Patient Simulator Market Set to Achieve a Valuation of US$ 1.2 Billion by 2032

PORTLAND, OREGON, UNITED STATES, July 16, 2024 /EINPresswire.com/ -- Medical simulation is a training strategy in which healthcare workers use virtual reality or simulation models to practice activities and procedures in real-life scenarios. Rather to the apprentice style of learning, medical simulation allows for the methodical application of clinical skills. It can contain simulated human patients, artificial human patients, or a combination of the two, instructional materials with detailed simulated animations, casualty assessment in national security and war scenarios, emergency response, and holographic simulation to assist virtual health operations. Simulation tools can be used in place of actual patients.

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According to the report, the global patient simulator industry generated $ 0.53 billion in 2022, and is anticipated to generate $1.2 billion by 2032, witnessing a CAGR of 8.7% from 2023 to 2032.

Growing focus on patient safety, increase in awareness regarding simulation based training and technological advancement drive the growth of the global patient simulator market. However, inflated cost of simulators, need of upgrading and maintaining the simulators are hampering the patient simulator market growth. On the contrary, the growing healthcare infrastructure and rise in adoption of simulation-based training by multiple healthcare facilities are expected to offer remunerative opportunities for expansion of the patient simulator market during the forecast period.

Key Takeaways:

The adult patient simulator segment is expected to manifest the highest CAGR of 9.9% from 2023 to 2032

The medium-fidelity simulators segment is projected to manifest the highest CAGR of 10.9% from 2022 to 2032

The academic institutions segment is projected to manifest the fastest CAGR of 9.5% from 2023 to 2032

Asia-Pacific region is expected to witness the fastest CAGR of 10.4% from 2022 to 2032.

Impact of Covid-19 on Patient Simulator Market:

During the COVID-19 pandemic, the high acceptance of technologically advanced patient simulators had a moderately positive impact on the growth of the market.

Moreover, as the global situation started ameliorating, the demand for simulation based training is rising, owing to rise in focus towards patient safety. This, in turn, presented various growth opportunities for companies operating in the patient simulator market.

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Based on product, the adult patient simulator segment held the highest market share in 2022, accounting for more than two-fifths of the global patient simulator market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to manifest the highest CAGR of 9.9% from 2023 to 2032, owing to rise in number of adult population suffering from chronic diseases, which demands advanced simulators that allow immersive and realistic simulation experience. Furthermore, there is a rise in number of key players offering such advanced adult patient simulator system.

Increasing demand for simulation-based training: Simulation-based training is becoming increasingly popular in healthcare, as it provides a safe and effective way for healthcare professionals to learn and practice new skills. Patient simulators are used in a variety of simulation-based training programs, including medical school, residency programs, and continuing education courses.

Growing focus on patient safety: There is a growing focus on patient safety in healthcare, and patient simulators are playing an important role in this effort. Patient simulators can help healthcare professionals to identify and correct potential errors before they occur in a clinical setting.

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The hospital segment to maintain its lead position during the forecast period

Based on end user, the hospital segment held the largest market share in 2022, accounting for nearly two-thirds of the global patient simulator market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to increase in demand of skilled healthcare professionals and increase in awareness regarding patient safety However, the academic institutions segment is projected to manifest the fastest CAGR of 9.5% from 2023 to 2032, owing to rise in funding & grants for simulation labs and training programs, surge in availability of wide range of simulators depending upon the diseased condition.

Key Market Players:

Laerdal Medical
CAE Inc.
Gaumard Scientific
Kyoto Kagaku Co., Ltd.
Medical-X
Medvision
Simulab Corporation
Limbs And Things Ltd
Surgical Science Sweden AB
Mentice AB

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Allied Market Research
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