Emerging Economies Offering Opportunities to Players in Surgical Simulation Market
SummaryThe global surgical simulation market generated a revenue of $337.4 million in 2019, and is expected to grow at a 16.4% CAGR during the forecast period (2020–2030), as stated by a P&S Intelligence report.
- Author Company: P&S Intelligence
- Author Name: Pramod Kumar
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The key factors resulting in the growth of the market are the rising popularity of minimally invasive surgeries (MIS), surging volume of surgeries, advancements in the medical device technology, and rising geriatric population. Surgical simulation solutions are utilized for creating realistic scenarios for student, so that they can acquire necessary skills.
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On the basis of end user, the market is categorized into military organization surgical clinics, hospitals, and academic and research institutes. Among all these, the academic & research institutions category is projected to grow at the fastest pace during the forecast period. The demand for simulators is rising rapidly for enhancing the surgical skills of residents, which is necessary before they start practicing in reality. The rising number of such institutions is also creating high demand for surgical simulation solutions.
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The growing number of aged people across the globe is a major driving factor of the surgical simulation market. For example, according to the American Geriatrics Society, more than 20% of the population in the U.S. would be above the age of 65 years by 2030. As compared to younger people, aged people are more susceptible to developing chronic health problems, owing to which, they need regular medical intervention. This can be in the form of medication or surgeries, which is driving the market.
Emerging countries are predicted to offer a number of opportunities to the players operating in the surgical simulation market. The awareness among people in developing regarding surgical simulation is growing rapidly. A number of conferences are being organized in such countries for increasing the knowledge of the medical community regarding the advantages of simulation-driven surgical training. This is predicted to result in the increasing adoption of the technology in a number of countries, thereby leading to the growth of the market.
Hence, the market is being driven by the surging geriatric population and increasing awareness in emerging economies.