The global medical simulation market is suggested to have reached a value of around $790.1 million by the end of 2012, and is forecast to hit a total of $1.93 billion by 2017. This suggests a CAGR growth rate of 19.6% between 2012 and 2017.
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. The global healthcare/medical simulation market is broadly segmented into products and services.
North America is the largest market for healthcare/medical simulation, with the U.S. contributing a major share, followed by Europe, and Asia. The Asian market, especially India and China, is expected to witness a boost in demand for medical simulation products and services and is poised to register maximum growth over the next five years, as a result of its economic development.For more information on the Global medical simulation market, please click here: Global medical simulation market
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