Surgical Simulation Market: Current Analysis and Forecast (2021-2027)

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The Surgical Simulation market is predicted to grow at a CAGR of ~15% between 2021 and 2027. A simulation is a mimic of real life with the use of certain models that represents the characteristic behaviors and features of the system, and the simulation represents how the model evolves over time. Surgical Simulation is the specialization of the medical simulation where the students and the medical professionals educate and train by using advanced simulator technology and with the help of Artificial Intelligence and robotics. Furthermore, the increasing public and private investments in the healthcare sector along with the technological advancements in the biomedical devices owing to the significant growth of the market for the medical simulators. Moreover, the companies are constantly developing simulation models and technology to properly train healthcare professionals. For instance, CAE Inc developed Cut Suit – CAE’s Surgical Simulator combinations and task simulators simulate extreme physical trauma. Additionally, the 3D technology and AI-based computer interfaces provide better and replicate real-life situations along with risks associated with the human life in case of the training on the human subject attributes to the widening of the market of the surgical simulator in the future.

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Insights Presented in the Report

“Amongst Specialty, Orthopedic Surgery, segment dominated the market in 2020

Based on specialty, the market is segmented into cardiac surgery, gastroenterology, neurosurgery, orthopedic surgery, and others. In 2020, orthopedic surgeries dominated the surgical simulator market due to the increased number of orthopedic cases such as arthritis and osteoporosis and the increased number of road accidents, and injuries. Due to a higher number of cases, the need for proper medical and surgical training increased. However, in the forecast period, the market for neurosurgery simulators is likely to witness significant growth. The rapidly increasing number of neurological disorders and death caused by them are the primary factors. For instance, the deaths reported by Parkinson’s disease in the U.S. increased by 54% in 2017 as compared to 2013. Furthermore, due to the complexity of neurosurgery, professionals require intensive training on simulators prior to direct dealing with the patient. These are some factors that may contribute to the future market growth of surgical simulators in neurosurgery.

“Amongst End-user, the academic institute segment is likely to capture significant market share during the foreseeable future

On basis of end-user, the market is categorized into academic institutes, hospitals, and others. Among these, the academic institute segment is likely to experience dominating growth during the projected future. The rising number of educational institutes is responsible for the growth of the market. Furthermore, the higher number of death reported due to medical errors requires more training for the professional. According to WHO, 2.6 million deaths are reported annually due to medical errors. This indicates the strong need for appropriate training of medical students and health care professionals during their academic sessions. Moreover, the presence of developed infrastructure in the medical schools and increasing government investments in them, make them ideal markets for the surgical simulation market. Additionally, the research and development of new methods of surgery along with the consideration of patient safety and their outcomes are driving factors for the market growth of simulators in academic institutions

“North America holds the lion’s share in the Surgical Simulation market”

During the forecast period, North America is expected to have a higher CAGR due to ongoing industrialization and the prevalence of lifestyle-associated diseases, which have fueled manufacturing output levels, positively influencing the global medical equipment industry landscape. This has a great influence on developed nations such as the U.S. and Canada to focus on surgical simulation and deal with a higher number of surgeries annually. Moreover, developed countries have well-established medical infrastructure and the availability of advanced research facilities owing to the development of the markets in the region. Furthermore, the presence of the leading medical schools along with the increasing healthcare expenditure of the nations attributed to the development of new technology in the field of medical simulations. In Canada, for instance, the per capita expenditure on the healthcare sector accounted for US$ 4,629 in 2016 which was increased by 9% in 2019 which was denominated to US$ 5,048. Furthermore, in 2020, the U.S. held the largest market share in the North American market owing to the surging yearly investment in research and development in the country. The government investment in research projects accounted for US$ 496.1 billion in 2015 which was further rise to US$ 583.3 billion in 2018. The industry’s expansion was aided further by market players focusing on the adoption of advanced technology and product innovation.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

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Research Methodology

Research Methodology for the Surgical Simulation Market Analysis (2021-2027)

Analyzing the historical market, estimating of the current market, and forecasting the future market of the surgical simulation market were the three major steps undertaken to create and analyze the adoption of surgical simulation in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the surgical simulation market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Surgical Simulation through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the surgical simulation market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as specialty and end-user. Further country-level analyses were conducted to evaluate the overall adoption of surgical simulation in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Surgical Simulation. Further, we conducted factor analysis using dependent and independent variables such as increasing digitalization of industries and urbanization in developing countries. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Surgical Simulation sector across the globe. 

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Surgical Simulation market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of surgical simulation across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Surgical Simulation market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Surgical Simulation market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of specialty and end-users of the surgical simulation market.

The main objective of the Surgical Simulation Market Study

The current & future market trends of surgical simulation were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of surgical simulation in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of specialty, end-user, and region.
• Define and analysis of the regulatory framework for the surgical simulation industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Surgical Simulation market for the major region
• Major regions studied in the report include North America (U.S, Canada, and the Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and the Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
• Company profiles of the Surgical Simulation market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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