Data Bridge Market Research analyses that the health/medical simulation software market which was USD 1.7 billion in 2021, would rocket up to USD 5.16 billion by 2029, and is expected to undergo a CAGR of 14.90% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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As per the analysis of NCBI, every year around 250,000 deaths occur due to medical error. According to a study by The Johns Hopkins University, medical errors are predicted to be the third biggest cause of death, after cancer and cardiovascular disease. The demand for medical simulations to help doctors, nurses, surgeons, and other healthcare workers comprehend procedures has increased as a result of the need to reduce unnecessary deaths.
Key Growth Drivers:
- Limited access to patients during medical training
Medical simulators have established a valuable place in medical education around the world because they mimic human traits. Because of the limited access to patients and the need to maintain patient safety throughout training, simulation is increasingly being used in professional training programmes and traditional learning. Students can use the simulation to hone their clinical and critical thinking abilities in preparation for high-risk situations. When compared to pre-education or simulation alone, pre-education with simulation considerably improves student knowledge, confidence in performance, ability in nursing practise, and satisfaction with learning techniques. Military branches all across the world are changing their training and education models. As a result, in medicine, simulation has a lot of potential for improving the training of interdisciplinary medical teams.
- Improve the skilled training of healthcare workers
Government and non-government measures to improve the skilled training of healthcare workers contribute to the market's growth. The Bob Waters Memorial Scholarship Fund, for example, was established by the Advanced Initiative in Medical Simulation (AIMS) Board and SSH to help students in healthcare simulation every year by offering incentive and grants. In contrast, market players are expected to benefit from technical improvements in the medical area, research in the industry, and an increase in the number of market participants with creative solutions.
The report outlines the involvement of key players, including:
CAE Inc. (Canada), Laerdal Medical (Norway), 3D Systems Inc. (US), Gaumard Scientific (US), Limbs & Things LTD. (US), Surgical Science (Sweden), Kyoto Kagaku Co. Ltd. (Japan), Mentice (Sweden), Intelligent Ultrasound (UK), Simulab Corporation (US), Simulaids (US), Operative Experience, Inc. (US), Cardionics Inc. (US), VirtaMed AG (Switzerland), IngMar Medical (US), Altay Scientific (Italy), Medical-X (Netherlands), KaVo Dental (Germany), Simendo (Netherlands), VRMagic Holding AG (Germany), Symgery (Canada), HRV Simulation (France), Synaptive Medical (Canada), and Inovus Medical (UK)
Key Market Segmentation
Software Type (Performance Recording Software, Virtual Tutors), End User (Academic Institutes, Hospitals, Military Organizations, Other End Users), Fidelity (Low-Fidelity, Medium-Fidelity, High-Fidelity)
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