February 24, 2024
Medical Simulation Market

Medical Simulation Is Expected To Be Flourished By Increasing Demand For Minimally-Invasive Training

Medical simulation involves training individuals and healthcare professionals through realistic simulated scenarios using advanced technology like high-fidelity manikins, computer software, simulated patients and advanced embedded technology. It enhances the expertise and competence of trainees through trial-and-error methodology in safe virtual environments without endangering patients. Various medical simulation products include comprehensive anatomy model, surgical simulation, endovascular simulation and patient simulation software. It provides tremendous scope for minimally-invasive training through innovative skill assessment, surgical planning and live tutoring.

The global medical simulation market is estimated to be valued at US$ 2491.67 million in 2024 and is expected to exhibit a CAGR of 4.7 % over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:

One of the key drivers referred from the heading is increasing demand for minimally-invasive training. Minimally-invasive procedures have emerged as a promising alternative to open surgeries as they cause less pain, fewer complications and lower healthcare costs. Due to complex nature of these procedures, extensive practice is required on medical simulation systems to master skills of operative maneuvers in restricted spaces using specialized instruments like endoscopes. This demand is expected to be supplemented by growing risks of misdiagnosis, lawsuits related to medical errors and mortality rates associated with shortage of hands-on experience. Furthermore, virtual platforms facilitate training of rare and complex cases that may not be easily available for practice in real clinical settings. Simulation also enables trainees to learn from mistakes in safe environment without compromising patient safety.

Segment Analysis

The global medical simulation market is segmented into by type, by end user and by region. Anatomical models sub segment dominates the global medical simulation market with a share of around 30% in 2024. Anatomical models are utilized in medical training to help students and clinicians gain hands-on experience through simulated procedures without risk to real patients. Their use improves learning and allows trainees to practice technical skills repeatedly until competency is achieved.

PEST Analysis

Political: Governments across developed countries are focusing on investing in healthcare infrastructure and facilitating advanced medical training methods. Some countries have also made medical simulation training compulsory for healthcare professionals.
Economic: The rising healthcare expenditure globally is positively impacting the medical simulation market. High cost of medical errors is also driving the need for better training methods using simulation.
Social: Growing patient safety awareness is increasing demand for minimally invasive procedures and realistic training methods before performing on real patients. Social demand for access to quality healthcare is also supporting market growth.
Technological: Development of high-fidelity simulation models, augmented/virtual reality and cloud-based simulations are enhancing the realism of training environments. Data analytics tools are also helping to improve simulation programs.

Key Takeaways

The Global Medical Simulation Market Growth is expected to witness high over the forecast period, supported by rising healthcare spending, patient safety concerns and technological advancements. The global medical simulation market is estimated to be valued at US$ 2491.67 million in 2024 and is expected to exhibit a CAGR of 4.7 % over the forecast period 2024 to 2031.

North America dominates the market currently due to large healthcare expenditure and presence of major players. The Asia Pacific region is projected to grow at the fastest pace during the forecast period with increasing investments by governments and hospitals in medical simulation training programs across China, India and other developing countries to enhance healthcare access.

Key players operating in the medical simulation market are Cargill, Incorporated, Archer Daniels Midland Company (ADM), Skretting (a part of Nutreco), Aller Aqua Group, BioMar Group, Ridley Corporation Limited, Purina Animal Nutrition (a subsidiary of Land O’Lakes), Nutriad International NV (acquired by ADM in 2018), BENEO GmbH, Dibaq Aquaculture. These players are focusing on product launches and partnerships to expand their global presence.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it