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Surgical Simulation Market Size and Growth Forecast

The global surgical simulation market generated a revenue of $337.4 million in 2019, and is expected to grow at a 16.4% CAGR during the forecast period (2020u20132030), as stated by a P&S Intelligence report. The key factors resulting in the growth of the market are the rising popularity of minimally invasive surgeries (MIS), surging volume of surgeries, advancements in the medical device technology, and rising geriatric population. Surgical simulation solutions are utilized for creating realistic scenarios for student, so that they can acquire necessary skills.

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Surgical Simulation Market Size and Growth Forecast

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  1. Surgical Simulation Market To Generate $1,643.7 Million Revenue © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved by 2030 1

  2. A number of factors, such as the surging volume of surgical procedures, mounting geriatric population, and increasing preference for minimally invasive surgeries, are expected to drive the surgical simulation market at a CAGR of 16.9% during the forecast period (2021–2030). In addition, the rapid development of technologically advanced simulators will contribute to the market growth. Due to these factors, the market revenue will surge from $366.5 million in 2020 to $1,643.7 million by 2030. The rising preference for minimally invasive surgeries, owing to the benefits attached to them, is one of the key contributors to the market growth. Minimally invasive surgical procedures render less post-operative pain because they involve smaller incisions and are less scarring. As these surgeries involve smaller incisions, the organs can easily retain their original structure, without damage to their cellular layers. Moreover, these procedures exhibit higher operational accuracy as they are video-assisted surgeries. Another growth driver for the surgical simulation market is the global increase in the volume of surgeries owing to the mounting cases of chronic diseases globally. Medical professionals around the world are using simulators to prevent or minimize medical errors during actual surgeries. Patients suffering from chronic diseases, such as cancer, cardiovascular diseases (CVDs), and kidney disorders, are required to undergo several surgical procedures for diagnosis and treatment. Additionally, the soaring cases of road accidents will augment the demand for surgical simulation products. Moreover, the increasing focus of market players on the development of technologically advanced products will contribute to the surgical simulation market revenue growth. The introduction of advanced products helps medical practitioners in enhancing their surgical skills. For example, in April 2020, Fundamental VR, a digital health company that uses virtual reality (VR) to train surgeons, announced its plan to expand its educational platform, Fundamental Surgery. @HomeVR, the new education modality of the platform, provides educational simulations accredited by the Royal College of Surgeons and the American Academy of Orthopedic Surgeons on VR headsets. To receive free sample pages of this report@ https://www.psmarketresearch.com/market-analysis/surgical-simulation-market/report- sample The offering segment of the surgical simulation market is bifurcated into products and services. Of these, the products category accounted for the larger market share in 2020, and it is projected to retain its dominance during the forecast period. This can be credited to the soaring number of surgical procedures, primarily on account of the growing prevalence of chronic disorders globally. The products category is further classified into cardiac, arthroscopic, 2 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  3. endoscopic, neurological, gynecological, laparoscopic, and others. According to P&S Intelligence, the North American surgical simulation market will generate the highest revenue throughout the forecast period. This will be due to the increasing collaborations between healthcare associations and market players, rising volume of surgeries, and mushrooming healthcare expenditure in the region. Whereas, Asia-Pacific (APAC) is expected to exhibit the fastest growth in the forecast years due to the flourishing medical tourism sector, booming geriatric population, and mounting investments being made by the market players in the region. Therefore, the soaring number of surgical procedures and increasing inclination toward minimally invasive surgeries will supplement the market growth. The research offers market size of the global surgical simulation market for the period 2015– 2030. Market Segmentation by Offering Products • oEndoscopic oLaparoscopic oCardiac oGynecological oArthroscopic oNeurological oOthers Services • oEducational oTechnical oOthers Market Segmentation by End User Academic & Research Institutes Hospitals Surgical Clinics Military Organizations Others Market Segmentation by Region North America Surgical Simulation Market • • • • • • oBy offering oBy end user 3 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  4. oBy country – U.S. and Canada U.S. surgical simulation market By offering By end user Canada surgical simulation market By offering By end user Europe Surgical Simulation Market ▪ ▪ ▪ ▪ ▪ ▪ • oBy offering oBy end user oBy country – Germany, France, U.K., Italy, Spain, and Rest of Europe Germany surgical simulation market By offering By end user France surgical simulation market By offering By end user U.K. surgical simulation market By offering By end user Italy surgical simulation market By offering By end user Spain surgical simulation market By offering By end user Asia-Pacific (APAC) Surgical Simulation Market ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ ▪ • oBy offering oBy end user oBy country – Japan, China, India, and Rest of APAC Japan surgical simulation market By offering By end user China surgical simulation market By offering By end user ▪ ▪ ▪ ▪ ▪ ▪ 4 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  5. India surgical simulation market By offering By end user Latin America (LATAM) Surgical Simulation Market ▪ ▪ ▪ • oBy offering oBy end user Middle East and Africa (MEA) Surgical Simulation Market • oBy offering oBy end user 5 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

  6. Disclaimer: P&S Intelligence always keeps its customers’ interests at the core while carrying out research activities. P&S Intelligence ensures the reliability and accuracy of information and data provided in its market research publications. However, the information in publications is subject to fluctuations, as it is based on primary interviews of officials from various companies or organizations. P&S Intelligence is not responsible for any incorrect data provided by the key industry players of the concerned domain. The information or analysis in P&S Intelligence publications represents opinions based on research and should not be interpreted as statements of fact. Information in this report was believed to be correct at the time of publication, but cannot be guaranteed. P&S Intelligence does not endorse any product, service, or vendor depicted in its research publications. All intellectual properties, including trademarks and copyrights, belong to their respective owners and may be protected by copyright. Under no circumstance can these be reproduced in any form without prior written agreement of their owners. An order for market research report is intended for internal use of the company only and not for disclosure to third parties or any other publication in general. No service, report, or part thereof provided by P&S Intelligence can be reproduced, republished, resold, revealed, distributed, circulated, or sublicensed in any medium or form now realized or hereafter become realized, including but not limited to, all forms of optical-based media, magnetic, electronic, or digital, without a written permission from Prescient & Strategic Intelligence Pvt. Ltd. Kindly write to: enquiry@psmarketresearch.com B-13, Sector – 2, Noida, U.P. – 201301, INDIA Contact No: +91 120 4541 337 US/Canada Toll-Free: 1-888-778-7886 6 © Prescient & Strategic (P&S) Intelligence Pvt. Ltd. All rights reserved

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