Medical simulation is the modern-day methodology for training healthcare professionals through advanced educational technology. It is a modern way to train and educate healthcare professionals. Simulation helps reduce health care costs by improving patient safety and reducing staffing costs by reducing training time and staff turnover. Moreover, medical simulation offers many potential strategies for comprehensive and practical training, and safer patient care. Healthcare simulations can be said to have four main purposes such as education, assessment, research, and health system integration in facilitating patient safety.
Market Statistics:
The Global Medical Simulation Market is estimated to account for US$ 1,918.6 Mn in terms of value by the end of 2022.
Drivers:
Increase in use of simulation in healthcare is expected to propel the growth of the global medical simulation market during the forecast period. For instance, medical simulation is the modern-day methodology for training healthcare professionals through advanced educational technology. In January 2022, Inovus Medical announced the launch of new high-fidelity hysteroscopy simulator, HystAR. The simulator combines the company’s patented augmented reality (AR) technology and cloud-based learning platform with the natural haptics of its simulated tissue models to deliver highly realistic, scalable, tracked hysteroscopy skills training.
Opportunities:
Need for simulation education is expected to offer significant growth opportunities for players in the global medical simulation market. For instance, simulation is an important method of bridging gap between theory and practice in medical education. In April 2022, Delhi Academy of Medical Science (DAMS) launched simulation-based medical education DAMS-SIM, at Delhi centre. The academy aims to provide simulation based learning emphasizing on a structured, learner-centered environment in which novice, intermediate, and advanced practitioners can learn or practice skills without causing harm to patients. DAMS is on a mission, to make sure each medical student gets to learn from the best irrespective of place or college.
Restraints:
High cost of medical simulators, security concerns, and dearth of skilled professionals are major factors expected to hinder growth of the global medical simulation market. For instance, medical simulation is a modern way to train and educate healthcare professionals. It helps reduce health care costs by improving patient safety. However, a human patient simulator usually ranges in price from US$ 10,000 to 100,000 depending on the type, brand, features, and included support services. Thus, a huge investment is required in a medical simulation, as well as need skilled professionals, which in turn is expected to hamper growth of the market.
Global Medical Simulation Market - Impact of Coronavirus (Covid-19) Pandemic:
Simulation-based learning is well-established in healthcare education and has gained popularity, particularly during the COVID-19 pandemic. Medical Simulation has played a key role in response to the pandemic in various medical institutions. According to the United States National Library of Medicine, simulation helped refine protocols, uncover safety gaps, facilitate practice changes, and train redeployed healthcare workers in unfamiliar roles. In short, simulation has played a vital role in institution's response to the COVID-19 pandemic. Hence, healthcare has adopted medical simulation increasingly during the pandemic, driving the growth of the market.
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https://www.coherentmarketinsights.com/market-insight/medical-simulation-market-5377
Global Medical Simulation Market Key Takeaways:
The global medical simulation market was valued at US$ 1,712.0 Mn in 2021 and is forecast to reach a value of US$ 3,864.2 Mn by 2028 at a CAGR of 65.9% between 2022 and 2028.
Among, product and service, products segment held dominant position in the global medical simulation market in 2020, accounting for 65.9% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
Owing to the increase in prevalence of chronic diseases, such as cardiovascular diseases (CVDs), across the world, the adoption of medical simulators (cardiac simulators) is also increasing with a rapid pace. Chronic diseases such as cardiovascular disease and cancer, are leading causes of death and disability globally. According to the World Health Organization (WHO), CVDs are the leading cause of death worldwide, taking an estimated 17.9 million lives each year. Thus, with the rise in prevalence of CVDs, the demand for cardiac simulators is also increasing. This trend is expected to continue during the forecast period, driving the market growth.
Competitive Landscape:
Major players operating in the global medical simulation market include Nasco, Simulaids Inc., Simulab Corporation, Mentice AB, Limbs & Things, Kyoto Kagaku Co. Ltd., Laerdal, Canadian Aviation Electronics, 3D Systems, Gaumard Scientific Company Inc., among others.
Recent Developments:
In January 2020, CAE Healthcare announced the launch of CAE Vimedix 3.0 ultrasound simulator that provides VR as well as 3D/4D ultrasound images of the heart.
In January 2018, Gaumard Scientific Company announced the launch of the Pediatric HAL S2225, which is advanced wireless and tetherless mobile pediatric patient simulator.
