Surgical Simulation Market Size Worth $835.2 Million By 2028: Grand View Research, Inc.
SAN FRANCISCO, Jan. 11, 2022 /PRNewswire/ — The global surgical simulation market size is expected to reach USD 835.2 million by 2028, registering a CAGR of 16.1% from 2021 to 2028, according to a new report by Grand View Research, Inc. Rising preference for minimally invasive surgical procedures, increasing focus on patient safety, and growing geriatric population are boosting the market growth. With the growing geriatric population, the problem of surgery for these patients has become increasingly important. With the constant aging population, there arises a need for technology-driven surgical simulation to help avoid or diminish medical errors during surgeries, which, in turn, is contributing to the market growth.
Key Insights & Findings from the report:
- The orthopedic surgery segment dominated the market in 2020 due to the increased prevalence of orthopedic disorders
- The neurosurgery segment is expected to register a lucrative CAGR over the forecast period due to the high prevalence of neurological disorders and the need for a high level of precision in neurosurgery as a result of the intricate nature of brain vasculature
- In terms of revenue, the plastic material segment dominated the market in 2020. Factors, such as its compatibility with a variety of 3D printing technologies and the existence of advanced thermoplastics, are anticipated to contribute to the segment growth in the years to come
- The hospital segment dominated the market in 2020 owing to the collaboration of hospitals with industry partners to develop custom 3D simulator solutions
- For instance, in February 2021, Apollo Hospitals partnered with Anatomiz3D Medtech to create Hospital 3D Printing Labs in India
- The specialty center segment is anticipated to witness the second-fastest CAGR over the forecast period
Read 150 page market research report, “Surgical Simulation Market Size, Share & Trends Analysis Report By Specialty (Cardiac Surgery, Neurosurgery, Transplant), By Material (Metal, Polymer), By End-use (Specialty Center, Hospital), And Segment Forecasts, 2021 – 2028“, by Grand View Research
During the COVID-19 pandemic, VirtaMed occupied their simulators on ‘tour’ frequent times to support continuing medical education and supply workshops for residents across France, Switzerland, and Germany. In February 2021, the company started its third tour and training initiative in Berlin with the German Knee Society. In addition, during the pandemic, elective surgeries halted, which resulted in a reduced number of cases available for the education of surgical populaces. Versatile and expanding surgical education solutions are expected to enhance the market growth in the coming years.
Due to technological advancements, 3D printing has gained traction in the medical field in recent years. The applications of 3D printing technology have grown from using 3D models to augment patient education to patient-specific. Moreover, 3D-printed surgical simulators have many advantages over other forms of simulation. Thus, the rising acceptance of 3D printing in surgical simulation contributes to market growth.
Simulation-based healthcare education is a newer modality of training, which was established primarily for patient safety. Rising government initiatives to advance patient safety & patient outcomes in healthcare further support the market growth. For instance, in November 2021, NHS Scotland incorporated physical and digital simulation into its surgical training program to permit trainees to develop vital skills before coming face-to-face with patients.
North America was the dominant regional market in 2020 due to the presence of a large number of key players. Product innovation by market players further facilitated regional market growth. Market players are adopting strategic initiatives, such as partnerships, collaborations, and business expansion to gain deeper market penetration. For instance, in May 2021, PrecisionOS introduced the first fully interactive robotics platform in VR.
Market Segmentation:
Grand View Research has segmented the global surgical simulation market on the basis of specialty, material, end-use, and region:
- Surgical Simulation Specialty Outlook (Revenue, USD Million, 2016 – 2028)
- Cardiac Surgery/Interventional Cardiology
- Gastroenterology
- Neurosurgery
- Orthopedic Surgery
- Reconstructive Surgery
- Oncology Surgery
- Transplants
- Others
- Surgical Simulation Material Outlook (Revenue, USD Million, 2016 – 2028)
- Metal
- Polymer
- Plastic
- Others
- Surgical Simulation End-use Outlook (Revenue, USD Million, 2016 – 2028)
- Hospitals
- Specialty Centers
- Others
- Surgical Simulation Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Singapore
- Thailand
- Indonesia
- Philippines
- Malaysia
- Vietnam
- Myanmar
- Cambodia
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
List of Key Players of Surgical Simulation Market
- Materialise
- Startasys Ltd.
- Canadian Aviation Electronics, Ltd.
- Surgical Science
- Mentice
- Gaumard Scientific
- Simulab Corp.
- VirtaMed AG
- 3-Dmed
- Laerdal Medical
- 3D Systems, Inc.
- Osteo3d
- Axial3D
- Formlabs
Check out more studies related surgical devices, published by Grand View Research:
- Minimally Invasive Surgical Instruments Market – The global minimally invasive surgical instruments market size was valued at USD 13.3 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 14.5% over the forecast period. Surgical robots have revolutionized the field of Minimally Invasive Surgeries (MIS) and their acceptance by surgeons is rising globally.
- General Surgery Devices Market – The global general surgery devices market size was valued at USD 14.1 billion in 2018 and is expected to register a CAGR of 8.5% from 2019 to 2026. Increasing number of surgical procedures being performed coupled with technological advancements in the field is anticipated to drive the market.
- Automated Suturing Devices Market – The global automated suturing devices market size was valued at USD 2.7 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.7% from 2021 to 2028. A rise in the number of surgical procedures, growing prevalence of chronic disorders, preference for Minimally Invasive Surgeries (MIS) over traditional surgical procedures are some of the prominent factors expecting to fuel the market growth.
Browse through Grand View Research’s coverage of the Global Medical Devices Industry.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.
