Global Surgical Simulation Market: Market Analysis by Knowledge Sourcing Intelligence
The global surgical simulation market is estimated to grow at a CAGR of XX.XX% to reach a market size of US$XX.XX billion in 2023 from US$XX.XX billion in 2017. Surgical simulation is a technology that was developed to stimulate the surgical process without using any subject such as the human body or animal. The surgical simulation market is projected to witness a healthy growth in the next five years on account of the growing prevalence of diseases, which is resulting in an increase in demand for doctors. Simultaneously, there is also an increase in demand for minimally invasive treatment solutions owing to the reduced blood loss, a short stay at the hospital, less pain and reduced recovery period, thus requiring specialized training for the medical professionals. Additionally, growing disposable income in the emerging markets, greater healthcare spending by the government and increasing focus on the safety of patients are acting as supplements which are pushing the surgical market in the upward direction. However, the high cost of surgical simulators is impacting the growth of the market. North America and Europe held a significant share in 2017 on account of the presence of a large number of market players and early adoption of the technology in these regions. Growing government support in terms of setting up new medical colleges will drive the surgical simulation market in the Asia Pacific region during the forecast period.
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| Sample view of Global Surgical Simulation Market, US$ Billion, 2017 To 2023 |
Global Surgical Simulation Market by Geography:
North America surgical simulation market held a significant share in 2017 and is projected to grow at a CAGR of XX.XX% during the forecast period, to reach US$XX.XX billion in 2023 from US$XX.XX billion in 2017. Growing geriatric population in countries like the U.S. and Canada is one of the major drivers of the region’s surgical simulation market. According to the projections by the U.S. Census, more than 16% of the American population will be 65 or above by 2030. As such, almost 50% of the surgeries will be performed on this population base. Rising healthcare spending reflected by rising prices of drugs and other services and higher Medicaid costs is pressurizing the healthcare sector to use advanced technologies so as to bring costs down. Furthermore, the declining number of skilled physicians and surgeons is also contributing to this escalating healthcare costs in the region.
By geography, the global surgical simulation market is segmented as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific. North America and Europe accounted for significant market shares in 2017 owing to early adoption of new technologies, the presence of major market players, and rising healthcare costs in the regions. The Asia Pacific is projected to witness exponential market growth on account of rising investments across the region to train medical students and professionals. According to the World Health Organization (WHO), there are 140 million visually impaired people with an estimated 12 million blind people in the South-East Asian region. In late December 2017, the International Society of Manual Small Incision Cataract Surgeons (ISMSICS) and non-profit organization HelpMeSee launched an Eyre Surgical Simulator to reduce to the cost of cataract surgery in India. The market research provides a detailed analysis of global surgical simulation market on the basis of the various segment like- by geography, by application, etc.
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| Sample view of Global Surgical Simulation Market Share by Geography |
Global Surgical Simulation Market by Application:
By application, the surgical simulation market is segmented as laparoscopy surgical simulation, gynecology surgical simulation, cardiovascular surgical simulation, arthroscopic surgical simulation, occupational therapy surgical simulation, and others. The cardiovascular surgical simulation segment is projected to grow rapidly on account of the efforts to maintain the supply of the cardiology workforce in response to the growing demand. Simultaneously, the laparoscopy surgical simulation segment is estimated to have a significant share as a result of the growing preference of minimally invasive diagnostic procedures while the market for gynecology surgical simulation is estimated to grow substantially during the forecast period.
The burden of cardiovascular-related health concerns is increasing globally on account of poor lifestyle in many regions across the globe and the growing number of diabetes cases. In fact, cardiovascular diseases are the number one cause of deaths globally, representing approximately 31% of all the deaths in 2015 (Source: World Health Organization). Simultaneously, efforts are being made by the government and medical institutes to maintain the supply of cardiologists in order to provide effective and timely treatment. For instance, the number of cardiology physicians in Canada increased to 4.1 per 100,000 in 2018 from approximately 2.5 per 100,000 in 1995 (Source: Canadian Medical Association). Similarly, the number of enrollment for the students in cardiology has increased significantly in Brazil over the last decade. Moreover, in developing countries like India, the number of medical colleges providing training in the treatment of cardiovascular-related diseases has increased rapidly over the last couple of years.
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global surgical simulation market share
The demands of surgical simulation are augmenting for providing advanced training to medical students while reducing the cost of medical training. All these factors are attracting various market players towards this regional market in order to expand their global market reach.
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