Healthcare/Medical Simulation Global Market Opportunities And Strategies To 2031

The global healthcare/medical simulation market reached a value of nearly $1,708.12 million in 2021, having grown at a compound annual growth rate (CAGR) of 7.97% since 2016. The market is expected to grow from $1,708.12 million in 2021 to $3,576.78 million in 2026 at a rate of 15.93%. The market is then expected to grow at a CAGR of 14.96% from 2026 and reach $7,181.76 million in 2031.

Growth in the historic period resulted from rising demand for minimally invasive surgical procedures, growing use of advanced methods and approaches for providing medical education, increase in mortality as a result of medical mistakes, and increasing demand for virtual training interaction due to the covid-19 pandemic. Factors that negatively affected growth in the historic period were limited availability of funding and lack of awareness.

Going forward, product launches and innovations, technology advancements in medical field, limited access to patients during medical training and increasing demand for minimally invasive treatments will drive the growth. Factors that could hinder the growth of the healthcare/medical simulation market in the future include lack of dedicated simulation operations specialists and the expensive cost of medical simulation.

The healthcare/medical simulation market is segmented by product and service into healthcare anatomical models, web-based simulation, healthcare simulation software and simulation training services. The healthcare anatomical models market was the largest segment of the healthcare/medical simulation market segmented by product and service, accounting for 55.69% of the total in 2021. Going forward, the web-based simulation segment is expected to be the fastest growing segment in the healthcare/medical simulation market segmented by product and service, at a CAGR of 17.29% during 2021-2026.

The healthcare/medical simulation market is segmented by end-user into academic institutes, hospitals, military organizations and other end-users. The academic institutes market was the largest segment of the healthcare/medical simulation market segmented by end-user, accounting for 42.06% of the total in 2021. Going forward, the academic institutes segment is expected to be the fastest growing segment in the healthcare/medical simulation market segmented by end-user, at a CAGR of 16.52% during 2021-2026.

The healthcare/medical simulation market is also segmented by technology into high-fidelity simulators, medium-fidelity simulators and low-fidelity simulators. The high-fidelity simulators market was the largest segment of the healthcare/medical simulation market segmented by technology, accounting for 41.64% of the total in 2021. Going forward, high-fidelity simulators segment is expected to be the fastest growing segment in the healthcare/medical simulation market segmented by technology, at a CAGR of 16.56% during 2021-2026.

North America was the largest region in the healthcare/medical simulation market, accounting for 33.72% of the total in 2021. It was followed by Western Europe, and then the other regions. Going forward, the fastest-growing regions in the healthcare/medical simulation market will be Asia Pacific and North America where growth will be at CAGRs of 18.53% and 17.44% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 14.94% and 13.32% respectively.

The healthcare/medical simulation market is consolidated, with small number of large players. The top ten competitors in the market made up to 45.37% of the total market in 2021. The market is expected to be change in near future with the adoption of acquisition and merger strategies by the players to enter and expand into newer geographies. Surgical Science was the largest competitor with 17.18% of the market, followed by CAE Inc. with 8.86%, Laerdal Medical with 8.64%, Gaumard Scientific with 3.67%, 3B Scientific with 1.84%, Altay Scientific with 1.71%, Simulab Corporation with 1.22%, 3D Systems with 1.00%, Limbs & Things with 0.87%, and Kyoto Kagaku Co. Ltd. with 0.38%.

The top opportunities in the healthcare/medical simulation market segmented by product and service will arise in the healthcare anatomical models segment, which will gain $979.69 million of global annual sales by 2026. The top opportunities in the healthcare/medical simulation market segmented by end-user will arise in the academic institutes segment, which will gain $824.85 million of global annual sales by 2026. The top opportunities in the healthcare/medical simulation market segmented by technology will arise in the high-fidelity simulators segment, which will gain $818.78 million of global annual sales by 2026. The healthcare/medical simulation market size will gain the most in the USA at $608.30 million.

Market-trend-based strategies for the healthcare/medical simulation market include product innovation, development of advanced procedure simulators, increasing usage of augmented reality, proliferation of 3D printing technology and an increase in acquisition activity.

Player-adopted strategies in the healthcare/medical simulation market include expanding product portfolio and business through strategic acquisition, collaboration and partnerships and strengthening business position through new product launches.

To take advantage of the opportunities, the publisher recommends healthcare/medical simulation companies to focus on product innovations, focus on development of advanced procedure simulators, use virtual reality and augmented reality, use 3D printing technology, expand in emerging markets, increase focus on mergers and acquisitions, offer competitive pricing, continue to use B2B promotions, continue to participate in events and conferences and target fast-growing end-users.

This report describes and explains the healthcare/medical simulation market and covers 2016-2021, termed the historic period, and 2021-2026 termed the forecast period, along with further forecasts for the period 2026-2031. The report evaluates the market across each region and for the major economies within each region.