MEDICAL SIMULATION MARKET ANALYSIS

Medical Simulation Market Size and Trends

Global medical simulation market is estimated to be valued at USD 2.31 Bn in 2024 and is expected to reach USD 6.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 15.8% from 2024 to 2031.

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The medical simulation market is expected to witness significant growth over the forecast period. Key factors such as increasing focus on patient safety, rising adoption of virtual training amidst COVID-19, growing demand for minimally invasive treatments, and shortage of healthcare professionals are expected to drive the demand for medical simulation. Furthermore, rapid advancements in technology such as virtual reality, augmented reality, and mixed reality are also helping medical colleges and healthcare institutions to leverage medical simulation for training purposes. Throughout the projected period, growing patient safety concerns are anticipated to fuel the worldwide medical simulation market's expansion. For instance, the World Health Organization's Global Patient Safety Action Plan [2021–2028] offers a framework for nations to create their own national patient safety action plans and to coordinate the use of current strategic instruments for enhancing patient safety in all clinical and health-related programs. The market for medical simulators is likely to develop as a result of this, or it has already raised demand for medical simulators.

Rising Demand for Minimally Invasive Procedures

The demand for minimally invasive procedures is on a steady rise across the globe. As these procedures offer advantages like lesser pain, fewer complications, shorter hospital stay, and faster recovery time; more and more patients are opting for them. This has brought immense pressure on the healthcare systems to train more professionals in complex minimally invasive techniques. Medical simulation provides a safe, controlled, and risk-free environment for training surgeons and other medical professionals in conducting such advanced procedures. Through simulation, they can learn and practice complex hand movements required without any fear of harming actual patients. The most significant factors that patients considered when deciding between open and minimally invasive surgery (MIS) were complication risk, surgeon recommendation, and long-term outcomes, according to a research article titled "Comparison of Patient Preference, Understanding, and Sentiment for Minimally Invasive Versus Open Spine Surgery" that was published in Clinical Spine Surgery in February 2022. Patients felt that MIS surgery was better than open surgery in terms of anesthesia requirements, recovery times, cost, and postoperative discomfort and complication risk. The majority of patients appear to favor treatments that involve as little intrusion as possible. Overall, patients had a higher positive opinion of MIS surgery than of open surgery. Thus, it is projected that the medical simulation market would be driven by an increase in the demand for MIS.

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Continuous technological advancements

Technological advancements and innovations in healthcare facilities worldwide have propelled the growth of Minimally Invasive Surgery (MIS) as the preferred surgical procedure across various medical disciplines. MIS, encompassing techniques like laparoscopy, cardiac surgeries, gynecology, and orthopedics, holds a crucial position in modern surgery, serving as an alternative to traditional open surgery. A research article titled 'Comparison of Patient Preference, Understanding, and Sentiment for Minimally Invasive Versus Open Spine Surgery', was published in Clinical Spine Surgery. For instance, In march 2021, VIRTAMED, a Swiss company, has developed a Gynecological Laparoscopy Simulator technology and recently introduced a validated mixed reality training platform for hysteroscopy and gynecological laparoscopy. In 2021, VirtaMed updated its hysteroscopy training program to incorporate 16 cases for MyoSure tissue removal. For instance, in February 2022, highlights the key criteria influencing patients' choice between open and minimally invasive surgery (MIS). Long-term outcomes, surgeon's recommendation, and complication risk emerge as the most significant factors. Patients perceive MIS surgery to offer advantages over open surgery in terms of postoperative pain, complication risk, recovery time, cost, and anesthesia requirement. The majority of patients express a preference for a minimally invasive approach to their treatment, viewing it more favorably than open surgery overall. Consequently, an increase in demand for MIS procedures is expected to drive growth in the medical simulation market.