The healthcare simulation market is projected to reach USD 3.4 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 15.1% during the forecast period.
shortage of healthcare personnel:
The shortage of skilled healthcare workers is the prime factor contributing to an increasing number of preventable deaths across the globe. According to the June 2021 article published by the Association of American Medical Colleges (AAMC), the rapidly increasing demand for physicians in the US will outpace its supply and is projected to create a shortfall of 37,80-124,000 physicians by 2034. Additionally, due to the ongoing COVID pandemic, the global healthcare industry is facing a severe shortage of healthcare workers.
The Physicians and nurses are frontline forces but are at a high risk of contracting COIVD-19. Many nursing schools worldwide are using technology in innovative ways to enhance teaching and learning capabilities. For instance, webcasting lectures are provided to a large number of students on several campuses. Clinical simulation centers and agreements with local healthcare service providers are helping the nursing schools secure clinical and other opportunities for students. This has increased the adoption of medical simulation solutions among end users, thereby offering lucrative growth opportunities to the vendors operating in the healthcare/medical simulation market.
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The growing use of advanced methods and approaches for providing medical education, limited access to patients during medical training, increasing demand for minimally invasive treatments, increasing focus on patient safety, and increasing demand for virtual training interaction due to the COVID-19 pandemic. Vendors are using organic growth strategies such as product launches and innovations, which has resulted into an increasing availability of advanced products globally.
By product, medical simulation anatomical models segment accounted for the largest share of the healthcare/medical simulation market in 2020
On the basis of product, medical simulation anatomical models segment accounted for the largest share of the global healthcare/medical simulation market. The large share of this segment can be attributed to the high adoption of high-fidelity (degree of realism) products, increasing primary care services, and shortage of healthcare professionals.
The academic institutes segment is expected to witness the highest growth rate in the healthcare/medical simulation market, by end user, during the forecast period
Based on end user, the academic institutes segment is expected to register the highest CAGR during the forecast period. Factors responsible for the growth of this segment are the gradual shift of focus away from traditional learning, advent of advanced simulation-based technologies, wide utilization of simulation models in medical surgeries, increasing focus on minimizing errors, and cost-effectiveness of procedural training for medical physicians.
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Geographical View: In 2020, North America accounted for the largest share of the medical simulation market, followed by Europe, Asia Pacific, Latin America, and Middle East & Africa. The large share of this market segment can be characterized by growing access to technologies, well-established distribution channels, the rising number of healthcare professionals demanding hands-on patient training, and the rise in demand for virtual and online training due to the current COVID-19 pandemic. The introduction of cutting-edge technologies in medical simulators and strategic partnerships and agreements is enhancing companies’ product and service portfolios.
Key Market Players:
The prominent players in this Healthcare Simulation Market are CAE Inc. (Canada), 3D Systems (US), Laerdal Medical (Norway), Gaumard Scientific Co. (US), Kyoto Kagaku (Japan), Surgical Science Sweden AB (Sweden), Limbs and Things (UK), Mentice AB (Sweden), Simulab Corp. (US), and Intelligent Ultrasound Group Plc (UK).
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