Dallas, TX -- (ReleaseWire) -- 07/08/2014 -- The global healthcare/medical simulation market was estimated to be worth $790.1 million in the year 2012. The market is mainly driven by increasing healthcare costs, rising demand for minimally invasive treatment, and increasing consolidation of manufacturers. However, the high cost of simulators, economic slowdown in the developed region, and limited availability of funds inhibits the growth of the market.
The healthcare/ medical simulation market is segmented by products and services, end-users, and geography. The products and services market is further classified into high fidelity mannequin/patient simulators, simulated clinical environments, interventional simulators, mid/low fidelity task trainers, imaging simulation, performance recording, and training services. The simulated clinical environment market is segmented as live environment and virtual environment. The virtual environment market includes serious games and second life. The interventional simulators market is further classified as surgical, cardiovascular, IV, ultrasound, and endovascular simulators.
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Fueled by the growing focus on patient safety and technological advancements, the healthcare/medical simulation industry has experienced significant growth over the past decade, except for the past 3 to 4 years, where the market witnessed slow growth due to the global recession. A pivotal factor in the growth of this market has been high fidelity mannequins/patient simulators, which have witnessed substantial growth in recent years owing primarily to recent technological advancements that have created highly realistic simulators competent of very high levels of fidelity. Increasing healthcare costs, rising demand for minimally invasive treatment, and increasing consolidation of manufacturers further propels the market. However, the high cost of simulators, economic slowdown in the developed region, and limited availability of funds inhibits the growth of the market, to a certain extent.
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The global healthcare/medical simulation market is classified by end-users into academics, hospitals, military, and others. The total market is further divided into four major geographies i.e. North America, Europe, Asia, and Rest of the World (RoW).
North America is the largest market, followed by Europe, and Asia. Developed geographies like North America and Europe are likely to grow at lower CAGRs compared to the Asian market. The economic slowdown and the Eurozone debt crisis are hindering the growth of these geographies, though not to a great extent. Growth in the Asian market, especially China and India, is likely to be propelled by the increasing awareness of advanced technologies and focus of major players. This market will grow at the highest CAGR of 23.4% to reach $318.2 million by 2017.
Key players in the healthcare/medical simulation market are Laerdal Medical (Norway), CAE Healthcare (Canada), Simulaids (U.S.), Gaumard (U.S.), Kyoto Kagako (Japan), Limbs and Things (U.K.), Education Management Solutions (U.S.), and Mentice AB (Sweden).
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