The global medical simulation market is projected to reach USD 4.2 billion by 2027 from USD 1.9 billion in 2022, at a CAGR of 16.1% during the forecast period. Growth in this market is driven by the growing use of advanced methods and approaches for providing medical education, limited access to patients during medical training. However, limited availability of funds and incomplete mimicking of medical simulators are expected to restrain the growth of this market to a certain extent.
Prominent players in the medical simulation market include CAE (Canada), Laerdal Medical (Norway), Simulab Corporation (US), Simulaids (US), Limbs & Things (UK), Kyoto Kagaku (Japan), Mentice AB (Sweden), Gaumard Scientific Co. (US), Operative Experience Inc. (US), Cardionics Inc. (US) (a subsidiary of 3B Scientific), VirtaMed AG (Switzerland), SYNBONE AG (Switzerland), IngMar Medical (US), Medical-X (Netherlands), KaVo Dental GmbH (Germany), Altay Scientific (Italy), Simendo B.V. (Netherlands) VRMagic Holding AG (Germany), Symgery (Canada), HRV Simulation (France), Synaptive Medical (Canada), Inovus Medical (UK), TruCorp Ltd. (Ireland), and Surgical Science Sweden AG (Sweden). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the medical simulation market.
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CAE Inc. (Canada) CAE Inc. is one of the prominent players providing superior quality medical simulation products/software. The company’s leading position can be attributed to its wide offerings in the simulation market and its strong global presence. CAE mainly adopts product launches and acquisitions as its key growth strategies to increase its share in the market. The company launched new tools and training capabilities, including the Blue Phantom COVID-19 Ultrasound Lung Simulator, in April 2020. The acquisition of Medicor Lab brought greater capabilities and realism to patient simulators.
Laerdal Medical (Norway) Laerdal Medical is among the leading solution providers for medical simulation and skill development solutions across 25+ countries globally. The company offers a wide range of healthcare education products & services, including patient simulators, patient care manikins, skills trainers, venous/arterial access products, and simulation software. Laerdal Medical uses organic growth strategies such as product launches and innovations and inorganic growth strategies such as partnerships and collaborations to expand its geographical presence and increase its market share. The firm has collaborated with organizations such as the American Heart Association (AHA), the American Academy of Pediatrics (AAP), the British Heart Foundation (BHF), and Jhpiego.
Healthcare/Medical Simulation Market by Product and Service (Anatomical Models, Patient Simulators (High Fidelity, Low Fidelity), Task Trainer, Surgical Simulators, Software, Services), End User (Academic Institutes, Hospital) - Global Forecast to 2027
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