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.
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.
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.
