Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Healthcare Simulators Market – Insights
Healthcare simulation, also known as medical simulation, acts as experiential learning that is required for every healthcare professional. This is a modern day methodology used for training and education of healthcare professionals. Patient safety and clinical competency is a major concern for medical organizations, which has increased adoption of simulation technology in the medical sector. Organizations such as the American Surgical Association’s Blue Ribbon Panel and The American Board of Internal Medicine promote the use of medical simulators in surgery as a tool for education, teaching, and verifying competence. Moreover, The American Board of Internal Medicine offers grants to companies developing medical simulators.
The global healthcare simulators market size was valued at US$ 1,347.9 million in 2017, and is expected to witness a CAGR of 14.7% over the forecast period (2018 – 2026).
Global Healthcare Simulators Market Share (%) Analysis, By Product and Services, 2018
Source: Coherent Market Insights Analysis (2019)
Increasing Number of Medical Institutes and Educational Tourism is expected to Drive Growth of the Global Healthcare Simulators Market
Healthcare institutes or organizations are adopting simulators to train medical specialists and professionals to reduce the risk of adverse accidents during general practice, treatment, and surgery. Increasing number of medical institutes and healthcare training centers is a major factor that is expected to fuel demand for healthcare simulators worldwide. According to the World Directory of Medical Schools of 2016, nearly one-third of the medical schools of the world are concentrated in one of the five countries, which are India, China, the U.S., Brazil, and Pakistan and 10 countries account for nearly 50% of the medical schools. Moreover, China occupies the third position in the list of most recognized medical schools worldwide, after India and Brazil.
Furthermore, according to Journal of Medical Education and Training, 2018, China is reforming its education system by merging new medical schools, expanding medical enrolment, and increasing class sizes, which would support tourism associated with medical education. It has been studied that a large number of foreign students enroll for higher education in science and arts fields in China. Therefore, the medical industry in China is growing at a trajectory rate suggesting increasing demand for healthcare simulators to train medical students.
Global Healthcare Simulators Market - Restraints
However, high buying and maintenance cost of simulators especially high fidelity stimulators is a major factor hampering growth of the global healthcare simulators market. Small scale teaching hospitals and institutes do not have enough funding for simulator-based medical education. The cost of simulator varies based on the fidelity, methods, and technology of the simulation. For instance, according to Society of American Gastrointestinal and Endoscopic Surgeons, 2016, the cost of Simulab Corporation’s Trauma Man, a surgical stimulator is around US$ 24,000.
Global Healthcare Simulators Market - Regional Insights
On the basis of region, the global healthcare simulators market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the global healthcare simulators market during the forecast period, owing to increasing adoption of simulators in the medical universities with the support of funding agencies. For instance, in February 2018, Intermountain Healthcare granted US$ 15 million to University of Utah to help fund the construction of a medical school facility, which will offer interactive simulation training with animatronic simulators providing an opportunity to learn from standardized patient actors.
Europe is expected to foresee a rapid growth in the global healthcare simulators market. The market in Europe is expected to gain momentum during the forecast period, owing to the research conducted in the region for development of innovative simulator products. For instance, in August 2018, the European Respiratory Society (ERS) and 3D Systems collaborated to provide simulation equipment- BRONCH Mentor hands-on simulator and event services for training centers for use in the ERS Endobronchial Ultrasound (EBUS) Certified Training Program.
Global Healthcare Simulators Market Value (US$ Mn) & Y-o-Y Growth (%), 2016-2026
Source: Coherent Market Insights Analysis (2019)
Global Healthcare Simulators Market - Competitive Landscape
Key players operating in the global healthcare simulators market include, Laerdal Medical, 3D Systems, Simulab Corporation, Simulaids, Inc., Kyoto Kagaku, Mentice, Medaphor, CAE Healthcare, Gaumard Scientific Company, Limbs & Things, BT, INC., Trandomed 3D, INC., Fujian Zhongli Co., Ltd., and Tellyes Scientific Co., Ltd.