Medical Simulation - Market Insights, Competitive Landscape, and Market Forecast - 2030

Medical Simulation Market By Type (Products [Surgical Simulators {Laparoscopic Surgical Simulators, Gynecology Surgical Simulators, Cardiac Surgical Simulators, Arthroscopic Surgical Simulators, And Others}, Task Trainers, And Others] And Services And Software [Web-Based Simulation, Medical Simulation Software, And Others], Fidelity (High-Fidelity Simulators, Medium-Fidelity Simulators, And Low-Fidelity Simulators), End-User (Hospitals And Academic & Research Institutes), and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing need to enhance patient safety outcomes and increase in mortality as a result of medical mistakes

The global medical simulation market is estimated to grow at a CAGR of 13.29% during the forecast period from 2024 to 2030. The demand for medical simulation is primarily being boosted by the growing technological advancements, preference for minimally invasive treatment, rising focus on patient safety, growing awareness on stimulation education, and the increasing product and services launches across the globe among others are thereby contributing to the overall growth of the medical simulation market during the forecast period from 2024-2030.

Medical Simulation Market Dynamics:

The medical simulation market is witnessing a growth in product demand owing to various factors, one of the key factors being the increasing preference for minimally invasive surgeries (MIS) among patients across the globe.

MIS has been considered the most ideal surgical treatment for years. Laparoscopic procedures, cardiac procedures, gynecological, orthopedic, and other procedures use MIS as an alternative to traditional open surgery.

MIS has several advantages, such as fewer incisions, less chance of infection, and rapid recovery time. Therefore, physicians recommend MIS procedures to treat chronic disorders such as gynecological, urological, gastrointestinal, and others due to various advantages offered by the procedure, thereby increasing the adoption of these surgeries.

Further, long-term outcomes, surgeon's recommendation, and complication risk are the most important criteria identified by patients when choosing between open and minimally invasive surgery (MIS).

Patients also perceived MIS surgery to have advantages over open surgery in postoperative pain, complication risk, recovery time, cost, and anesthesia requirement. Most patients prefer a minimally invasive approach to their treatment. Patients view MIS surgery more favorably than open surgery overall. Thus, a rise in the demand for MIS is anticipated to drive the medical simulation market as medical simulation helps provide training to physicians or surgeons to perform MIS conveniently.

Further, simulation can help physicians or surgeons recognize and address age-related problems during any surgical process. Medical simulation can help determine incompetence, enhance skills, and assist anesthesiologists in making plans for their future clinical careers. Therefore, as patient safety concerns increase, physicians may use medical simulation training as a crucial component of their careers, which will increase the demand for medical stimulation products and services.

Additionally, the usage of standardized patient simulators and medical simulation systems has expanded quickly over the past several years, largely as a result of rising technical breakthroughs and their adoption in the healthcare industry. The METIman simulator, created by CAE simulators, is one of the most cutting-edge and lifelike simulators in recent memory. As a result, the use of medical simulation to teach healthcare workers is growing due to numerous technical developments, and as a result, the market's growth is anticipated to accelerate over the forecast period. Therefore, the above-mentioned factors are contributing to the growth of the medical simulation market during the forecast period from 2024-2030.

However, the high cost of simulators, limited availability of funds, and others may restrict the medical simulation market growth.

Medical Simulation Market Segment Analysis:

Medical Simulation Market by Type (Products [Surgical Simulators {Laparoscopic Surgical Simulators, Gynecology Surgical Simulators, Cardiac Surgical Simulators, Arthroscopic Surgical Simulators, and Others}, Task Trainers, and Others] and Services And Software [Web-Based Simulation, Medical Simulation Software, and Others], Fidelity (High-Fidelity Simulators, Medium-Fidelity Simulators, and Low-Fidelity Simulators), End-User (Hospitals and Academic & Research Institutes), and Geography (North America, Europe, Asia-Pacific, and the Rest of the World)

In the type segment of the medical simulation market, the cardiac surgical simulators category is expected to amass a significant revenue share in the year 2023. This can be attributed to the high prevalence of cardiovascular diseases (CVDs) around the world and the rising adoption rate of the cardiac simulator in hospitals, and research centers.

According to the Centers for Disease Control and Prevention (CDC) 2022, in 2020, about 20.1 million Americans of age 20 years and older had coronary artery disease (CAD) and it was responsible for about 382,820 deaths in 2020.

Further, according to the 2022 report presented by British Heart Foundation, heart failure affected at least 64 million people worldwide in 2022.

Hence, owing to the high prevalence and mortality due to cardiovascular diseases, the demand for effective and advanced treatment is increasing globally, which is expected to drive the demand for cardiac surgical simulators, and the segment is expected to have significant growth over the forecast period.

Furthermore, cardiac simulation has become a workable addition to surgical education and training for the majority of specialties.

Additionally, the major market players have introduced several novel products, increasing the acceptance of these cardiac simulators and making them more user- and cost-friendly. This development is also anticipated to spur the development of cardiac surgical simulators. For instance, in March 2022, MedLern, a leading provider of digital learning solutions for hospitals and healthcare professionals, unveiled HeartCodeComplete, an online program that was jointly created and is powered by the American Heart Association and Laerdal Medical technology and provides innovative resuscitation training without the need for instructor supervision. As a result, the use of the cardiac surgical simulator is anticipated to increase due to the high and rising prevalence of CVDs, as well as the growing awareness of minimally invasive therapies and the expanding number of hospitals around the world.

