Why is Increasing Geriatric Population Driving Surgical Simulation Market?
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 (2020–2030), 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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When offering is taken into consideration, the market is bifurcated into services and products, between which, the products division has been dominating the surgical simulation market up till now. The surging volume of surgeries across the globe is creating high demand for training through simulation. The products division is further classified into neurological, arthroscopic, gynecological, cardiac, laparoscopic, and endoscopic. The services division is projected to demonstrate higher CAGR during the forecast period, since having technical knowledge is also important.
Geographically, the surgical simulation market was dominated by North America during the historical period (2014–2019). The software and equipment vendors are widely collaborating with medical and research centers. In addition to this, the rising number of surgical procedures and increasing healthcare expenditure are leading to the high demand for surgical simulation solutions in the region. The Asia-Pacific region is predicted to progress at the fastest pace during the forecast period due to increasing aging population.
The growing number of aged people across the globe is a major driving factor of the surgical simulation market. For example, according to the American Geriatrics Society, more than 20% of the population in the U.S. would be above the age of 65 years by 2030. As compared to younger people, aged people are more susceptible to developing chronic health problems, owing to which, they need regular medical intervention. This can be in the form of medication or surgeries, which is driving the market.
Hence, the market is being driven by the surging geriatric population and increasing awareness in emerging economies.