The Global Healthcare Simulation Market in terms of revenue was estimated to be worth $1.9 billion in 2022 and is poised to reach $4.2 billion by 2027, growing at a CAGR of 16.1% from 2022 to 2027.
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Medical Simulation Market Segmentation:
The web-based simulation segment registered the highest growth in the healthcare simulation industry, by product & service
On the basis of type, Based on the type, the web-based simulation segment registered the highest growth of this market during the forecast period. Factors responsible for the growth of this segment is the controlled and predictable learning environments, and controlled access to simulation procedures.
Hospitals registered highest growth by the end user of healthcare simulation industry
Hospitals segment is projected to grow at the highest growth rate of this market. The increasing focus on patient safety and the growing demand for minimally invasive surgeries are the factors attributed to the growth of the segment.
Recent Developments:
· In August 2021, Surgical Science Sweden AB acquired Simbionix (US) to provide the highest standard in training for medical professionals with their respective technologies.
· In July 2021, CAE Inc. partnered with Rush Center for Clinical Skills and Simulation (RCCSS) to help the companies improve patient safety and enhance healthcare education.
· In June 2021, Mentice AB collaborated with Thomas Jefferson University Hospitals to establish a Simulation Center of Excellence to elevate and promote clinical training and introduce advanced Virtual Reality-based simulation solutions for physicians.
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TABLE OF CONTENTS:
1 COMPANY PROFILES
1.1 KEY PLAYERS
1.1.1 CAE INC.
1.1.1.1 MnM view
1.1.1.1.1 Key strengths/Right to win
CAE is among the leading players in the medical simulation market. The company offers a wide range of products and solutions for simulation activities. It has a broad portfolio of products ranging from ultrasound to patient, surgical, and task trainer simulations. About 60% of the company’s revenue is recurring in nature, owing to its strong customer base across the globe. In the year 2020, the company’s Healthcare revenue increased by 183%, primarily due to the CAE Air1 ventilator contract.
1.1.1.1.2 Strategic choices made
Over the years, the company has strategically established its position in the medical simulation market by pursuing several inorganic and organic growth strategies, such as agreements, product launches, and partnerships. The company continuously strives to come up with innovative technologies in the market. For instance, in May 2022, CAE Healthcare launched CAE Vimedix 3.2, an advanced software technology that offers improved fidelity, ultrasonography realism, 3D/4D ultrasound, and multiplanar reconstruction (MPR). Moreover, in March 2020, CAE Healthcare and Area9 Lyceuaml (UK) announced a collaborative agreement to provide an online Ventilator Reskilling Course to clinicians amidst the COVID-19 pandemic. Besides, continued investments in R&D have evolved the company into a major player in the medical simulation market.
1.1.1.1.3 Weaknesses and competitive threats
The company operates globally and is subjected to financial challenges due to frequent fluctuations during currency exchange. In FY 2021, due to the conversion of foreign currency into Canadian dollars, the company witnessed a decline in its net income of about USD 0.3 million.
1.1.2 LAERDAL MEDICAL
1.1.2.1 MnM view
1.1.2.1.1 Key strengths/Right to win
Laerdal Medical offers high-fidelity simulators and task trainers; the markets for both product categories are projected to grow due to the increased demand for training healthcare professionals worldwide. The company partners with many large-scale organizations, such as AHA, BHF, and AAP, to provide collaborative product development opportunities. The company also has an extensive portfolio of healthcare/medical simulation products and services to support end-user requirements across most medical applications.
1.1.2.1.2 Strategic choices made
The company has strategically advanced its medical simulation market through inorganic growth strategies such as acquisitions, collaborations, and partnerships. For instance, in July 2019, Laerdal Medical acquired B-Line Medical to accelerate and expand the integration and scope of both companies' product lines.
1.1.2.1.3 Weaknesses and competitive threats
The company's global presence exposes it to varying regulatory requirements across countries and risks related to currency fluctuations. Moreover, in 2020, the outbreak of the COVID-19 pandemic significantly impacted the business operations of the company, thus restricting the company's growth to a certain extent.
1.1.3 GAUMARD SCIENTIFIC CO.
1.1.3.1 MnM view
1.1.3.1.1 Key strengths/Right to win
The company has been serving the healthcare simulation industry for over 75 years and has extensive experience and widespread presence across the globe. The company has strong supply chains and offers products through direct sales or authorized distributors in over 70 countries. The company also focuses on offering cutting-edge technology-based advanced and next-generation products, such as wireless simulation products, for gaining a competitive edge over its rivals.
1.1.3.1.2 Strategic choices made
The company advances its portfolio by incorporating cutting-edge technologies in its training products to enhance healthcare practices. For instance, in March 2021, Gaumard Scientific launched Obstetric MR for Victoria, an advanced mixed reality-based obstetric simulator.
1.1.3.1.3 Weaknesses and competitive threats
The changes in government and regulatory policies & laws in different regions could affect the overall company’s sales. Moreover, the company was exposed to the risk of the COVID-19 pandemic during FY 2020. The pandemic disrupted its supply chain and distribution systems and adversely impacted its manufacturing operations.
1.1.4 KYOTO KAGAKU
1.1.4.1 MnM view
1.1.4.1.1 Key strengths/Right to win
Kyoto Kagaku has a strong presence in the Asia Pacific region, specifically in Japan, China, Indonesia, Malaysia, India, and Singapore. The company also has a complete portfolio of medical simulation products with a leading position in certain product categories, such as anatomical models and imaging phantoms. The company has a strong focus on R&D for the development of the latest materials and processes and constantly updates its product catalog.
1.1.4.1.2 Strategic choices made
Kyoto Kagaku strategically focuses on partnerships with academic and medical institutions using their simulation products. The company receives feedback and inputs from medical experts, which helps enhance the features of its products. Kyoto Kagaku also focuses on organic growth strategies such as R&D investments, product development, and launches. For instance, in September 2020, the company launched an innovative skill trainer, namely, NasoPharyngeal Swab Collection Simulator.
1.1.4.1.3 Weaknesses and competitive threats
The company significantly depends on third-party distributors and suppliers. Hence, disruptions in the supply chain affect the operations and revenue growth of the company. Moreover, the company is significantly focusing on geographical expansion in the coming years, which may expose it to the risk of unprecedented additional costs.
Report Link: ( Medical Simulation Industry )
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