Healthcare/Medical Simulation Market

Market Leader - Healthcare/Medical Simulation Market

The global medical simulation market is projected to reach USD 3.4 billion by 2026 from USD 1.7 billion in 2021, at a CAGR of 15.1% from 2021 to 2026. The limited access to live patients during training, advancements in medical education, increasing demand for minimally invasive treatments, increasing focus on patient safety, and growing demand for virtual training due to current COVID-19 pandemic are the major factors driving the growth of the medical simulation market. Moreover, factors such as growing awareness pertaining to simulation education in emerging countries and shortage of healthcare personnel are creating lucrative opportunities for the market players.

The global medical simulation market is fragmented with the presence of many regional and global players CAE Inc. (Canada), Laerdal Medical (Norway), 3D Systems (US), Gaumard Scientific Co. (US), Limbs & Things (US), Surgical Science Sweden AB (Sweden), Simulab Corp. (US), Kyoto Kagaku (Japan), and Mentice AB (Sweden). are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market. Some of the prominent players in the market namely, Operative Experience, Inc. (US), Cardionics Inc. (US) (subsidiary of 3B Scientific), VirtaMed AG (Switzerland), SynBone AG (Switzerland), VRMagic Holding AG (Germany), Symgery (Canada), HRV Simulation (France), Synaptive Medical (Canada), Inovus Medical (UK), are primarily focusing on these strategies to enhance their presence in the global market.

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CAE Healthcare dominated the medical simulation market in 2020. CAE Inc. dominated the medical simulation market in 2020. 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 as its key growth strategy 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 company’s annual revenue of its healthcare segment increased to USD 351.9 million in 2020, from USD 230.6 million in 2019.

3D SYSTEMS is the second-largest player in the medical simulation market. The company derives a majority of its revenue from operations in North America. However, the firm intends to expand its business in the international market, mainly through partnerships and product launches. The sales and marketing strategy of the company focuses on integrated approaches that are directed at providing comprehensive and customized solutions designed to meet the needs of its customers. 3D Systems have ISO 13485 certified facilities and validated workflows that help accelerate its product commercialization and set competitive benchmarking. The company is currently divesting its medical simulation business to Surgical Science Sweden AB (Sweden). The deal is yet to be completely disclosed.

Related Reports:

Healthcare/Medical Simulation Market by Product and Service (Patient Simulators, High Fidelity Simulators, Low Fidelity Simulators, Task Trainer, Surgical Simulators, Virtual tutor) By End User (Academic Institutes, Hospital) - Global Forecast to 2026

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Report Code
HIT 2828
RI Published ON
9/6/2021
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