Medical Simulation Market Growth, Analysis - Segmented by Products & Services , Technology (High-Fidelity Simulators, Medium-Fidelity Simulators, and Low-Fidelity Simulators), End User, and Geography - Trends, and Forecast (2018 - 2025)
Medical simulation is the modern day methodology for training healthcare professionals through the use of advanced educational technology. Medical simulation is an experiential learning that every healthcare professional will need, but cannot be engaged in always during real-life patient care. Medical simulation has also been called healthcare simulation, simulation in healthcare, patient simulation, nursing simulation, surgical simulation, and clinical simulation. The Global Medical Simulation Market was valued at USD 1,087.08 million in 2017, and is expected to reach USD 2,195.61 million by 2023, by registering a CAGR of 12.43%, during the forecast period (2018 - 2023).
Continuous Technological Advancements
Technology-enhanced simulation has seen increasing applications in healthcare for the purpose of training healthcare professionals. Furthermore, it is projected to play critical roles in standardized assessment of clinical competencies and as clinical research tools, manikins have been widely available for practices, such as CPR and airway management training, over the last decade; new simulators that are unprecedented in their functionality, have been produced. New features reproduced many, but not all, of the signs seen in deteriorating patents. It became possible to interface them to commercial physiological monitors, anesthesia machines, ventilators, and even cardiac defibrillators. Consequently, it became feasible to recreate most medical emergencies with acceptable realism. Patient-Specific Virtual Reality Simulation (PSVR) is a new technological advancement that allows the practice of upcoming real operations and complements the established role of VR simulation as a generic training tool. So, this factor is driving the medical simulation market. The other factors, such as the rising number of minimally adhesive surgeries and innovations in patient simulators, and increasing concern over patient safety are driving the medical simulation market to grow.
High Cost of Simulators
Due to the high fixed (overhead) cost structure of simulation centers, economic viability is directly tied with the number of billable hours taught per week. Various types of High Fidelity Manikin and their approximate costing as of 2017 were as follows-
- METI Man HPS (CAE) - Unit Cost >USD 200,000
- SIM MAN 3G - Unit Cost USD 96,000
- Mega-code Kelly - Unit cost USD 11,000
- SIM MAN Essential - Unit Cost USD 20,000
Most institutions recognize the overall benefits of simulation, however, concerns exist over the capital costs of developing a simulation center. The reported average cost to start a well-equipped lab is estimated at USD 450,000 (ranging from USD 100,000 to several million dollars). Up-front costs include space development or remodeling if needed, and purchase of trainer systems, which can range from very simple models and multipurpose laparoscopic box trainers to more sophisticated virtual-reality endoscopic, laparoscopic or robotic platforms. In addition, a simulation center requires USD 12,000-300,000 annually, for consumable materials, such as surgical supplies, maintenance, and upgrades, as well as other administrative overhead costs. However, it may cost as little as a few thousand dollars to obtain simple laparoscopic trainer boxes and supplies, if already available, laparoscopic equipment can be utilized for training sessions. So, these high costs are hindering the growth of the medical simulation market. The other factors, such as reluctance to adopt new training methods and limited availability of funds, especially in the developing and underdeveloped countries is also hindering the growth of the market.
Market Segmentation Insights for the Medical Simulation Market
Under the Product segment, Other categories of products have the largest market share, while 29% of market share in 2017 was attributable to Interventional/Surgical Simulators. Under Interventional/Surgical Simulators, both, the largest market share and the highest growth were exhibited by Laparoscopic Surgical Simulators. The high growth rate estimates for Laparoscopic Simulators were due to increasing demand for minimally invasive surgeries (MIS) around the globe.
The US medical simulation market holds the largest market share in 2017 in North America region due to the presence of a high-quality healthcare system and modern medical technology in the country. Additionally, the presence of prominent players in the region is likely to contribute to the growth of the medical simulation market.
Key Developments in the Market
- December 2017- Mentice has acquired Endovascular Business from Medical Simulation Corporation, which has strengthen its presence in US region.
Major Players -3D Systems, Canadian Aviation Electronics, Gaumard Scientific Company Inc., Kyoto Kagaku Co. Ltd., Laerdal, Limbs & Things, Mentice AB, Simulab Corporation, Simulaids Inc., Surgical Science Sweden AB, among others.
Reasons to Purchase the Report
- Current and future of Medical Simulation Market outlook in the developed and emerging markets
- Analysis of various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments, market shares, and strategies employed by the major market players
- 3 months analyst support, along with the market estimate sheet (in Excel)
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