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Healthcare Simulation Market Size

Report ID: GMI5419
Published Date: Jan 2023
Report Format: PDF

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Healthcare Simulation Market Size

Healthcare Simulation Market size valued at USD 2 billion in 2022 and is poised to exhibit over 15% CAGR from 2023 to 2032. Driven by increased efforts by hospitals to involve rigorous VR training systems.

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The soaring digitalization and integration of artificial intelligence and virtual reality have fueled the development of the overall simulation sector. The mounting focus on patient safety has escalated product adoption in the healthcare sector. The need to pinpoint the primary causes of medical errors is set to increase with medical errors. According to the World Health Organization (WHO) report, up to 25% of patients experience difficulties as a result of improper surgical care methods. Each year, over 7 million surgical patients experience serious problems, and 1 million of them pass away during or post-operation.

Healthcare Simulation Market Report Attributes
Report Attribute	Details
Base Year:	2022
Healthcare Simulation Market Size in 2022:	USD 2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	15.3%
2032 Value Projection:	USD 10.5 Billion
Historical Data for:	2018 to 2022
No. of Pages:	220
Tables, Charts & Figures:	400
Segments covered:	Product & Services, Method, End-use, and Region
Growth Drivers:	Rising demand for minimally invasive treatments Growing focus on patient safety Increasing technological advancement Recent emphasis on R&D activities
Pitfalls & Challenges:	High cost of simulation Limited availability of funds and limitation to imitate a real situation

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Furthermore, constant R&D programs to introduce digital healthcare technologies, such as robotics, artificial intelligence, virtual reality (VR) & augmented reality (AR), and 3D-printing or nanotechnology, are impelling the demand for healthcare simulation. In May 2022, SimX, a VR and AI software solution provider, launched a virtual reality simulation for nursing education that replaces true nursing encounters with a realistic nursing curriculum. Thus, the surging adoption of simulators for virtual is fueling healthcare simulation market progression.

High maintenance costs may restrain industry progression

The high cost of healthcare simulation is a major factor hampering the market growth. Furthermore, gears and software need trained operators, which costs extra money and takes more time. Thus, the elevating price of simulation and restricting product adoption. Nonetheless, artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) technologies are expected to aid in overcoming this issue.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The market size of healthcare simulation valued at USD 2 billion in 2022 and is set to progress at over 15% CAGR through 2032 owing to the growing focus on patient safety and constant R&D programs to introduce digital healthcare technologies, along with increased efforts by hospitals to involve rigorous VR training systems.

The hospitals segment is anticipated to depict more than 14.5% growth rate between 2023 and 2032 due to surging patient safety awareness and a strong focus on reducing medical errors in hospitals.

The web-based simulators segment is poised to exhibit over 16% CAGR between 2023 and 2032 as a result of controlled access to the simulation procedures.

Europe market wil exceed USD 2.5 billion by 2032 on account of the booming economy and increased private investment in the region.