Medical Simulation Market Size is Generating Revenue of $3.19 Billion by 2027
Pune, Maharashtra, India, December 15 2020 (Wiredrelease) Allied Analytics –:The report on the global medical simulation market highlights that the market is expected to reach $1.42 billion in 2019, and is projected to reach $3.19 billion by 2027, growing at a CAGR of 14.6% from 2020 to 2027. The report offers the current market size and forecasts along with Porter’s Five Forces analysis to help market players, stakeholders, startups, and investors to determine the current scenario and take further steps for the future. Drivers and opportunities for highest revenue generating and fastest growing segments would help in tapping into specific segment to achieve growth. Moreover, regional analysis would assist in expansion strategies for the market players and startups. By product & service, the model-based simulation segment held more than half of the global medical simulation market share in 2019.
Medical simulation is a training method in which healthcare professionals practice tasks and processes in real life circumstances using virtual reality or simulation models. It is considered as the modern-day methodology for training healthcare professionals using advanced educational technology. Medical simulation is also often called as healthcare simulation, simulation in healthcare, and patient simulation.
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The market report includes a detailed analysis of the Covid-19 impact on the medical simulation market. Over the course of 2020–2027, the market is expected to show significant growth. However, the recent Covid-19 outbreak is likely to affect some of the business operations. The report includes an analysis of how Covid-19 has and will affect the industry, studying reliable sources, interviews of experts, and annual reports of the major market players. The report includes major drivers, restraints, and opportunities within the medical simulation market.
Increase in use of simulation in healthcare, surge in emphasis on patient safety & outcomes, limited access to live patients during training, and medical technology revolution drive the medical simulation market trend. However, the high cost of installation and other related expenditures are expected to impede the medical simulation market growth. Further, the performance of clinicians, especially improving patient safety outcomes, has improved in the recent years with the use of simulation techniques. These factors are expected to boost the growth of the market in the near future.
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By product & service, the patient simulators segment generated the maximum revenue in 2019, accounting for more than one-fourth share of the global medical simulation market. Surgical simulation segment is expected to witness the highest CAGR during the forecast period, owing to increase in the number of cardiac, arthroscopic, and gynecological procedures.
By fidelity, the low-fidelity simulators segment dominated the market in 2019 with $671.29 million. High-fidelity segment is expected to witness highest CAGR of 15.3% during the forecast period.
Based on end user, the hospitals segment dominated the market in 2019 with $761.41. Academic institutions segment is expected to witness highest CAGR of 15.3% during the forecast period.
North America accounted for the largest share in the global medical simulation market. Asia-Pacific is expected to witness highest growth rate for throughout the forecast period.
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The Major Key Players Are:
Laerdal Medical AS CAE, Inc. 3D Systems, Inc. Simulab Corporation Simulaids, Inc. Limbs and Things, Ltd. Kyoto Kagaku Co. Ltd. Mentice AB Surgical Science Sweden AB Gaumard Scientific Company, Inc.
The Other Major Key Players:
MSC 3-Dmed HRV Medical Simulation Technologies sp. Remedy Simulation Group MEDICAL-X Medaphor Canadian Aviation Electronics, Ltd.
Key Findings of the Medical Simulation Market:
• By product & services, the model-based simulation segment accounted for a $727.47in the global medical simulation market in 2019.
• By fidelity, the low-fidelity segment account for the largest share and the high fidelity segment is anticipated to grow with the highest CAGR of 15.3% throughout the forecast period.
• By end user, academic institutions accounted for the largest share and expected to dominate the medical simulation market with a CAGR of 15.3% during the forecast period.
• North America accounted for the largest share in the global medical simulation market. Asia-Pacific is expected to witness highest growth rate for throughout the forecast period.
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