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Medical Simulation Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2014-2018 and Forecast 2019-2025

Global Medical Simulation Market: By Product & Service (Model-based Simulation, Web-based Simulation and Simulation Training Services), By Fidelity (High-fidelity, Medium-fidelity and Low-fidelity) ), By End User (Academic Institutions & Research Centers, Hospitals & Clinics and Military Organizations) and Geography

 

 

Global Medical Simulation Market Report Description:

Global medical simulation market report gives comprehensive outlook on medical simulation across the globe with special emphasis on key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The report on global medical simulation market gives historical, current, and future market sizes (US$ Mn) on the basis of product & service, fidelity, end user and region. This report studies global medical simulation market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, global medical simulation market report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition. Moreover, PBI analyzed global medical simulation market to better equip clients with possible investment opportunities across the regions (regional Investment Hot-Spots) and market unmet needs (Product opportunities). Key stakeholders of the global medical simulation market report include suppliers, manufacturers, marketers, policy makers, and healthcare service providers engaged in global Medical Simulation products.

Global Medical Simulation Market:

The global medical simulation market estimated to be valued US$ XX Mn in 2018 and poised to grow at significant CAGR over 2019-2025. Some of the key factors influencing the market growth include increasing demand for minimally invasive treatments, growing geriatric population, rising focus on patient safety and enhanced penetration of advanced technologies in healthcare simulation. However, high operation cost of simulation and lack of funding are the factors restricting the market growth. In addition, high growth in emerging economies provides huge growth opportunity for the market.

Increasing Demand for Minimally Invasive Treatments is fueling the Market

 

Minimally invasive surgery is performed on the patient’s body with tiny incisions instead of one large opening and ensures that it reduces hospital stay duration, recovery time, and patient trauma. Due to their associated advantages there is a growing demand for minimally invasive surgery and thus propelling the industry growth. The market for minimally invasive surgeries is also increased by the benefits such as superior results and faster recovery rates causing reduced length of hospitalization. Innovations and advancements in surgical tools are leading to an increased preference for minimally invasive surgical procedures. Technologies are experiencing fast acceptance and are viewed as modalities that allow physicians to perform increasingly complex minimally invasive procedures while enhancing patient safety.  Over the past few years the requirement of medical simulation in minimally invasive surgery has been recognized. Medical simulators provide a safe environment in which a physician can repeatedly practice a procedure without impacting patient safety. Hence, increasing demand for minimally invasive treatments increases the demand for the market.

High Cost of Simulators are Hampering the Market

 

Simulators can be very expensive and require constant updates and maintenance. It takes effort  ‘lots of effort’ to create meaningful experiences. Running the simulator need to be trained on how to use the software and/or hardware and this takes up time and costs money. Hence, they are not affordable to many teaching hospitals. Therefore, high costs of simulators hampers the market growth.

North America Accounts for Larger Market Revenue Share in Global Medical Simulation Market

 

North America accounted for larger revenue share in global Medical Simulation market with considerable CAGR. The growth in this region can be attributed to increasing aging population, well-established distribution channels, increasing prevalence of diabetes and obesity and rising road accidents. Further, ease of accessibility to technologies in the region is the other factor responsible for the growth of the market in the region. Also, U.S is the major contributor for the growth of the market in this region.

Competition Assessment

Key player’s profiles in the global medical simulation market include:

  • 3D Systems (US)
  • CAE (Canada)
  • Gaumard Scientific Company (US)
  • Kyoto Kagaku (Japan)
  • Laerdal Medical (Norway)
  • Limbs & Things (US)
  • Medaphor (UK)
  • Mentice (Sweden)
  • Simulab Corporation (US)
  • Simulaids (US)

Global medical simulation market is surging owing to frequent acquisitions and launchings by the market players. For instance, in January 2018, CAE Healthcare partnered with the American Heart Association (AHA) to establish a network of international training sites to deliver lifesaving AHA courses around the world.

Key Findings of the Report:

 

  • Global medical simulation market expanding at significant CAGR over 2019 to 2025 owing to increasing demand for minimally invasive treatments
  • Based on product & service, web-based simulation segment accounted for larger market revenue share in 2018 and projected gain market revenue share over the forecast period
  • Players focusing on innovation of newer products and collaboration strategies to retain market position in global Medical Simulation market

Detailed Segmentation

 

By Product & Service

  • Model-based Simulation
  • Patient Simulation
  • Surgical Simulation
  • Ultrasound Simulation
  • Web-based Simulation
  • Performance Recording Software
  • Simulation Software
  • Virtual Tutors
  • Simulation Training Services
  • Custom Consulting Services
  • Educational Societies
  • Vendor-based Training

By Fidelity

  • High-fidelity
  • Medium-fidelity
  • Low-fidelity

By End User

  • Academic Institutions & Research Centers
  • Hospitals & Clinics
  • Military Organizations

By Geography

North America

  • US
  • Canada

Europe

  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
  • Poland
  • Rest of Europe

Asia-Pacific

  • Japan
  • China
  • India
  • Australia & New Zealand
  • ASEAN (Includes Indonesia, Thailand, Vietnam, Philippines, Malaysia, and Others)
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Argentina
  • Venezuela
  • Rest of Latin America

Middle East and Africa (MEA)

  • Gulf Cooperation Council (GCC) Countries
  • Israel
  • South Africa
  • Rest of MEA

Key Features of the Report:

 

  • The report provides granular level information about the market size, regional market share, historic market (2014-2018) and forecast (2019-2025)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startup’s details that are actively working in the market
  • The report provides plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
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