The cardiac surgical simulator market is therefore anticipated to increase significantly throughout the projected period for the aforementioned reasons, thereby contributing to the growth of the medical simulation market during the forecast period from 2024-2030.

North America is expected to dominate the overall Medical Simulation Market:

Among all the regions, North America is estimated to account for the largest share of the Global Medical Simulation market in the year 2023. This domination is due to the growing prevalence of chronic diseases that require surgeries, technological advancements, the presence of major players in this region, increasing launch of medical simulators by market players, among others will propel the market of medical simulation in North America.

The crude incidence rate of ischemic heart disease per 100,000 people aged 65 and over was 2,306 for men and 1,537 for women, according to a report released by the Public Health Agency of Canada in 2021. The rate for chronic obstructive pulmonary disease was 1,750.6 for men and 1,411.4 for women.

Additionally, the Globocan 2020 report estimates that there will be 3.5 million new cases of cancer in Northern America by 2040, up from the region's current estimate of 2.6 million cases, in 2020. As a result of the high burden of chronic diseases in the area, the adoption of medical simulators is anticipated to rise during the forecast period.

Further, the rising preference for minimally invasive surgeries (MIS) will increase the demand for medical simulation in the region. For instance, most women who undergo oophorectomy and ovarian cystectomy for benign causes receive minimally invasive surgery as fewer problems are linked to minimally invasive surgery than laparotomy. Thus, the increasing preference for MIS will increase the demand for medical simulation as it may be beneficial in providing training and information to physicians or surgeons.

The key players in this market have also introduced several cutting-edge items, which is encouraging more people to use these energizing services and products. For instance, GIGXR, Inc., a provider of the immersive learning system for instructor-led teaching and training using medical simulators, introduced the HoloPatient Remote and GIG Mobile for medical and nursing schools in October 2020.

Thus, all the above-mentioned factors will lead to an increase in the North America medical simulation market growth during the forecasting period of 2024-2030.

Medical Simulation Market Key Players:

Some of the key market players operating in the medical simulation market include CAE Inc., 3D Systems, Inc., Gaumard Scientific, Laerdal Medical Impelsys Private Limited (MedLearn), Inovus Limited, 3B Scientific, Kyoto Kagaku Co., Ltd., Limbs & Things LTD, Intelligent Ultrasound, Mentice, NASCO, Operative Experience, Inc., Simulab Corporation, Simulaids, VirtalMed AG, Surgical Science, Simendo, Haag-Streit GmbH, KaVo Dental, and others.

Recent Developmental Activities in the Medical Simulation Market:

In March 2022, MedLern, a leading digital learning solution for hospitals and healthcare professionals, unveiled an innovative, online resuscitation training platform that does not require instructor oversight. The globally proven, online program, HeartCode Complete is co-developed and powered by American Heart Association (Association) science and Laerdal Medical technology.

In January 2022, Inovus Medical launched a new high-fidelity hysteroscopy simulator, HystAR. The simulator combines the company's patented augmented reality technology and cloud-based learning platform with the natural haptics of its simulated tissue models to deliver highly realistic, scalable, tracked hysteroscopy skills training

In 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

In August 2020, TruCorp and Laerdal Medical partnered to bring a cost-effective & easy-to-implement ventilation training solution to the market.

Key Takeaways from the Medical Simulation Market Report Study

Market size analysis for current medical simulation market size (2023), and market forecast for 5 years (2024-2030)

Top key product/services/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global medical simulation market.

Various opportunities available for the other competitor in the medical simulation market space.

What are the top-performing segments in 2023? How these segments will perform in 2030.

Which are the top-performing regions and countries in the current medical simulation market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for medical simulation market growth in the coming future?

Target Audience who can be benefited from this Medical Simulation Market Report Study

Medical Simulation products providers

Research organizations and consulting companies

Medical Simulation-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in medical simulation

Various End-users who want to know more about the medical simulation market and the latest technological developments in the medical simulation market.

Frequently Asked Questions for the Medical Simulation Market:

1. What is Medical Simulation?

Medical simulation is the modern-day methodology for training healthcare professionals through advanced educational technology. Medical simulation is experiential learning that every healthcare professional may need, but cannot be consistently engaged in during real-life patient care.

2. What is the market for global medical simulation?

The global medical simulation market is estimated to grow at a CAGR of 13.29% during the forecast period from 2024 to 2030.

3. What are the drivers for the global medical simulation market?

The demand for medical simulation is primarily being heightened by the growing technological advancements, surging preference for minimally invasive treatment, and rising focus on patient safety, limited access to patients during medical training, rising government and non-government measures to improve the skilled training of healthcare workers among others, thereby contributing to the overall growth of the Medical Simulation market during the forecast period from 2024-2030.

4. Who are the key players operating in the global medical simulation market?

Some of the key market players operating in the medical simulation market include CAE Inc., 3D Systems, Inc., Gaumard Scientific, Laerdal Medical Impelsys Private Limited (MedLearn), Inovus Limited, 3B Scientific, Kyoto Kagaku Co., Ltd., Limbs & Things LTD, Intelligent Ultrasound, Mentice, NASCO, Operative Experience, Inc., Simulab Corporation, Simulaids, VirtalMed AG, Surgical Science, Simendo, Haag-Streit GmbH, KaVo Dental, and others.

5. Which region has the highest share in the medical simulation market?

North America is expected to dominate the overall medical simulation market during the forecast period from 2024-2030. Factors such as the increasing demand for hands-on training from rapidly increasing healthcare professionals, the presence of major players in the market, technological advancements, high investments in the region, and high disposable income among others will positively impact the North American medical simulation market.