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Medical Simulation Market to Set Phenomenal Growth in Key Regions By 2030
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The medical simulation market is set for significant growth, projected to reach $3,190.2 million by 2027, driven by advancements in healthcare technology.
Medical simulation is a training method in which healthcare professionals practice tasks and processes in real life circumstances using virtual reality or simulation models. It is considered as the modern-day methodology for training healthcare professionals using advanced educational technology. Medical simulation is also often called as healthcare simulation, simulation in healthcare, and patient simulation.
The global medical simulation market size 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. By product & service, the model-based simulation segment held more than half of the global medical simulation market share in 2019.
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Covid-19 Scenario:
1) The Covid-19 pandemic and followed by lockdown has affected several manufacturing industries.
2) The prolonged lockdown resulted in a disrupted supply chain and increased the prices of raw materials.
3) However, as the world has been recovering from the pandemic, the market is estimated to get back on track.
Increase in use of simulation in healthcare, surge in emphasis on patient safety & outcomes, limited access to live patients during training, and medical technology revolution drive the medical simulation market trend. However, the high cost of installation and other related expenditures are expected to impede the medical simulation market growth. Further, the performance of clinicians, especially improving patient safety outcomes, has improved in the recent years with the use of simulation techniques. These factors are expected to boost the growth of the market in the near future.
By product & service, the patient simulators segment generated the maximum revenue in 2019, accounting for more than one-fourth share of the global medical simulation market. Surgical simulation segment is expected to witness the highest CAGR during the forecast period, owing to increase in the number of cardiac, arthroscopic, and gynecological procedures.
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.
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.
North America accounted for the largest share in the global medical simulation market. Asia-Pacific is expected to witness highest growth rate for throughout the forecast period.
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The Major Key Players Are:
The Other Major Key Players:
Key Findings of the Medical Simulation Market:
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The main topic is the growth and trends in the medical simulation market projected to 2030.
Factors include increased use of simulation in healthcare, emphasis on patient safety, and technological advancements.
The high-fidelity simulators segment is expected to witness the highest CAGR of 15.3%.
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