Healthcare Simulation Market Analysis | 2021-2026

Market Insights

"The healthcare simulation market was valued at US$ 1.4 billion in 2020 and is projected to reach US$ 2.9 billion by 2026, registering a CAGR of 12% during the forecast period."

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What is healthcare simulation?

Healthcare simulation is a modern way to train healthcare professionals through the use of cutting-edge educational technology. It's an artificial model that encompasses different man-made models to attain educational objectives through hands-on learning. The propelling factors for the market growth of healthcare simulation include continuous technological advancements, increasing concerns over patient safety, and increasing demand for minimally invasive treatments.

Market Dynamics

The healthcare simulation market was expected to experience significant growth in the coming years. Here are some of the market trends and projections:

Patient safety is a major concern in healthcare, and simulation technologies can provide healthcare professionals with realistic scenarios for training and practice. This is expected to drive the demand for healthcare simulation technologies.

The healthcare simulation market is expected to benefit from advancements in technology, such as augmented reality and virtual reality, which can create more immersive and realistic training experiences.

Simulation is becoming increasingly important in medical education, as it allows students to practice procedures and techniques in a safe and controlled environment. This is expected to drive the demand for healthcare simulation technologies.

Over the last few years, healthcare simulation has become an established prerequisite for minimally invasive surgeries (MIS). For a variety of surgical procedures, minimally invasive approaches are rapidly becoming the gold standard. Smaller incisions are used in these MIS treatments, resulting in a faster recovery time, which aids the overall market growth. Medical simulation systems, as well as standardized patient simulators, have seen fast expansions in recent years, owing to the increased technological advancements and their acceptance in the healthcare industry.

Lack of capital, less time for simulation exercises, and a lack of management interest have been the major impediments for hospitals or healthcare institutions in implementing simulation products and services. There was a positive influence on the overall healthcare industry due to the COVID-pandemic and such was the effect on the healthcare simulation market as well.

According to WHO, the burden of patient harm

Each year, a staggering number of patients experience harm or even loss of life as a result of inadequate and hazardous health care. A multitude of medical practices and dangers associated with the provision of health care are emerging as substantial obstacles to patient safety, contributing significantly to the burden of harm caused by unsafe care. Listed below are some of the most pressing patient safety concerns.

Medication errors are a significant contributor to injury and preventable harm in healthcare systems, with a staggering estimated annual cost of US$ 42 billion worldwide.

In high-income countries, healthcare-associated infections are prevalent in 7 out of every 100 hospitalized patients, while in low- and middle-income countries, the rate is even higher, affecting 10 out of every 100 hospitalized patients.

Unsafe surgical procedures can result in complications for up to a quarter of patients. This translates to almost 7 million surgical patients experiencing significant complications every year, with 1 million of them succumbing during or immediately after surgery.

Unsafe injection practices in healthcare settings not only pose a direct threat to patients and healthcare workers, but also increase the risk of infection transmission, including HIV and hepatitis B and C. These practices are responsible for an estimated 9.2 million years of life lost to disability and death worldwide, as measured by Disability Adjusted Life Years (DALYs).

Approximately 5% of adults in outpatient care settings experience diagnostic errors, with over half of these errors having the potential to cause severe harm. It's estimated that the majority of people will experience a diagnostic error at some point in their lifetime.

Unsafe transfusion practices can put patients at risk of adverse transfusion reactions and infection transmission. In a study conducted across 21 countries, the incidence of serious adverse transfusion reactions was found to be 8.7 per 100,000 distributed blood components on average.

Radiation errors encompass various types of mistakes, such as overexposure to radiation or misidentification of the patient or treatment site. After analyzing 30 years of safety data in radiotherapy, a review suggests that such errors occur in approximately 15 out of 10,000 treatment courses.

Sepsis, a potentially life-threatening condition, is often not identified in its early stages, which can have dire consequences. Unfortunately, sepsis infections are often resistant to antibiotics, which can lead to rapidly deteriorating clinical conditions. Shockingly, it is estimated that this condition affects over 31 million people around the world, causing more than 5 million deaths annually.

Blood clots, also known as venous thromboembolism, are a prevalent and avoidable source of harm to patients, accounting for one-third of hospitalization-related complications. High-income countries experience an estimated 3.9 million cases each year, with low- and middle-income countries seeing as many as 6 million cases annually.

Segment Analysis

Product Insights

"Patient simulators accounted for the largest market share."

The market has been segmented as patient simulators, surgical simulators, and ultrasound simulators. Patient simulators are further segmented as high-fidelity, medium-fidelity, and low-fidelity patient simulators. Patient simulators occupied a major market share of more than 65% in 2020, followed by surgical simulators and ultrasound simulators.

Both, surgical and ultrasound simulators are further segmented into technology-based, web-based, and computer-based simulators. Among these additional classifications of simulators, the technology-based surgical and ultrasound simulators accounted for the dominant market shares.

End-Use Insights

"The academic & research institute segment accounted for the largest market share."

The market is segmented by hospitals, academic & research institutes, and ambulances. Among these segments, the academic & research institute segment owned the major market share of more than 70% in 2020, followed by hospitals and ambulances.

Regional Trends

"North America is expected to remain the largest market share."

North America is expected to remain the largest market share for healthcare simulation and it held a revenue share of more than 50% in 2020. This region has the presence of a large number of major players such as CAE Inc., Laerdal Medical, Gaumard Scientific Company, and Nasco HealthCare, making the region the growth engine of the global healthcare simulation market. Most of the healthcare simulation providers have their presence in the region to address the requirements of the academic & research institutes and hospitals. Europe and Asia-Pacific are also likely to create sizeable opportunities in the coming five years, driven by an expected rebound in healthcare simulator demand coupled with a paradigm shift from medical mannequins to high-fidelity simulators.

Latin America is expected to witness significant growth in the healthcare simulation market due to the increasing demand for advanced healthcare technologies and the growing need to improve patient safety. Brazil and Mexico are the major contributors to the growth of the healthcare simulation market in Latin America.

The Middle East and Africa region are also witnessing growth in the healthcare simulation market due to the increasing focus on healthcare infrastructure development, the rising demand for virtual training programs, and the growing adoption of advanced healthcare technologies. UAE, Saudi Arabia, and South Africa are the major contributors to the growth of the healthcare simulation market in the Middle East and Africa.

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Key Players

The following are the key players in the healthcare simulation market:

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

What deliverables will you get in this report?

Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert:

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s healthcare simulation market realities and future market possibilities for the forecast period of 2021 to 2026. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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Company Profiling

• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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