Medical Simulation Market Size to Touch USD 5.48 Billion by 2028 | Key Players and Forecast Report

Posted on 2022-09-15 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, Sept 15, 2022 — /EPR Network/ —

Medical Simulation Industry Overview

The global medical simulation market size was estimated at USD 1.72 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 16.3% from 2021 to 2028.

Growing technological advancements, preference for minimally invasive treatment, and focus on patient safety are the factors anticipated to boost the market growth. The COVID-19 pandemic has negatively impacted various market players. Canadian Aviation Electronics, Ltd reported that medical and nursing schools are a major part of the simulation products market. This has negatively impacted their ability in completing contracts and also in delivering existing orders.

COVID-19 began to hamper the demand in Asia early in the fourth quarter of the financial year 2020, with border restrictions in place, and in North America and Europe, later in March. Within the hospital market, customers were predominantly focused on handling acute operational demands due to the ongoing healthcare crisis instead of focusing on their training needs. This could result in less focus and budget for normal operations and training projects in the near term. Manufacturing operations for healthcare products also continued during the pandemic. Such a pattern of demand was observed in other companies as well.

Gather more insights about the market drivers, restrains and growth of the Global Medical Simulation market

Medical simulation in healthcare creates a safe learning environment, within which practitioners and researchers can test new clinical processes and enhance their teams’ and individuals’ skills. Most of the simulation applications include artificial patients, who can display symptoms and also respond to the simulated treatment. This allows specialists to enhance their clinical skills without risking patient lives.

Companies are involved in launching technologically advanced solutions in the market, which is also boosting the market growth. For instance, in January 2020, CAE Healthcare released the CAE Vimedix 3.0 ultrasound simulator that provides VR as well as 3D/4D ultrasound images of the heart. Furthermore, in January 2018, Gaumard Scientific Company launched the Pediatric HAL S2225, which is advanced wireless and tetherless mobile pediatric patient simulator. These factors are expected to positively impact market growth.

Browse through Grand View Research’s Medical Devices Industry Research Reports.

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Medical Simulation Market Segmentation

Grand View Research has segmented the global medical simulation market by products and services, technology, end use, and region:

Medical Simulation Products & Services Outlook (Revenue, USD Million, 2016 – 2028)

Healthcare Anatomical Models
Web-Based Simulators
Healthcare Simulation Software
Simulation Training Services

Medical Simulation Technology Outlook (Revenue, USD Million, 2016 – 2028)

Virtual Patient Simulation
3D Printing
Procedure Rehearsal Technology

Medical Simulation End-use Outlook (Revenue, USD Million, 2016 – 2028)

Academic Institutes
Hospitals
Military Organizations
Research

Medical Simulation Regional Outlook (Revenue, USD Million, 2016 – 2028)

North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)

Market Share Insights

December 2020: CAE received ISO 13485:2016 certification for its facilities in Montreal (Canada) and Sarasota (U.S.). Both are medical device and quality management systems facilities.
August 2020: TruCorp and Laerdal Medical partnered to bring a cost-effective & easy-to-implement ventilation training solution to the market.

Key Companies profiled:

Some prominent players in the global Medical Simulation market include

CAE (Canadian Aviation Electronics, Ltd)
Laerdal Medical
3D Systems
Simulab Corporation
Limbs & Things Ltd
Simulaids
Kyoto Kagaku Co., Ltd
Gaumard Scientific Company
Mentice AB
Surgical Science Sweden AB

Order a free sample PDF of the Medical Simulation Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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