Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Medical Simulation is defined as training and feedback technique in which learners practise tasks and processes under realistic settings and circumstances by use of tools and models, like virtual reality. It employs feedback from observers like professors, peers, actor-patients and video cameras. Simulation in medical or healthcare sector is used to imitate some or nearly all significant aspect of clinical situation in order to readily understand it. Additionally, it also aids in managing solution when it occurs for real clinical practice. With the technological advancement in communication, science and education, health care professionals are currently able to simulate very detailed procedure in order to train the learners in a safe and effective manner.
The medical simulation market is anticipated to grow at CAGR of 16.4% during forecast period of 2021 to 2027. The safety is major concern in healthcare industry as the rate of mortality due to medication errors are increasing. The major factors such as limited access of patient during training is propelling the growth of medical simulation market. The advancement in medical education is also refuelling growth of medical simulation market. Increasing focus on patient safety is also boosting growth of medical simulation market. However, limited fund access is hampering the growth of medical simulation market.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 3600 analysis of micro and macro-economic factors on the medical simulation market. In addition, complete analysis of changes on medical simulation expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on Global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The rising prevalence of COVID-19 in many countries is the key factor propelling growth of medical simulation market. Also, the necessity to maintain social distancing as preventive measure against the COVID-19 is refuelling growth of healthcare IT industries. Likewise, need for digitalization in healthcare field is boosting the growth of healthcare IT solutions. The COVID-19 pandemic situation has increased the surge to use internet as many people are working from home, which is impacting positively on the medical simulation market.
The global medical simulation market is segmented into products and services, end user and geography.
The global medical simulation market is comprised of products and services such as patient simulator, task trainer, surgical simulator, dental simulator, eye simulator, ultrasound simulator and simulation software. The surgical simulator is sub-categorised into laparoscopic, gynaecology, cardiovascular, orthopaedic and spine. In which surgical simulation is expected to dominate the market in 2020. The rising number of clinical trials conduction of oncology is propelling growth of medical simulation market. The rising prevalence of cancer is also boosting the growth of medical simulation market. The high adoption of simulation techniques in laparoscopic is also refuelling growth of medical simulation market.
The medical simulation market is comprised of end user like academic institute, research centre, hospitals & clinics, military organization. In which academic institutes are accounted for the highest market share in 2020. The rising focus shifting from traditional learning is propelling growth of medical simulation market. The implementation of advanced simulation-based technologies is also boosting growth of medical simulation market. The cost effectiveness of procedural training for medical physician is also refuelling growth of medical simulation market. However, operational challenges is hampering the growth of medical simulation market
The medical simulation market is studied for key regions such as North America, Europe, Asia Pacific and Rest of the World. In which Asia Pacific is anticipated to dominate the market in 2020. Owing to high population the medical simulation market is witnessing lucrative growth. Rising focus on medical training is also propelling the growth of medical simulation market. Increasing healthcare expenditure is also boosting the growth of medical simulation market.
The key players in the market are Cae Inc., 3D Systems, Laerdal Medical, Gaumard Scientific Company, Kyoto Kagaku, Limbs & Things, Mentice Ab, Simulab Corporation, Intelligent Ultrasound Group Plc, Operative Experience Inc., Surgical Science Sweden Ab., Cardionics Inc., Virtamed Ag, Synbone Ag, Vrmagic Holding Ag., Ossimtech, Hrv Simulation, Synaptive Medical and Inovus Medical among others.
April 2020: CAE collaborated with Area9 Lyceum (US) to provide an online Ventilator Reskilling Course to the clinician's midst of the Covid-19 pandemic.
April 2020: 3D Systems launched Lung Ultrasound Training services to combat the current COVID-19 pandemic.
March 2020: CAE launched the Vimedix 3.0, a high-fidelity simulator that facilitates the learning process for cardiac, lung, Obs/Gyn, and stomach all in one through a common platform.
March 2020: 3D Systems collaborated with Ben Gurion University (Israel), and Beer- Sheva (Israel). The collaboration aimed to develop training modules that enable clinicians to acquire rapid and accurate lung diagnostic skills using an ultrasound machine and improve Covid-19 Triage.
The study comprises medical simulation market by product and services, end users and geography. The study also imparts dominating segments of the market. The product and services is dominated by the surgical simulation segment. Likewise, end user segment is dominated by surgical simulations. Geographically, Asia Pacific is anticipated to dominate the market in 2020. The study also analysed the impact of COVID-19 impact on medical simulation market. The rising prevalence of COVID-19 in many countries is the key factor propelling growth of medical simulation market. Also, the necessity to maintain social distancing as preventive measure against the COVID-19 is refuelling growth of healthcare IT industries. Likewise, need for digitalization in healthcare field is boosting the growth of healthcare IT solutions. The COVID-19 pandemic situation has increased the surge to use internet as many people are working from home, which is impacting positively on the medical simulation market. The study also analysed the various key players operating in the market.
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