MEDICAL SIMULATION MARKET ANALYSIS

Security concerns and the high cost of simulators are projected to impede the growth of the global medical simulation market. Although medical simulation offers benefits such as enhancing patient safety and reducing training time and staff turnover, the substantial investment required, with human patient simulators ranging from US$ 10,000 to US$ 100,000, depending on factors like type, brand, features, and support services, thus posing a significant barrier.

Additionally, the scarcity of skilled professionals is anticipated to hinder the expansion of the medical simulation market. Healthcare simulation serves as a contemporary method for training and educating healthcare professionals to excel in technical, cognitive, and behavioral skills. Through medical simulation, healthcare providers can acquire, refine, and evaluate their medical competencies in a risk-free setting. Consequently, there is a demand for proficient individuals in the realm of medical simulation.

Market Opportunity: Increase in the use of simulation in healthcare

The expanding utilization of simulation in healthcare is poised to present promising avenues for stakeholders in the medical simulation market. Medical simulation represents a contemporary method of training healthcare professionals through advanced educational technology. For example, in April 2022, the Delhi Academy of Medical Sciences (DAMS) inaugurated a simulation-based medical education facility catering to medical students at various proficiency levels, facilitating practice without posing risks to patients. Moreover, the academy, marking 22 years of its classroom program, also offers a mobile app called eMedicoz. With a preference among patients for minimally invasive approaches over traditional open surgery, there is a surge in the adoption of cardiac surgical simulators, driven by the rising incidence of cardiovascular diseases (CVDs) and growing awareness of minimally invasive treatment options. Consequently, the global medical simulation market is expected to experience significant growth.