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(Health-NewsWire.Net, August 31, 2021 ) Market Forecast:
The global medical simulation market size is projected to reach USD 3.7 billion by 2025 from USD 1.9 billion in 2020, at a CAGR of 14.6% during the forecast period.
Market Dynamics:
The market growth can be attributed to factors such as the benefits of simulation over traditional learning, increasing demand for minimally invasive treatments, and increasing focus on patient safety. The shortage of healthcare personnel, growing awareness pertaining to simulation education in emerging countries, and technological advancements are expected to create lucrative opportunities for players in the market. On the other hand, budgetary constraints, the high cost of simulators, and operational challenges are all major factors that are expected to challenge market growth to a certain extent during the forecast period.
Recent Developments
In April 2020, CAE collaborated with Area9 Lyceum (US) to provide an online Ventilator Reskilling Course to the clinician's midst of the Covid-19 pandemic.
In April 2020, 3D Systems launched Lung Ultrasound Training services to combat the current COVID-19 pandemic.
In March 2020, CAE launched the Vimedix 3.0, a high fidelity simulator that facilitates the learning process for cardiac, lung, Obs/Gyn, and stomach all in one through a common platform.
In March 2020, 3D Systems collaborated with Ben Gurion University (Israel), and Beer- Sheva (Israel). The collaboration aimed to develop training modules that enable clinicians to acquire rapid and accurate lung diagnostic skills using an ultrasound machine and improve Covid-19 Triage.
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Key Market Players:
The global medical simulation market is fragmented with the presence of many regional and global players. CAE (Canada), Laerdal Medical (Norway), 3D Systems (US), Simulab Corporation (US), Limbs & Things (US), Kyoto Kagaku (Japan), Mentice (Sweden), and Gaumard Scientific Company (US) are the major players in this market. These companies are majorly focusing on strategies such as agreements, collaborations, partnerships, and service launches to remain competitive and further increase their share in the market. Some of the prominent players in the market namely, Operative Experience, Inc. (US), Cardionics Inc. (US), VirtaMed AG (Switzerland), SynBone AG (Switzerland), VRMagic Holding AG (Germany), OssimTech (Canada), HRV Simulation (France), Synaptive Medical (Canada), Inovus Medical (UK), and Surgical Science Sweden AG (Sweden) are focusing on these strategies to enhance their presence in the global market.
CAE Healthcare dominated the global medical simulation market in 2019. The company’s leading position can be attributed to its broad offering in the simulation market and its extensive global presence. CAE has adopted product launch as its key growth strategy to increase its share in the market. For instance, in February 2020, CAE launched an ultrasound simulator-ViMedix 3.0. This simulator is a high-fidelity simulator that facilitates the learning process for cardiac, lung, abdominal, and Ob/Gyn ultrasound-all on one common platform.
3D SYSTEMS is the second-largest player in the global medical simulation market. The company derives the majority of its revenue from its operations in North America. However, the company intends to expand its business in the international market, mainly through partnerships and product launches. In November 2018, 3D Systems’ anatomical modeling expertise and end-to-end medical workflow supported OpHeart’s mission by providing accurate, detailed anatomical models of patients with congenital heart disease to surgeons.
Asia Pacific market to witness the highest growth during the forecast period
The global medical simulation market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period, primarily due to the presence of a large patient population (especially in China and India), increasing investments in R&D, increasing focus on medical education, training, research, and patient safety, and rising healthcare expenditure.
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