PORTLAND, Ore., Sept. 8, 2020
Rise in use of virtual and augmented reality, technological advancements in the medical field, and demand for virtual training drive the growth of the global medical simulation market.
PORTLAND, Ore., Sept. 8, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Simulation Market by Product & Services (Model-Based Simulation, Web-Based Simulation, and Simulation Training Services), Fidelity (Low-Fidelity, Medium-Fidelity, and High-Fidelity), and End User (Academic Institutions & Research Centers, Hospitals & Clinics, and Military Organizations): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global medical simulation industry generated $1.42 billion in 2019, and is estimated to reach $3.19 billion by 2027, witnessing a CAGR of 14.6% from 2020 to 2027.
Download Sample Report with Detailed COVID-19 Impact Analysis at: https://www.alliedmarketresearch.com/request-for-customization/2598?reqfor=covid
Drivers, restraints, and opportunities
Rise in use of virtual and augmented reality, technological advancements in the medical field, and demand for virtual training drive the growth of the global medical simulation market. However, high costs related to setting up of simulators and limitations regarding implementation in real situations hinder the market growth. On the other hand, untapped potential in emerging regions presents new opportunities in the coming years.
The model-based simulation segment to maintain its dominant share during the forecast period
Based on product & services segment, the model-based simulation segment contributed to the largest market share in 2019, holding for more than half of the global medical simulation market, and is estimated to maintain its dominant share during the forecast period. This is attributed to surge in importance on patient safety along with launch of new and advanced products offering improved training solutions. However, the web-based simulation segment is expected to grow at the fastest CAGR of 15.2% from 2020 to 2027, owing to convenient access to the internet, practicing the procedures with different degrees of difficulty and visual feedback, less risk to patients, and practice with feasibility assessment.
The hospitals segment to continue its leadership status in terms of revenue by 2027
Based on end user, the hospitals segment held more than half of the global medical simulation market in 2019, and will continue its leadership status in terms of revenue by 2027. This is due to implementation to raise clinical competence, improvement in capabilities of medical practitioners, and enhanced patient safety. However, the academic institutions segment is expected to witness the largest CAGR of 15.3% from 2020 to 2027, owing to medical trainees gaining proper clinical training and reduce medical errors during surgeries.
For Purchase Enquiry at: https://www.alliedmarketresearch.com/purchase-enquiry/2598
North America to maintain its lead position during the forecast period
Based on region, North America accounted for the highest market share in 2019, contributing to nearly half of the total market share of the global medical simulation market, and will maintain its lead position during the forecast period. This is due to increase in academic institutions, medical training centers, and hospitals along with focus on standardization and optimization of teaching practices to improve patient safety and reduce medical errors. Asia-Pacific is estimated to grow at the highest CAGR of 15.2% during the forecast period. This is attributed to rise in demand for medical simulation and related services, surge in investments in healthcare research, and focus on cost-effectiveness and scalability to fulfill growing needs.
Leading market players
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:
Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.
Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter
Get more information: https://www.alliedmarketresearch.com/library-access
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022, +1-503-446-1141
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow Us on LinkedIn: https://www.linkedin.com/company/allied-market-research