Global medical simulation market to grow $6.68B, at CAGR of 14.7% by 2030

According to the report published by Allied Market Research, the global Medical Simulation Market generated $1.68 billion in 2020, and is estimated to generate $6.68 billion by 2030, witnessing a CAGR of 14.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Increase in usage of virtual and augmented reality, assured improvement in patient safety outcomes, and rise in demand for virtual training drive the growth of the global medical simulation market. However, high costs for setting up simulators and limitations to imitate complete real situations restrain the market growth. On the other hand, technological advancements in the medical field and untapped potential in emerging economies create new opportunities in the coming years.

Covid-19 Scenario:

• The usage of virtual simulation technologies increased during the Covid-19 pandemic to improve and strengthen procedural and patient care skills in healthcare organizations.
• Moreover, increase in remote learning using screen-based simulation, augmented reality (AR), mixed reality, blended and/or extended reality, and virtual reality (VR) during the pandemic is expected to drive growth of the virtual medical simulation market.

The report offers detailed segmentation of the global medical simulation market based on product & service, fidelity, end user, and region.

Based on product & service, the model-based simulation segment contributed to the highest share in 2020, accounting for more than half of the total share, and is estimated to maintain its lead position during the forecast period. However, the web-based simulation segment is expected to manifest the highest CAGR of 15.5% from 2021 to 2030.

Based on end user, the academic institutions segment accounted for the highest share in 2020, contributing to more than half of the total share of the global medical simulation market, and is projected to maintain its leadership status during the forecast period. However, the hospitals segment is expected to witness the largest CAGR of 15.4% from 2021 to 2030.

Based on region, North America held the largest share in 2020, accounting for nearly half of the total share of the global market, and is estimated to maintain its dominance in terms of revenue during the forecast period. However, Asia-Pacific is expected to portray the largest CAGR of 16.0% from 2021 to 2030.

Leading players of the global medical simulation market analyzed in the research include CAE, Inc., Intelligent Ultrasound Group Plc., Gaumard Scientific Company, Inc., Laerdal Medical AS, Kyoto Kagaku Co. Ltd., Mentice AB, Limbs and Things, Ltd., Simulab Corporation, Operative Experience, Inc., and VirtaMed AG. Globe Newswire