Portland, OR, March 26, 2019 (GLOBE NEWSWIRE) -- According to a report published by Allied Market Research, the global Medical Simulation Market accounted for $986 million in 2016 and is expected to reach $2,526 million by 2023, growing at a CAGR of 14.3% during the forecast period, 2017-2023. The growth of the global medical simulation market is driven by decreasing healthcare expenditure, assured improvement in patient safety outcomes, advantages of medical simulation, and technological advancements in the field of medicine. However, the astronomical cost of initializing simulators and limitations in completely simulating a real situation hampers market growth. Nonetheless, the growth of medical simulation in emerging economies would provide lucrative opportunities for new market players in the near future.
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By product & services, the model-based simulation segment is expected to dominate the global market through 2023. Meanwhile, the web-based simulator segment would grow at the fastest CAGR of 15.5% from 2017 to 2023. By fidelity, the low-fidelity segment is expected to continue its dominance throughout the forecast period and occupy more than half of the global generated revenue by 2023. However, the high-fidelity segment is expected to register the highest CAGR of 16.1% during the forecast period.
By end user, the hospitals & clinics segment is expected to account for almost half of the total generated revenue by 2023. Meanwhile, academic institutions segment is poised to register the highest CAGR of 15.6% during the analysis period. Regionally, North America is anticipated to continue dominating the global market and generate more than 45% of global revenue in 2023. However, Asia-Pacific would grow at the highest CAGR of 15.6% from 2017 to 2023.
The key players analyzed in the report include Laerdal Medical AS, CAE, Inc., 3D Systems, Inc., Simulab Corporation, Simulaids, Inc., Limbs and Things, Ltd., Kyoto Kagaku Co. Ltd., Mentice AB, Surgical Science Sweden AB, and Gaumard Scientific Company, Inc. They have adopted different strategies including collaborations, joint ventures, partnerships, expansions, mergers & acquisitions, and others to gain a strong position in the industry.
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