Patient Simulator Market to Reach $1.2 Billion, Globally, by 2032 at 8.7% CAGR: Allied Market Research
The global patient simulator market is driven by factors such as rising focus on patient safety, technological advancement, and increase in awareness regarding simulation based education.
PORTLAND, Ore., May 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Patient Simulator Market by Product Type (Adult Patient Simulator, Infant Simulator, and Childbirth Simulator), Technology (High-fidelity Simulators, Medium-fidelity Simulators and Low-fidelity Simulators), and End User (Hospitals and Academic Institutions): Global Opportunity Analysis and Industry Forecast, 2023–2032 " 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.
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Prime determinants of growth
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.
Report coverage & details:
Forecast Period |
2023–2032 |
Base Year |
2022 |
Market Size in 2022 |
$0.53 billion |
Market Size in 2032 |
$1.2 billion |
CAGR |
8.7 % |
No. of Pages in Report |
250 |
Segments covered |
Product, Technology, End Users, and Region. |
Drivers |
Rise in focus on patient safety Technological advancements and adoption infield of healthcare Growth in adoption of minimally invasive surgeries. |
Opportunities |
Scope of expansion in emerging markets |
Restraints |
High cost of patient simulators |
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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The adult patient simulator segment to maintain its leadership status throughout the forecast period
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.
The low-fidelity Simulators segment to maintain its leadership status throughout the forecast period
Based on technology, the low-fidelity simulators segment held the highest market share in 2022, accounting for nearly three-fifths of the global patient simulator market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the affordable cost of the systems, increase in awareness of simulation-based training programs and rise in number of healthcare institutes. However, the medium-fidelity simulators segment is projected to manifest the highest CAGR of 10.9% from 2022 to 2032, owing to its advantages such as flexible and versatile training tools that can provide a realistic and customizable training experience.
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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.
North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global patient simulator market revenue and is likely to dominate the market during the forecast period, owing to rise in focus on patient safety, growth in demand for minimally invasive surgeries that require skilled professionals, technological advancement, and strong presence of key players with established distribution channels. However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.4% from 2022 to 2032, owing to rise in government initiatives to improve healthcare infrastructure, increase in demand for skilled healthcare professionals, and upsurge in chronic diseased conditions that require surgeries.
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
The report provides a detailed analysis of these key players of the global patient simulator market. These players have adopted different strategies such as acquisition, development, joint venture, and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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