The Business Research Company’s healthcare/medical simulation market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Aug. 11, 2022 /PRNewswire/ — The use of 3D printing technology is a key trend in the healthcare/medical simulation market. With the aid of this technology, surgeons can develop unique models that aid in their understanding of intricate procedures and enhance patient outcomes. The use of 3D models to supplement patient education has given way to patient-specific uses for 3D printing technology. Additionally, compared to previous simulation techniques, 3D-printed surgical simulators offer a number of benefits. For example, 3D Systems, a 3D printing and Virtual Surgical Planning company based in the United States, announced in October 2020 that maxillofacial surgical guides made with its LaserForm Ti and DuraForm ProX PA materials had received 510(k) clearance from the Food and Drug Administration (FDA). The newest manifestation of 3D Systems’ customer-centric commitment to meeting the demands of surgeons doing craniofacial and reconstructive operations permits more cutting-edge surgical guide designs that enhance performance.
The global healthcare/medical simulation market share is expected to grow from $2.57 billion in 2021 to $2.98 billion in 2022 at a compound annual growth rate (CAGR) of 16.04%. The healthcare/medical simulation industry growth is expected to reach $5.39 billion in 2026 at a CAGR of 15.99%.
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Technological Advancements Are A Major Market Driver
As per the healthcare/medical simulation market analysis, the technology advancements in medical field will drive the demand for the market in the forecast period. The technological advancements will not only improve the product offering but also increase the availability of healthcare/medical simulation products for learners. For example, in December 2021, CAE Healthcare, a Germany-based company that provides solutions for simulation-based medical education (SBME) to improve healthcare, clinical competency, and patient safety, has launched a medical skills trainer online store. This store brings CAE Blue Phantom ultrasound trainers and CAE Medicor clinical skills trainers under one e-commerce umbrella.
In 2021, Surgical Science Held The Largest Share Of The Market
Surgical Science was the largest company in the healthcare/medical simulation market with a 17.18% share of the market in 2021. Surgical Science’s growth strategy focuses on expanding its product portfolio through strategic acquisition. For instance, in August 2021, the company completed acquisition of all shares outstanding of Simbionix USA Corp, for $305 million. With this acquisition, Surgical Science aims to strengthens its position within robotic surgery simulation and broadens its offering to new application areas. Simbionix is a US-based company offering simulation, training, and education solutions for medical professionals and the healthcare industry.
The High Cost Of Medical Simulation Poses A Restraint On The Market’s Growth
The healthcare/medical simulation market forecast identifies the high cost of medical simulation as a restraint for the growth of the market. A human patient simulator typically ranges in price from $10,000 to $100,000 depending on the type, brand, features, and included support services. Simulation is a rapidly developing approach used to substitute for clinical experiences, but can be an expensive modality for teaching and learning. With many competing approaches available, and limited resources with which to implement them, educators must be judicious in their selection of each approach.
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