According to FutureWise analysis the market for Medical Simulation in 2023 is US$ 2.55 billion, and is expected to reach US$ 8.9 billion by 2031 at a CAGR of 16.92%.
The medical simulation market growth is encouraged by factors like enlightening the medical fraternity about the evolution of medical technology, associated benefits of medical simulation and a growing emphasis on patient safety and outcome such as illustrating normal and complex cases to professionals.
Nonetheless, high simulation set-up cost and other related costs are predicted to restrain the market growth of the market. Additionally, the limitation of a complete real situation impedes the growth of the medical simulation industry. On the contrary, profitable opportunities in emerging economies are predicted to create opportunities for market growth soon.
Furthermore, according to an article published by NCBI, more than 200,000 patients die annually owing to medical errors, which makes it the third leading cause of death in the world. The invention of simulation in healthcare has significantly reduced the number of deaths related to unsafe care. These factors are expected to boost the market growth in the upcoming years.