Medical Education Market Insights
The medical education market is anticipated to experience moderate growth in the forecast period (2020-2027). Growing at a CAGR of 4.2%, the market value is expected to reach US$ 44 Bn by 2027-end.
Rapid advancements in healthcare infrastructure have stimulated investments in medical education. In addition, the number of medical schools has been increasing, especially in developing economies.
According to a study conducted by FAIMER International Medical Education Directory (IMED), the number of medical schools increased by more than 1/3rd between 2009 and 2013. Moreover, increase in new and non-traditional medical schools and student migration has prompted universities and institutions to provide quality education.
The ongoing COVID-19 pandemic is expected to burgeon the scope of medical education, particularly online courses. With governments imposing strict social distancing measures, online education has gained significant traction. Rampant penetration of the internet and acquaintance with existing technology has enabled medical experts, professors and scholars to schedule online classes through a variety of approaches.
These include live video streaming for lectures, distribution of printed medical literature, audio recordings, and e-books. Moreover, the pandemic has also facilitated increased research for discovering potential vaccines and drugs to treat the deadly disease. The result is expected to lead to strong growth of the medical education market.
Medical Education Market: Technological Insights
With the rising popularity of online education, healthcare practitioners are devising novel ways to impart quality education to students. Some instances of technological enhancements in medical education include digital games, mobile devices, wearable technologies, and simulation software. These advancements are anticipated to revolutionize healthcare in the future.
Digital games provide training tools that offer challenging stimulating environments, and are often used for training future surgeons. These games help improve hand-eye co-ordination and reflex time. Mobile devices employ personal digital assistants for patient management and treatment decisions, while simulation imitates real patients, anatomic regions and clinical tasks to mirror real-life circumstances where medical services are required.
Medical Education Market: Training Insights
With respect to imparting medical education, market players capitalizing on online training are expected to gain revenue growth opportunities in the future. Adoption of online courses is anticipated to expand at a CAGR of 5.5% throughout the forecast period.
The surge in online training will also bolster the distance-learning method. The distance-learning segment is poised to expand at a CAGR of 4.2% through 2027. However, on-campus training is anticipated to retain market dominance, accounting for more than half of the medical education market.
Strict social distancing norms implemented by governments in the wake of the coronavirus pandemic has led to the closure of universities and colleges, prompting them to shift their courses online. This trend is anticipated to continue throughout the forecast period, as people will voluntarily choose to maintain social distancing even in the aftermath of the pandemic.
However, few students would still prefer to attend regular college post the pandemic as universities are equipped with the required resources which otherwise may not be available externally.
Medical Education Market: Regional Insights
Asia Pacific promises to emerge as the fastest-growing medical education market over the forecast period, expanding at a CAGR of 4.4% and capturing almost 1/5th of the global market value. North America is poised to retain market dominance, capturing more than two-fifth of the medical education market revenue.
Growth in Asia Pacific’s market is attributed to rising adoption of advanced technologies for the creation of virtual experiences to accelerate medical education. For instance, Microsoft has collaborated with the Case Western Reserve University to offer special glasses and high-definition 3D-graphics to teach anatomy.
In North America, market growth remains driven by rising adoption of upgraded educational frameworks and shift to competency-based medical education. Moreover, rise in enrolments for medical education in the U.S. is contributing to the market growth. The number of medical school enrolments in the U.S. registered an uptick of 25% in 2016 as compared to 2002.
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Medical Education Market: Competition Structure
The medical education market is characterized by the presence of a large number of local and regional players along with national and international players. This makes it a highly competitive market. The resulting competition has prompted global pharmaceutical and biotech companies, big hospitals, clinics & research centers to provide financial and travelling aid to facilitate the completion of medical education of students.
This makes the market highly fragmented in nature. Prominent players in the medical education market are: Apollo Hospitals, Zimmer Biomet Holdings, Inc., Gundersen Health System, Olympus Corporation, GE Healthcare, Harvard Medical School, the Johns Hopkins University, Stanford University, American College of Radiology, the Healthcare Training Institute, New Jersey, to name a few. These players have been providing detailed medical educational programs across various domains.
Apollo Hospitals, for instance, collaborated with the University of New South Wales to launch a public health degree program in India. The objective of this course is to equip India’s medical workforce to respond to major health challenges facing the country. This new Master of Public Health (MPH) program will assist in meeting the growing shortage of health professionals in India.
Similarly, Olympus Corporation offers its own medical education program through its university. The program is geared towards nurses, reprocessing technicians and biomeds. It offers its courses via sponsored webinars and certificate courses for reprocessing and endoscopic training.
Besides, various universities such as the Johns Hopkins University and Stanford University offer full-time highly specialized medical educational programs.
COVID-19’s Impact on Medical Education Market
The outbreak of the COVID-19 pandemic has compelled universities and colleges to suspend their on-campus educational activities. This is in response to strict social distancing measures advocated by governments in order to contain the spread of the pandemic. This has, however, not deterred educators from providing quality education to students. Like other disciplines, medical education has received significant traction since the onset of the pandemic.
Healthcare experts, professors and practitioners are effectively exploiting the internet to disseminate knowledge. Online webinars, distribution of e-books and recorded audio files, chatrooms and social media are some of the most utilized platforms for this purpose.
It is anticipated that online education shall become the new normal even after the pandemic has subsided. Online medical courses are not only highly specialized but are also conveniently accessible from any location. Moreover, there are no time constraints, allowing students and professionals to develop a customized learning pace.
Such advantages shall only serve to fuel the growth prospects of the medical education market. Furthermore, the pandemic has compelled key healthcare providers to invest in discovering potential vaccines or drugs for the eradication of the coronavirus, for which practitioners may require certain certifications. This will encourage educators to design special courses related to the same.
An Adaptive Approach to Modern-day Research Needs
“Paradigm shifts in the provision of healthcare owing to rising complexities in the nature of health problems has compelled medical education providers to constantly upgrade their knowledge-dissemination process. The growing trend of online education has significantly leveraged market prospects for medical education. The onset of the coronavirus pandemic has further augmented its popularity. In the years to come, online education is anticipated to become the new normal”.
Medical Education Market: Report Scope
The recent study on medical education by Fact.MR provides a seven-year forecast for the period of 2020-2027. The report explicates on vital dynamics influencing the growth of the medical education market such as the key drivers, opportunities and restraints.
The market has been analyzed based on the following segments: delivery method, mode of training, type of training and type of organization. Each segment incorporates an analysis based on revenue, market share and future growth predictions.
In addition, a regional landscape incorporating the abovementioned segments has also been included. The regional landscape is based on five geographies: North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Towards the end, a competition matrix has been provided.
This section includes detailed analysis of key educational players, their market share, course portfolio and future growth outlook. Future outlook has been presented through a SWOT analysis of each organization.
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Medical Education Market: Segmentation
Fact.MR has studied the medical education market with detailed segmentation on the basis of delivery method, mode of training, types of training, type of organization and region.
- Internet Enduring Materials
- Regularly Scheduled Series and Other Enduring Materials
Mode of Training
Types of Training
- Cardiothoracic Training
- Neurology Training
- Orthopedic Training
- Oral and Maxillofacial Training
- Pediatric Training
- Radiology Training
Type of Organization
- School of Medicine
- Government/Military Organizations
- Insurance Companies
- Non-profit Organizations
- Publishing or Education Companies
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
“This taxonomy prepared is confidential and intended exclusively for the individual or entity with whom it is being shared. Reading, disseminating, distributing, or copying this to any party other than the addressee(s) is unauthorized and prohibited.”
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
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