Yahoo Finance Virtual Patient Simulation Market to Reach USD 8.97 Billion by 2028, at a CAGR of 10.49% from 2022-2028 Thanks to Technological Breakthroughs in the Healthcare Domain
SkyQuest's recent virtual patient simulation market study predicts future growth potential and provides updated information on market size, industry trends, and expected growth. The report aims to aid decision-makers in making informed investment decisions by offering a comprehensive market analysis. The research also identifies key drivers, challenges, and opportunities in the global market. In addition, the report includes a regional analysis section that focuses on regions with high growth potential and helps participants increase their market presence.
Westford USA, Feb. 06, 2023 (GLOBE NEWSWIRE) -- North America brings significant scope for market participants owing to major technological innovations and increasing efforts by governments to offer high-quality patient care. The virtual patient simulation market is growing due to several driving factors, including an increased focus on patient safety and growing demand for minimally invasive treatments. Furthermore, the advancement of technology in medical simulation is expanding its applications in healthcare training for professionals, further fueling the market growth. Additionally, the need to meet regulatory compliance, control healthcare costs and prioritize patient-centered care drives market expansion.
According to SkyQuest's research insights, the projected number of cancer cases in Northern America is expected to rise from 2.72 million in 2020 to 3.75 million by 2040. In addition, due to the region's high incidence of chronic illnesses, the usage of medical simulators is likely to grow exponentially during the forecast period.
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Healthcare simulations provide a secure educational environment for practitioners and researchers to experiment with new clinical procedures and improve their and their team's abilities. Most simulation programs use simulated patients that display symptoms and respond to treatments, enabling healthcare professionals to hone their skills without risking patient safety. In addition, most simulation applications include artificial patients, who can display symptoms and respond to the simulated treatment. It allows specialists to enhance their clinical skills without risking patient lives.
Prominent Players in Virtual Patient Simulation Market
Simbionix USA Corporation
Laerdal Medical
Surgical Science Sweden AB
Gaumard
B-Line Medical
Simulaids
Limbs and Things
CAE Healthcare
Mentice AB
Simulated Surgical Systems
TheraSim Inc.
VirtaMed
Dassault Systemes
Red Llama
Voxel-Man
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The Hardware Segment Experiences Faster Growth Due to its Expanding Range of Applications
It is anticipated that the hardware segment will continue to hold the biggest market share for virtual patients in healthcare. PCs, helmet-mounted displays (HMDs), and other gadgets like cell phones and laptops make up the virtual patient hardware. In addition, virtual patient headsets are frequently used for training, rehabilitation, and teaching. Therefore, the adoption of virtual patient simulation in the market is predicted to be driven by the rising demand for training among healthcare professionals.
North America dominates the virtual patient simulation market and is projected to retain its position during the forecast period. It is attributed to factors such as a rise in medical errors, the presence of major players, rising healthcare costs, technological advancements, and increased government involvement in the region. SkyQuest's data shows that for individuals 65 years and older, the crude incidence rate per 100,000 people for ischemic heart disease was 2,407.3 for men and 1,623 for women. The chronic obstructive pulmonary disease rate was 1,727.2 for men and 1,378.3 for women.
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Academic Research Institutes Segment owing to Rising R&D Activities in Research Fields
The academic research institutes segment registered a higher market share and is expected to maintain its lead during the forecast period. The segment is expected to experience continued growth due to numerous academic research groups that use computer models to study complex biological systems. For example, the NIDDK used PBPK modeling to research the effects of decreased kidney function on pharmacokinetics and drug elimination through renal organic anion transporters.
The regional market in Asia Pacific is anticipated to experience swift growth in the coming years due to advancements in healthcare infrastructure. Additionally, the growing adoption of healthcare facilities and rapid expansion of manufacturing facilities in countries such as China and India are driving the market growth.
The research report offers comprehensive and in-depth insights into the major companies in the virtual patient simulation market, including their financials, supply chain trends, technological advancements, and key developments. The report also provides key recommendations for companies to consider as they plan their next steps for business growth.
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Key Developments in Virtual Patient Simulation Market
Orbis and Vision Care Company HOYA have joined forces again with a three-year commitment to enhancing global health through vision. The partnership will concentrate on providing eye care to school children in low and middle-income nations and training eye care professionals through Cybersight, Orbis's telemedicine and e-learning platform.
SimX, a virtual reality (VR) medical simulation solutions provider, has partnered with the US Air Force (USAF) for a new $225,000 project to investigate the potential of VR medical simulation training (MST). The collaboration aims to find new applications for VR MST in three important training areas for the Air Force Special Operations Command Wing (AFSOC): urban and technical search and rescue, casualty evacuation, and medical care in combat.
BioMed X and Sanofi have signed a research and development agreement to utilize digital data and AI to estimate the effectiveness of first-of-its-kind drug candidates by using virtual patient populations, as reported by BioMed X. Using virtual patients during drug development have the potential to assist in dosing and efficacy decision-making.
Teleflex, a major medical technology provider, has signed a deal with FundamentalVR, a global virtual reality (VR) leader for medical simulation. The agreement will give Teleflex access to a VR training platform to quickly implement the use of the UroLift® 2 System, a cutting-edge technology for benign prostatic hyperplasia treatment.
Key Questions Answered in Virtual Patient Simulation Market Report
What are the cost, profit, and production analyses of the major players in the market?
What are the key factors influencing the global virtual patient simulation market?
What business opportunities, challenges, and tactics have leading players implemented?
What are the market prospects and challenges for vendors in the global market?
What are the global market's regional sales, revenue, and pricing analysis?
Which geographical regions are expected to witness significant growth in the market?
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