The global healthcare/medical simulation market size is estimated to reach USD 5.25 billion by 2026, according to a new report by Grand View Research, Inc., rising at a CAGR of 16.3% during the forecast period. Rapid technological advancements, spiraling demand for minimally invasive treatment procedures, and increasing focus on patient safety are providing a fillip to the market.
Patient safety is one of the rising concerns in the healthcare industry due to increasing death rate from medical errors. For instance, as per a study published in 2016 by patient safety researchers in the British Medical Journal, medical errors in hospitals and other healthcare facilities are reported to be the 3rd leading cause of deaths in the U.S. Simulation provides opportunity to sharpen skills and develop expertise for safe and reliable system performance. High risk situations in military and aviation operations require specialized and polished skills for handling emergency situations. Thus, simulated settings help practitioners learn from mistakes by avoiding harm caused to patients. Therefore, growing focus on patient safety is expected to drive the healthcare simulation market.
Moreover, simulation-based medical learning and training can be valuable in clinical practice. These processes and systems can offer safe and controlled circumstances in which a problem-based learning is encouraged. Such factors are anticipated to bolster the growth of the market.
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Medical Simulation Market Report Highlights
• On the basis of products and services, healthcare anatomical models are projected to dominate the healthcare simulation market throughout the forecast horizon. The segment is mainly driven by its wide range of applications in the research & manufacturing industry for conducting trials and in the medical device industry for finalizing designs, processes, or systems.
• The hospitals segment is anticipated to witness the fastest growth during the same period. Medical/healthcare simulation plays an important role in preventing the overall risk of medical error recalls in dental clinics and hospitals.
• North America dominated the market in 2017, with a share of more than 40.0%, owing to rise in medical training institutes and number of hospitals, which are focusing on standardizing their teaching practices and taking efforts to reduce risk to patient safety
• Some of the key companies present in the healthcare simulation market are Canadian Aviation Electronics, Ltd.; Laerdal Medical AS; GMentice AB; Simulab Corporation; Simulaids, Inc.; and Surgical Science Sweden AB.
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Medical Simulation Market Segmentation
Grand View Research has segmented the global medical simulation market report on the basis of products & services, end-use, and region:
Healthcare/Medical Simulation Products & Services Outlook (Revenue, USD Million, 2014 – 2026)
• Healthcare Anatomical Models
• Patient Simulators
• Task Trainers
• Interventional/Surgical Simulators
• Endovascular Simulators
• Ultrasound Simulators
• Dental Simulators
• Eye Simulators
• Web Based Simulators
• Healthcare Simulation Software
• Simulation Training Services
Healthcare/Medical Simulation End-use Outlook (Revenue, USD Million, 2014 – 2026)
• Academic Institutes
• Military Organizations
Healthcare/Medical Simulation Regional Outlook (Revenue, USD Million, 2014 – 2026)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
• South Africa
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About Grand View Research
Grand View Research is a market research and consulting company registered in the State of California having its headquarters in San Francisco. The company offers syndicated research reports, customized research reports, and consulting services. With Grand View Research, you get an opportunity to understand market trends, insights, and business statistics from a strategic standpoint. With a deep-seated understanding of many business environments, Grand View Research offers business and market intelligence studies and accomplishes more than 300 multi-country market studies.
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