Market Trends of Asia-Pacific Medical Simulation Industry
This section covers the major market trends shaping the APAC Medical Simulation Market according to our research experts:
Academic and Research Institutes Segment is Expected to Hold a Significant Market Share Over The Forecast Period
Academic and Research Institutes widely use the medical simulation for training healthcare professionals and treatment purposes. The learning platform enables training surgeons to review and analyze their performance data. It allows faculty to connect with their trainees from anywhere in the world, allocate tasks, review performance, provide written feedback, and issue certificates of competency.
Various summits and workshops are hosted by academic and research institutes for different therapeutic areas simulations, which educate healthcare professionals regarding the benefits of simulation in the medical industry. For instance, the 7th Chinese Research Hospital Association Thyroid Disease Summit and the 7th China Neuromonitoring Workshop were held in Zhengzhou in March 2022. One of the sessions was a simulation session that was hosted virtually. The China-Japan Friendship Hospital of Jilin University professors demonstrated neuromonitoring problems and solutions. The virtual simulation session on neuromonitoring technology by academic professors is estimated to boost the utility among educational and research institutes, thereby propelling the segment's growth.
Academic and research institutes are making medical simulation training mandatory for healthcare professionals, which is expected to add to the market growth. For instance, in November 2022, Armed Forces Medical College (AFMC), India, announced medical simulation as an essential part of resuscitation and critical care training. Since doctors, nurses, and paramedics can polish their emergency response skills in the security of a laboratory where their actions can be carefully observed, it is anticipated that the quality of care will increase. The Central Clinical Skills and Simulation Lab is located in the Anesthesiology and Critical Care Department. Such initiatives are anticipated to propel the segment's growth during the forecast period.
India is Expected to Hold a Significant Market Share Over The Forecast Period
India is expected to hold a significant market share during the forecast period owing to the high healthcare expenditure by government organizations, product launches, and rising demand for medical simulation in the country.
The Union Budget for the Financial Year 2022-23 presentation in February 2022 stated that there was an increase in health expenditure to 2.1% of GDP in 2021-22 against 1.8% in 2020-21 and 1.3% in 2019-20 in India. The high healthcare expenditure was estimated to increase medical simulation expenses for better healthcare facilities in the country, thereby boosting market growth.
The strategic initiatives adopted by key players, such as product launches, partnerships, and research and development investment in the country, are expected to fuel the market growth. For instance, in June 2022, MediSim VR, a Med-tech company engaged in the field of healthcare simulation, opened a fully automated Virtual Reality (VR) lab in the Puducherry Institute of Medical Sciences (PIMS) for MBBS students to improve their fundamental medical abilities and prepare them for the future. The company also got funding from IIT Madras and the Department of Science and Technology for R&D.
Also, in April 2022, the Delhi Academy of Medical Sciences (DAMS) launched a simulation-based medical education facility. The facility allows medical students of intermediate and advanced levels to practice without causing harm to patients. Such initiatives are estimated to boost the utility of medical simulation, thereby augmenting the market growth in the country.
