February 28, 2024
Medical Simulation Market

Medical Simulation Is Driving Innovation in Healthcare Training

The global medical simulation market is driven by increasing demand for minimally invasive surgeries. Medical simulation provides trainees with realistic practice scenarios before actual procedures, helping develop and enhance skills. Simulation methods such as computer-based models, virtual patients, and augmented reality allow learners to practice anatomy identification, procedural techniques, and team communication without risk to real patients. This protects patients from potential mistakes by novices and helps practitioners maintain competency throughout their careers.

Simulators are used to emulate everything from basic patient assessment to complex surgical procedures. Ranging from low-fidelity task trainers and part-body manikins to sophisticated full-body computerized systems, these products replicate human physiology and disease states to accurately represent real-world clinical situations. Trainees develop fundamental skills like physical examinations, wound suturing, IV placements before moving to more complex simulated scenarios. Advanced simulators give continuous performance feedback to identify strengths and weaknesses. The use of medical simulation in graduate medical education effectively bridges the gap between didactic learning and real patient care.

The global medical simulation market is estimated to be valued at US$ 2.3 billion in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing emphasis on continuing medical education is expected to promote increased utilization of simulation technologies. Continuing requirements compel practitioners to periodically update competencies, for which simulation offers a low-risk, anytime-accessible learning approach. Technology innovations also expand the applications of medical simulation. Augmented and virtual reality bring simulated training into the real world through interactive visualization. Advances in haptics and artificial intelligence strive to replicate true-to-life clinical experiences. As patient safety and quality of care rise in priority, simulation-based medical education will likely see wider acceptance and investment to maximize training impact.

Porter’s Analysis

Threat of new entrants: The medical simulation market requires large investments in research and development to develop highly technical training systems. This poses significant barriers to entry.

Bargaining power of buyers: Individual buyers have relatively low bargaining power in this industry due to the lack of substitutes and importance of training. However, large hospital chains and academic institutions are able to exert some pressure on prices.

Bargaining power of suppliers: A few large companies dominate the supply of high-fidelity mannequins and simulation IT systems. This gives them significant bargaining power over buyers.

Threat of new substitutes: While virtual reality and augmented reality offer potential substitutes, they are not yet able to fully replace traditional medical simulation training methods. The threat of substitution is moderate.

Competitive rivalry: The market is highly competitive with the presence of multiple global and regional players. Companies compete based on product functionality, features, services, and price.

Key Takeaways

The Global Medical Simulation Market Growth is expected to witness high over the forecast period of 2023 to 2030.

North America currently dominates the market due to high awareness and significant investments in healthcare infrastructure and training programs. The Asia Pacific region is anticipated to be the fastest growing market during the forecast period driven by increasing healthcare expenditure, focus on medical education, and rising patient population.

Key players operating in the medical simulation market are Laerdal Medical, Gaumard Scientific, CAE Healthcare, 3D Systems, Limbs & Things, Kyoto Kagaku, Simulaids, Mentice, Surgical Science, and Intelligent Ultrasound. Some of the major players are focusing on new product launches and strategic collaborations to expand their market share and service offerings. For instance, in January 2022, Laerdal Medical launched new mobile solutions for virtual and hybrid simulation in healthcare education.

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