Surgical Simulation Market to Advance at 15.7% CAGR in Near Future
Nov 25, 2019
Surgical simulation market is forecasted to generate revenue of $608.3 million by 2023, according to P&S Intelligence.
New York, United State - November 25, 2019 /MarketersMedia/ —
The number of surgical procedures has been on a rise due to the growing prevalence of chronic diseases. As per the data provided by the Word Bank 30,537 surgeries were performed per 100,000 people in the U.S., in 2012. Similarly, in 2015, the number of surgeries performed in Australia was 28,907 per 100,000 residents. Since surgical procedures are critical in nature and can be fatal if not performed with utmost care, the surgeons need to be trained properly. Attributing to this, the demand for surgical simulation products and services is increasing rapidly, as they can help prevent and reduce medical errors during surgeries.
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Surgical simulation involves the utilization of mechanical or electronic surgical simulators in order to represent the test conditions which resemble practical medical situations. These simulation procedures are performed for providing procedural, technical, and operational skills to medical residents and practitioners. According to a research conducted by P&S Intelligence, the global surgical simulation market generated a revenue of $254.7 million in 2017 and is projected to grow at a 15.7% CAGR in the coming years. Surgical simulation solutions include both products and services. Out of these, the larger demand during 2013–2017 was created for products and the situation is going to be the same in the near future.
The demand for minimally invasive surgeries is also rising rapidly as they have several benefits over conventional surgical procedures. These surgeries are video-assisted, hence help improve operational accuracy and result in less post-operative pain. Furthermore, the incisions made during these surgeries are small and less scarring, which aid in retaining the organ’s original structure, without deforming its cellular layers, and leading to decreased blood loss. Due to these factors, the patients and healthcare providers, both, prefer minimally invasive surgeries. The growing preference for these surgical procedures is further driving the demand for surgical simulators in order to train the practitioners properly.
A key trend in the surgical simulation market is the adoption of augmented reality (AR) and virtual reality (VR) technologies in surgical simulation for enhancing the efficiency of medical trainees. The companies providing surgical simulation solutions are increasingly focusing on incorporating AR and VR technologies in their offerings in order to provide high-fidelity simulation environment to the residents. For example, in December 2017, ArthroS Ankle, a VR simulator for ankle arthroscopy, was launched by VirtaMed AG; the various features of the product include authentic haptic feedback through life-like anatomic ankle model, customizable course structure for proficiency-based learning, adapted original tools, and realistic VR graphics.
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