The global healthcare/medical simulation market will grow at a CAGR of 15.0% from 2017 to 2022 to reach USD $2,281.0 million by 2022, according to this latest publication from Meticulous Research®. The healthcare/medical simulation market will be driven by the growing need to curtail mounting healthcare costs which is primarily attributed to the shortage of healthcare professional, increased healthcare spending, increased administrative expenses, changing lifestyle choices, availability of high end technologies, and growing population in general. Growing focus on patient safety, technological revolution, increasing preference to the minimal invasive surgeries, and education revolution are the other leading factors expected to propel the growth of the global medical simulation market. However, the high end cost of medical simulators, unstable economies, limited availability of funds, and lack of humanitarian approach have negative impact on the growth of this market and could restrict it to some extent.
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The healthcare/medical simulation market is segmented by product (patient simulators, task trainers, web-based simulation, surgical simulators, simulation software, endovascular simulators, ultrasound simulators, and simulation accessories), services (educational services, hospital services, vendor-based services), end-user (academic institutes, hospitals, military, emergency medical services, and voluntary organizations), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
North America holds the major share in the global medical simulation market followed by Europe and Asia-Pacific region. However, Asia-Pacific region possesses lucrative growth potential for the medical simulation market during the forecast period. This is mainly attributed to the extensive customer base in these regions due to large base of population and rising prevalence of various disorders. Most of the medical simulation products and services in this region will be driven by developing countries such as India and China due to the increasing purchasing power, rising expenditure on healthcare infrastructure, and increasing focus on affordable healthcare. Moreover, growing focus on advanced medical education, training, and research in India and China showcases great potential for the medical simulation market in these countries.
The leading companies have employed various strategies to expand their product and services offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global medical simulation market were new product developments, agreements and collaborations, and expansions. New Product Launches/Enhancements was a most preferred growth strategy adopted by the key players, during the period of 2014-2017, enabling companies to expand their product offerings and ensure a competitive edge in the global medical simulation market. The key players in the global medical simulation market are Laerdal Medical, Gaumard Scientific Company, Inc., CAE Healthcare, Inc, Limbs & Things, Ltd, Mentice Ab, Kyoto Kagaku Co., Ltd., Simulab Corporation, Simulaids, Inc., Surgical Science AB, Adam Rouilly, Altay Scientific, Yuan Technology Limited, KaVo Dental GmbH, IngMar Medical, MediShield B.V, Medical Simulation Corporation (MSC), 3D Systems (Simbionix), Simendo, 3B Scientific, 3-DMED, Tellyes Scientific Co., Ltd, and Trucorp Ltd.
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