The healthcare/medical simulation industry has experienced significant growth in the past decade, except for the past 3 to 4 years, where the market witnessed slow growth due to global recession. However, the market is expected to grow at a CAGR of 19.1% during the forecast period from 2014 to 2019.
Dallas, TX -- (SBWIRE) -- 01/29/2015 -- Healthcare/medical simulation improves patient outcomes, facilitates increased task proficiency and patient safety, reduces medical errors, and enhances professional communication and team management skills, which reduces the overall healthcare costs. Therefore, an increased number of medical schools, training centers, and military organizations are adopting simulation technologies. In addition, there is an increasing adoption of technologically advanced simulation systems to create clinical condition situations so that the actual operations on patients can be done with minimized errors. However, high costs of simulators, limited availability of funds, and operational challenges may restrain the growth of this market during the forecast period of 2014 to 2019.
In this report, the Healthcare/Medical Simulation Market is segmented on the basis of different types of products and services, end users, and regions. This report also discusses the key market drivers, restraints, opportunities, and challenges for this market and its submarkets. The global Healthcare/Medical Simulation Market is expected to reach $2,069.2 million by 2019 from $863.5 million in 2014 and, at a CAGR of 19.1% from 2014 to 2019.
In 2013, North America was the major market for healthcare/medical simulation products and services, followed by Europe and Asia-Pacific. The highest market share of North America and European regions is primarily attributed to the presence and expansion of major healthcare/medical simulation companies through acquisitions which has improved the accessibility of healthcare/medical simulation products and services in this region. However, the future growth of the Healthcare/Medical Simulation Market will be driven by the Asia-Pacific and Latin American regions. This is mainly attributed to the continuous efforts of Asian economies toward the development of the healthcare sector in this region. These economies have modified regulations and monitored the implementation of procedures, policies, and guidelines to promote innovation and commercialization. This is attracting many homegrown entrepreneurs as well as global leaders to the region. The increasing number of hospitals, academic institutions, and medical devices propel the market for healthcare/medical simulation. Moreover, increasing focus on medical education, training, and research in India and China showcases great potential for the Healthcare/Medical Simulation Market in this region.
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The major players in the Healthcare/Medical Simulation Market are CAE, Inc. (Canada), Laerdal Medical AS (Norway), 3D Systems, Inc. (U.S.), Simulab Corporation (U.S.), Simulaids, Inc. (U.S.), Limbs and Things, Ltd (U.K.), Kyoto Kagaku Co., Ltd (Japan), Mentice AB (Sweden), Surgical Science Sweden AB (Sweden), and Gaumard Scientific Company, Inc. (U.S.).
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