The medical simulation market has been forecast to increase at a compound annual growth rate (CAGR) of 19.6% over the next five years, rising from a valuation of $790.1 million in 2012, to hit a market value of $1.93 billion by 2017.
Medical simulation is a branch of simulation technology related to education and training in medical fields of various industries. It can involve simulated human patients, educational documents with detailed simulated animations, casualty assessment in homeland security and military situations, and emergency response.
Its main purpose is to train medical professionals to reduce accidents during surgery, prescription, and general practice. However it is now used to train students in anatomy and physiology during their clinical training as allied health professionals.
Fuelled 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.
Key players currently dominating the medical simulation market include 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).
For more information on the medical simulation market, see the latest research: Medical Simulation Market
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