Why is Increasing Geriatric Population Driving 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
- Author Email: firstname.lastname@example.org
The 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.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.
When offering is taken into consideration, the market is bifurcated into services and products, between which, the products division has been dominating the surgical simulation market up till now. The surging volume of surgeries across the globe is creating high demand for training through simulation. The products division is further classified into neurological, arthroscopic, gynecological, cardiac, laparoscopic, and endoscopic. The services division is projected to demonstrate higher CAGR during the forecast period, since having technical knowledge is also important.
Geographically, the surgical simulation market was dominated by North America during the historical period (2014–2019). The software and equipment vendors are widely collaborating with medical and research centers. In addition to this, the rising number of surgical procedures and increasing healthcare expenditure are leading to the high demand for surgical simulation solutions in the region. The Asia-Pacific region is predicted to progress at the fastest pace during the forecast period due to increasing aging population.
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.