As per Persistence Market Research’s new industry analysis, the global medical simulation market is poised to surge at a CAGR of over 14% through 2031.
Patient safety has always been a prominent concern in the healthcare industry. Medical errors needs to be controlled as there has been an increase in mortality rate. Death count has been mitigated significantly with the advent of simulation in healthcare.
There is increased awareness of minimally-invasive surgical procedures due to research & development in surgical tools. Healthcare simulation is expected to offer lucrative opportunities for market players due to increasing demand for minimally-invasive surgical procedures.
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Key Takeaways from Market Study
- North America was the dominant market in 2020 in terms of value. However, Europe is expected to be one of the key markets for sustainable revenue generation from medical simulation products & services, as continuous advancements in digital healthcare are boosting market growth in the region.
- The BFSI (banking, financial services, and insurance) segment is expected to offer the highest incremental opportunity, as many private banks are using SaaS models for email encryption, data loss prevention, and network protection.
- Demand for medical simulation in Germany is estimated to grow modestly. There is an increase in adoption of minimally-invasive procedures in the country, which will fuel market growth.
- Low-fidelity technology holds major share of market, as in medical training for nurses and doctors, preference is for shorter, low-fidelity technology that helps master individual tasks.
- The markets in the U.S. and U.K. are slated to surge at around 13% CAGRs each, over the next ten years.
- The medical simulation market in the China is expected to expand at a CAGR of around 14.2% over the next ten years, while that in the India at 14.9%.
“Medical education is being upgraded gradually by two contemporary simulation models – virtual reality (VR) and augmented reality (AR). The ability of projecting virtual information and structures over physical objects is provided by AR. Things such as performing surgery and inserting IVs can be practiced by students using new tools, but hands-on training is still critical,” says a Persistence Market Research analyst.
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COVID-19 Pandemic Impact Analysis
Due to the COVID-19 pandemic, demand for medical simulation is expected to witness significant growth due to increasing focus on patient safety and rising demand for minimally-invasive treatments across the globe.
Simulation centers across many countries play an integral part in continuing education programs. This also acts as an accelerator for new skill acquisition. With the help of simulation courses, healthcare providers have tested innovative protective equipment to limit aerosolization during procedures in the pandemic.
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Persistence Market Research puts forward an unbiased analysis of the global security as a service market, providing historical demand data (2016-2020) and forecast statistics for the period 2021-2031.
To understand the opportunities in medical simulation, the market is segmented on the basis of product & service (models/ simulators, software, and services), technology (low-fidelity, medium-fidelity, and high-fidelity), and end user (academic institutions, hospitals & clinics, military organizations, and others), across six major regions of the world.
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