Medical simulation market to hit $1.9B by 2017
Over the past decade, the healthcare medical simulation industry has experienced significant growth due to the focus on patient safety and technological advancements—with more growth to come.
The market, which primarily includes simulation products and services that are used to train students and clinicians, is forecast to reach $1.9 billion by 2017, according a report from global market research firm MarketsandMarkets. The 2012 market value was estimated at $790.1 million.
Major end-users of simulation products include academics, hospitals and military, with academics accounting for the largest market share in 2012. Geographically, North America and Europe are the top markets for the medical simulation industry but the Asian market—in particular China and India—are expected to be major players, according to the report.
The market is mainly driven by increasing healthcare costs, rising demand for minimally invasive treatments and increasing consolidation of manufacturers. The high cost of simulators, economic slowdown in the developed region and limited availability of funds, however, may inhibit its growth to some degree, reported MarketsandMarkets.
To learn more about the report, go here.