According to the latest report published by Variant Market Research,the Global Medical Simulation Market size is projected to reach $3,506 Million by 2025 from $1,175 Million in 2017. In this report, Medical Simulation market forecast says that the global market is growing at a CAGR of 14.6% from 2017 to 2025. By Geography, Asia-Pacific and Rest of the World are expected to grow at a CAGR of 15.7% and 15.1%, respectively, during the forecast period.
"Medical Simulation Market (By Product & Service: Model-Based Simulation, Web-Based Simulation, and Simulation Training Services; By Fidelity: Low Fidelity, Medium Fidelity and High Fidelity; By End-User: Academic Institutions & Research Centers, Military Organizations, and Hospitals & Clinics;By Geography: North America, Europe, Asia-Pacific and Row) Global Scenario, Market Size, Outlook, Trend and Forecast, 2016 – 2025"
The global medical simulation market is mainly driven by advantages of simulation over traditional learning
Intensifying focus on patient safety, advantages of simulation over traditional learning, and growing demand for minimally invasive treatments are the factors driving the growth of the global medical simulation market. However, high set-up cost of simulation may hamper the market growth. Moreover, rising awareness about simulation education in emerging economies is likely to open up new growth opportunities for the market in the coming years.
Product & service, fidelity, end user, and geography are the segments considered in the global medical simulation market. On the basis of product & service the segmentation includes web-based simulation, model-based simulation, and simulation training services. The fidelity segment can be divided into low fidelity, medium fidelity, and high fidelity. Furthermore, military organization, academic institutions & research centers, and hospitals & clinics are covered under end user segment.
The country wise analysis has been also covered under the scope of the report. North America covers the U.S., Canada, and Mexico. Germany, France, UK, Spain, Italyand Rest of Europe are analyzed under the European market. China, Japan, India, South Korea and Rest of Asia-Pacific are included under the Asia-Pacific market. While,RoW is bifurcated into South America, Middle East, and Africa.
Academic institutions & research centers, by end user is expected to grow with fastest pace
On the basis of end user, the academic institutions & research centersis likely to attain the fastest CAGR over the forecast period, owing to the increasing awareness of patient safety, focus on minimizing medical errors, and the rising number of medical school enrollees.
North America contributed for the majority of the share in the global medical simulation market
In the year 2017, North America generated the largest revenue accounting for 36.03%, and is expected to continue its trend over the forecast period 2017 – 2025. The high growth on the region can be attributed to the ease of accessibility to technologies, well-established distribution channels, and high adoption of simulation by medical universities and training centers,However, Asia-Pacificis anticipated to attain the fastest CAGR over the forecast period.
Key players operating in the market include 3D Systems, Laerdal Medical, CAE, Simulab Corporation, Simulaids, Limbs and Things, Mentice, Kyoto Kagaku, Surgical Science Sweden, Gaumard Scientific Company, and Medaphor among others.