The surgical simulation market is estimated to grow at a CAGR of 22.05% to reach a market size of US$712.265 million in 2024 from US$215.484 million in 2018. Surgical simulation is a method of simulating surgical procedures for training medical professionals. The market of surgical simulators is growing as it avoids the use of patients for practice and ensures that trainees have had a practice before treating humans. Simulation is becoming popular as it helps in improving the skills.
The rapidly growing healthcare industry in many regions across the globe is fuelling the adoption of advanced technologies by various healthcare organizations to provide better patient care. Surgical simulators are being adopted to provide better training to surgeons to eliminate the risk of failure during surgeries, thus boosting the growth of this market. Technological advancements, on account of increasing investments by major market players into research and development, are increasing the capabilities and reliability of the simulatorsthe which will continue to fuel their adoption over the projected period, thus augmenting the market growth. However, factors such as technological problems, real-time response and computing strength, and high cost of the simulators may restrain the growth of the market.
Investment by key players for developing the new and technologically advanced product is expected to boost the growth of the market in the forecast period. Increasing the adoption of AR and VR technologies in the surgical simulators to improve the efficiency of the trainees is expected to fuel the growth of the market.
By application, laparoscopy surgical simulation and gynecology surgical simulation is expected to have a significant market share in the forecast period. Simulators for laparoscopic surgical simulation helps trainees to assimilate didactic content while practicing psychomotor skills associated with laparoscopic procedures.
Among the end-users, hospitals is expected to have a significant share on account of comprehensive utilization of simulation models during medical surgeries, efforts to reduce errors, focus on patient safety adoption of cost-effective means of training medical students and surgeons. Research and academic students segment is expected to grow at a rapid pace owing to increasing demand for simulators to enhance the skills of the trainees.
North America is projected to account for the substantial share in the global surgical simulation market. The presence of key players in the regions has improved the accessibility of simulation products, rising aging population, and the untapped vast potential of the region are the factors that have been instrumental for the growth of the surgical simulation market in North America. The market of Asia Pacific region is expected to witness growth in the forecast period owing to the shift of key players to the region and booming healthcare sector in the region.
Major industry players profiled as part of the report are CAE Inc., Gaumard Scientific Company, Inc., Simulab Corporation, Surgical Science Sweden AB and 3B Scientific among others.