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Oct 15, 2020 12:20 AM ET

Medical Simulation Market to Witness Massive Growth | Laerdal Medical AS, CAE, Inc., 3D Systems, Inc.


iCrowd Newswire - Oct 15, 2020

Medical Simulation Market by Product & Services(Model-Based Simulation, Web-Based Simulation, and Simulation Training Services), Fidelity (Low-Fidelity, Medium-Fidelity, and High-Fidelity), and End User (Academic Institutions & Research Centers, Hospitals & Clinics, and Military Organizations): Global Opportunity Analysis and Industry Forecast, 2020-2027, Covid 19 Outbreak Impact research report added by Report Ocean, is an in-depth analysis of market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider Medical Simulation market, and compares it with other markets., market definition, regional market opportunity, sales and revenue by region, manufacturing cost analysis, Industrial Chain, market effect factors analysis, Medical Simulation market size forecast, market data & Graphs and Statistics, Tables, Bar &Pie Charts, and many more for business intelligence. Get complete Report (Including Full TOC, 100+ Tables & Figures, and Chart). – In-depth Analysis Pre & Post COVID-19 Market Outbreak Impact Analysis & Situation by Region

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Medical Simulation Market (1)

The global medical simulation market was valued at $1,421.1 million in 2019, and is projected to reach $3,190.2 million by 2027, growing at a CAGR of 14.6% from 2020 to 2027.

Medical simulation is virtual duplication of in situ activities or phenomenon, representing functions and properties of a selective real abstract or process. It is used to train healthcare professionals using advanced healthcare technologies. The global medical simulation market was valued at $1,412.1 million in 2019, and is estimated to reach $3,190.2 million by 2027, growing at a CAGR of 14.6% from 2020 to 2027.

Rise in use of simulation in healthcare; increase in deaths, owing to medical errors; and necessity to improve patient safety outcomes are some factors that boost the market growth. Moreover, benefits such as training of complex as well as normal cases to professionals and technological advancements in the medical field further increases demand for medical simulation. However, high installation cost and lack of complete real situation restrains the market growth.

Further, COVID-19 has an unprecedented impact on medical education worldwide, leading to cancellation of lectures, exams, clinical rotations, and ultimately temporary closure of medical schools.

In March 2020, the International Nursing Association of Clinical Simulation and Learning (INACSL) and the Society for Simulation in Healthcare (SSH) issued a statement on the ‘use of virtual simulation as a replacement for clinical hours’ during the pandemic caused by COVID-19. The use of virtual simulation technologies is likely to be adopted during the pandemic to enhance and strengthen procedural and patient care skills. Further, increase in use of remote learning with the help of screen-based simulation,  augmented reality/AR, mixed reality, blended and/or extended reality, and virtual reality/VR is expected to drive growth of the virtual medical simulation market.

The global medical simulation market is segmented on the basis of product & service, fidelity, end user, and region. On the basis of product & service, it is divided into model-based simulation, web-based simulation, and simulation training services. The model-based simulation segment is further classified into patient simulation, surgical simulation, and ultrasound simulation.  Moreover, patient simulation is segmented into task trainers, manikin-based simulators, and standardized patient simulators. Surgical simulation is divided in laparoscopic surgical simulators, arthroscopic surgical simulators, cardiovascular simulators, gynecology simulators, and others. In addition, the web-based simulation segment is classified into simulation software, performance-recording software, and virtual tutors. The simulation training services segment comprise vendor-based training services, custom consulting services, and educational society services. By product & service, the model-based segment generated maximum revenue in 2019, accounting $727.47 million in 2019. Web-based simulation segment is expected to witness highest CAGR of 15.2% during the forecast period.

On the basis of fidelity, the market is classified into low-fidelity, medium fidelity, and high-fidelity simulators. 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.

By end user, it is divided into academic institutions & research centers, hospitals & clinics, and military organizations. 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.

Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest share in the global medical simulation market. Asia-Pacific is expected to witness highest growth rate throughout the forecast period. Increase use of medical simulation to minimize medical errors and further increase technological advancements by companies are anticipated to drive the overall market growth.

The major players profiled in the report 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, and Gaumard Scientific Company, Inc.

KEY BENEFITS FOR STAKEHOLDERS

– This report entails a detailed quantitative analysis along with the current medical simulation trends from 2019 to 2027 to identify the prevailing opportunities along with the strategic assessment.

– The market forecast is studied from 2020 to 2027.

– The market size and estimations are based on a comprehensive analysis of key developments in the industry.

– A qualitative analysis based on innovative products facilitates strategic business planning.

– The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.

Key Segments Studied in the Global Medical Simulation Market

Professional Key players: 

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,   and Gaumard Scientific Company,   Inc.

Market Segmentation:
Medical Simulation Market

By Product & Services(Model-Based Simulation, Web-Based Simulation, and Simulation Training Services),

Fidelity (Low-Fidelity, Medium-Fidelity, and High-Fidelity),

By  End User (Academic Institutions & Research Centers, Hospitals & Clinics, and Military Organizations): Global Opportunity Analysis and Industry Forecast, 2020-2027 

A combination of factors, including COVID-19 containment situation, end-use market recovery & Recovery Timeline of 2020/ 2021

covid-19 scenario Market Behavior/ Level of Risk and Opportunity End Industry Behavior/ Opportunity Assessment Expected Industry Recovery Timeline Business Impact Horizon
Opening of Economy by Q3 2020 xx xx xx xx
Recovery – Opening of Economy extended till Q4 2020 / Q1 2021 xx xx xx xx

 Under COVID-19 Outbreak Impact Analysis:
We analyzed industry trends in the context of COVID-19. We analyzed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyze the impact of COVID-19 on various regions and major countries.
The impact of COVID-19 on the future development of the industry is pointed out.

Study Explore :

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Geographical Breakdown: The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery path of Covid 19 for all regions, key developed countries and major emerging markets.

Countries: Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam

In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects: Market Structure, Growth Drivers, Restraints and Challenges, Emerging Product Trends & Market Opportunities, Porter’s Fiver Forces. The report also inspects the financial standing of the leading companies, which includes gross profit, revenue generation, sales volume, sales revenue, manufacturing cost, individual growth rate, and other financial ratios. The report basically gives information about the Market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.

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Key questions answered: Study Explore COVID 19 Outbreak Impact Analysis

The study objectives of this report are:

The Study Explore COVID 19 Outbreak Impact Analysis

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Key Points Covered in Medical Simulation Market Report:

Chapter 1, About Executive Summary to describe Definition, Specifications and Classification of Medical Simulation market, Applications, Market Segment by Regions North America, Europe or Asia;
Chapter 2, objective of the study.
Chapter 3, to display Research methodology and techniques.
Chapter 4 and 5, to show the Overall Market Analysis, segmentation analysis, characteristics;
Chapter 6 and 7, to show the Market size, share and forecast; Five forces analysis (bargaining Power of buyers/suppliers), Threats to new entrants and market condition;
Chapter 8 and 9, to show analysis by regional segmentation, comparison, leading countries and opportunities; Regional Marketing Type Analysis, Supply Chain Analysis
Chapter 10, focus on identifying the key industry influencer’s, overview of decision framework accumulated through Industry experts and strategic decision makers;
Chapter 11 and 12, Market Trend Analysis, Drivers, Challenges by consumer behavior, Marketing Channels and demand & supply.
Chapter 13 and 14, describe about the vendor landscape (classification and Market Positioning)
Chapter 15, deals with Medical Simulation  Market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.

……..and view more in complete table of Contents

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