Industry Outlook

The global medical simulators market held US$ 1,348.5 Mn in 2017 and expected to grow at compound annual growth rate (CAGR) of 14.6% during the forecast period from 2018 to 2026. Medical simulation is the process of recreating real life conditions that allows the trainer to control the learning environment and optimize conditions for the given experiment. There is a growing demand for the use of simulation-based medical education due to rising ethical tensions and stringent regulations associated with the use of patients and real body for training and education tools. Technological advancements in the medical simulators have made the usage of simulators in different levels of experiments in multidisciplinary areas. Moreover, growing inclination for minimally-invasive surgeries is further assisting the growth of medical simulators market. Performing minimally-invasive surgeries require proper training and psychomotor skills which can be attained by various training models using medical simulators. Advent of augmented reality in medical training and education have resulted in the heightened patient care and outcomes. Mannequin-based simulation have been widely used for practicing CPR and airway management, however, technological advancements has made various healthcare procedures possible. High cost of the devices and awareness regarding these products are the major restraining factors for the growth of the market, especially in the under-developed countries due to paucity of resources.  

"Anatomical Models to Drive the Growth of Medical Simulators Market"

In 2017, anatomical models held the largest share in the global medical simulators market owing to its growing application in interdisciplinary medical areas. The segment is set to maintain its pole position throughout the forecast period owing to its growing application in academics, hospital and other end-use areas. Manikin-based simulation is the largest sub-segment in anatomical models. Manikin-based simulation have the ability to mimic human function such as real-time vital stats, spontaneous breathing, obstruction in respiratory tracts, pupil responses and others. Moreover, availability of complex models responding to drugs, heat and environmental factors and stimulus will further drive the market during the forecast period.

The key players currently engaged in medical simulators market include Canadian Aviation Electronics, Ltd., Kyoto Kagaku Co., Ltd., Laedral Medical AS, Mentice AB, Simulab Corporation, Simulaids, Inc., and Gaumard Scientific Company, Inc. among others.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Medical Simulators market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Medical Simulators market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Medical Simulators market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Medical Simulators market?
• Which is the largest regional market for Medical Simulators market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Medical Simulators market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Medical Simulators market worldwide?