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. 

Industry Analysis

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.

Medical simulation, or more broadly, healthcare simulation, is a subset of simulation that is used in medical education and training in a variety of industries. Simulations can take place in a classroom, in a situational environment, or in a venue dedicated to simulation exercise. It can include artificial, human, or a combination of artificial and human patients, educational documents with full simulated animations, casualty assessment in homeland security and war circumstances, emergency response, and support virtual health services with holographic simulation.

Health/Medical Simulation Software Market Dynamics

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.

Opportunities

·       Shortage of healthcare personnel

The primary cause of the rising number of preventable fatalities around the world is a scarcity of competent healthcare providers. According to an article published by the Association of American Medical Colleges (AAMC) in June 2021, the fast expanding demand for physicians in the United States would outpace supply, resulting in a 37,80-124,000 physician shortage by 2034. Furthermore, the worldwide healthcare business is experiencing a significant lack of healthcare staff as a result of the ongoing COVID pandemic. Physicians and nurses are frontline workers, but they are more vulnerable to COIVD-19 infection. Many nursing schools across the world are utilising technology in novel ways to improve teaching and learning. As a result, end users are increasingly adopting medical simulation solutions, providing lucrative growth prospects for suppliers in the healthcare/medical simulation market.

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Global Health/Medical Simulation Software Market Scope

The health/medical simulation software market is segmented on the basis of product type, application and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Global Healthcare/Medical Simulation Market, by Product and service

·       Medical simulation anatomical models

·       Patient Simulators

·       High Fidelity Simulators

·       Medium Fidelity Simulators

·       Low Fidelity Simulators

·       Task Trainer

·       Interventional Surgical Simulators

·       Laparoscopic Surgical Simulators

·       Gynecology Simulators

·       Cardiovascular Simulators

·       Orthopedic Simulators

·       Spine Surgical Simulators

·       Other Interventional /Surgical Simulators

·       Endovascular Simulators

·       Ultrasound Simulators

·       Dental Simulators

·       Eye Simulators

·       Web-Based Simulation

·       Medical Simulation Software

·       Performance Recording Software

·       Virtual Tutors

·       Simulation Training Services

·       Vendor Based Training

·       Education Societies

·       Custom Consulting Services

Global Healthcare/Medical Simulation Market, by End User

·       Academic Institutes

·       Hospitals

·       Military Organizations

·       Other End Users

Health/ Medical Simulation Software Market Regional Analysis/Insights

The health/medical simulation software market is analysed and market size insights and trends are provided by country, product type, application and end-user as referenced above.

 The countries covered in the Health/Medical Simulation Software Market report are the

·       U.S.

·       Canada and Mexico in North America

·       Germany

·       France

·       U.K.

·       Netherlands

·       Switzerland

·       Belgium

·       Russia

·       Italy

·       Spain

·       Turkey

·       Rest of Europe in Europe

·       China

·       Japan

·       India

·       South Korea

·       Singapore

·       Malaysia

·       Australia

·       Thailand

·       Indonesia

·       Philippines

·       Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC)

·       Saudi Arabia

·       U.A.E

·       South Africa

·       Egypt

·       Israel

·       Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA)

·       Brazil

·       Argentina and Rest of South America as part of South America.

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Competitive Landscape and Health/ Medical Simulation Software Market Share Analysis

The health/medical simulation software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to health/medical simulation software market.

Some of the major players operating in the health/medical simulation software market are:

·       CAE Inc. (Canada)

·       Laerdal Medical (Norway)

·       3D Systems Inc. (US)

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