Market Trends of Global Medical Simulation Industry
This section covers the major market trends shaping the Medical Simulation Market according to our research experts:
Cardiac Surgical Simulators is Expected to Hold a Significant Market Share Over Forecast Period
Owing to the high prevalence of cardiovascular diseases (CVDs) around the world, the adoption rate of the cardiac simulator in hospitals, and research centers is continuously increasing due to the rising number of surgical and other treatment procedures. For instance, according to the July 2022 update of the Centers for Disease Control and Prevention, in 2020, about 20.1 million Americans of age 20 years and older had coronary artery disease (CAD) and it was responsible for about 382,820 deaths 2020 and hence, owing to the high prevalence and mortality due to the cardiovascular diseases, the demand for effective and advanced treatment is increasing globally, which is expected to drive the demand of the cardiac surgical simulators and segment is expected to have significant growth over the forecast period. Further, as per the article titled 'Heart failure (HF) in France: chronic heart failure therapeutic management and risk of cardiac decompensation in real-life setting', published in February 2020, in France, around one million persons would be affected by heart failure (HF); there are nearly 70,000 deaths related to HF, and more than 150,000 hospitalizations despite well-defined treatment management. Moreover, cardiac simulation has emerged as a feasible adjunct to surgical education and training for most specialties, and thus, with the high burden of CVDs, the studied segment is expected to grow over the forecast period.
In addition, there have been several innovative product launches by the key players in the market which is further increasing the adoption of these cardiac simulators making them more user and budget-friendly, this factor is also expected to boost the growth of cardiac surgical simulators. For instance, in March 2022, MedLern, a leading digital learning solution for hospitals and healthcare professionals, unveiled an innovative, online resuscitation training platform that does not require instructor oversight, and this online program, HeartCodeComplete is co-developed and powered by the American Heart Association and Laerdal Medical technology. Therefore, the high and increasing prevalence of CVDs coupled with the growing awareness regarding minimally invasive treatments and the rising number of hospitals worldwide is expected to propel the adoption of the cardiac surgical simulator. Thus, due to the above-mentioned reasons, the cardiac surgical simulator segment is expected to have significant growth over the forecast period.
North America is Expected to Dominate the Medical Simulation Market Over the Forecast Period
North America is expected to dominate the market for medical simulators over the forecast period. The factors such as the growing prevalence of chronic diseases that require surgeries, technological advancements, and the presence of major players in this region is expected to be the major contributor to the growth of medical simulator devices. For instance, according to a report published by the Public Health Agency of Canada in December 2021, the crude incidence rate per 100,000 persons aged 65 years and more for ischemic heart disease was 2,306.9 in men and 1,537 for women and chronic obstructive pulmonary disease was 1,750.6 in men and 1,411.4 in women. In addition, according to the Globocan 2020 report, the estimated cancer prevalence in Northern America region is expected to increase from 2.6 million cases in 2020 to 3.5 million cases by 2040 and hence, owing to the high burden of chronic diseases in the region, the adoption of medical simulators is expected to increase in the region over the forecast period.
Further, the growing adoption of minimally invasive surgeries in the region is expected to boost growth in the medical simulation market as simulation helps in getting hands-on for real surgical procedures. For instance, according to the research study published in November 2021, titled 'Trends in the Use of Minimally Invasive Adnexal Surgery in the United States', most women who undergo oophorectomy and ovarian cystectomy for benign causes receive minimally invasive surgery as fewer problems are linked to minimally invasive surgery than laparotomy. In addition, the major players in this region have launched several innovative products, which is boosting the adoption of these stimulating services and goods. For Instance, in October 2020, -GIGXR, Inc., a provider of the medical simulator immersive learning System for instructor-led teaching and training, launched the HoloPatient Remote and GIG Mobile for medical and nursing schools. Therefore, due to the aforementioned factors, the north American region is expected to hold a significant share in the medical simulation market over the forecast period.
