segment would portray the highest CAGR of 15.3% during the forecast period. However, the hospitals segment held the lion’s share in 2019, contributing to more than half of the market.
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The global medical simulation market is analyzed across various regions including North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is expected to register the highest CAGR of 15.2% during the forecast period. However, the market across North America held the largest share in 2019, accounting for nearly half of the market.
The global medical simulation market report includes an in-depth analysis of the major market players such as Laerdal Medical AS, 3D Systems, Inc., Simulaids, Inc., Kyoto Kagaku Co. Ltd., Gaumard Scientific Company, Inc., CAE, Inc., Simulab Corporation, Limbs and Things, Ltd., Mentice AB, and Surgical Science Sweden AB.
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