Medical Education Market: Snapshot
The medical education market is set to boom in the near future thanks to major advances made in the field of medical science, the surging incidence of chronic illnesses, increased incidences of various types of cancer, technological innovations, and the frequent introduction of new courses. The online learning space has grown manifold, especially in developed countries, owing to the growth of the online education market, the increased preference of updated and diverse courses, the development of new start-ups, and higher internet penetration.
Transparency Market Research predicts that the global medical education market is poised to expand at a 4.3% CAGR during the forecast period, rising from a value of US$25.9 bn in 2015 to US$38.4 bn by 2024.
Rising Incidence of Cardiovascular Diseases Spurs Cardiothoracic Education and Training
Medical education includes training in a number of disciplines, including cardiothoracic, neurology, orthopedic, oral and maxillofacial, pediatric, radiology, and laboratory. The cardiothoracic training segment led the medical education market in 2015 by revenue, driven by the rising incidence of cardiovascular diseases, especially coronary blockages. The effectiveness of cardiothoracic training in treating these diseases and curbing side effects such as thrombosis and restenosis associated with a percutaneous coronary intervention (PCI) has also fueled the growth of this segment. Other factors that drive the cardiothoracic training segment are the effective management of heart diseases, rising awareness among patients, and increased medical needs such as surgeries and diagnosis. The radiology training segment is likely to expand at the highest CAGR during the forecast period
Technological Innovations and Upgrades Driving Medical Education in North America and Europe
Geographically, the medical education market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America was the leading market for medical education in 2015, followed by Europe. Being a well-established region in terms of medical education and healthcare, North America is likely to retain its dominant share throughout the forecast period. The medical education market offers immense growth potential in this region due to timely technological upgrades, increased awareness among patients, and the continuous evolution of information technology.
The growth of the medical education market in Europe is attributed to technological innovations, the consistent introduction of new courses, and increasing healthcare expenditure. In addition, the increased implementation of picture archiving and communication systems (PACS) and stable healthcare education policies widens the scope for growth and acceptance of medical education in this region.
Asia Pacific has been witnessing increased adoption of online training for medical education. Rapidly evolving healthcare infrastructure, the rising number of researchers in the medical field, several initiatives taken by government organizations to provide scholarships and economic relief to medical students, and the presence of a large pool of patients suffering from various types of cancers and cardiovascular diseases in countries such as India and China are some of the key factors driving the medical education market in Asia Pacific.
Apollo Hospitals, TACT Academy for Clinical Training, Zimmer Biomet Holdings, Inc. (Zimmer Institute), Olympus Corporation, Gundersen Health System, GE Healthcare, and Medical Training College are some of the leading players in the global medical education market.
Global Medical Education Market: Overview
The global medical education market is likely to witness tremendous growth in coming years due to the technological advancement in the field of medical science. The rise in the older section of the population, the need for efficient medical aids have also increased. This factor has surged, the requirement of healthcare professionals such as care takers, nurses, doctors, and therapists. Moreover, online education and learning area has also expanded in the recent past, along with the emergence of new courses. This has also contributed in the high market demand for medical education.
Based on the learning model, the medical education market is segmented into blended learning and online learning. The blended learning technology dominated the market in 2016, holding a maximum number share in the global market characterized by high revenue. This learning model encouraged the educational institution to concentrate on coming up with new standards of learning. It also focuses on the development of new, updated, or revised content consistently.
The report offered herewith considers all the vital details and factors contributing to the development of the global medical education market, for example, market figures, drivers, restraint, trends, opportunities, market potential, segments, and geographical outlook. The report helps in understanding the market scenario and competitive landscape for medical education market, by presenting the status of key players, leading regions, business strategies, and scope of the overall market development.
Global Medical Education Market: Trend and Opportunities
Cardiothoracic, orthopedic, neurology, pediatric, oral and maxillofacial, and laboratory are some of the disciplines in which medical education provides valuable learning. Several regions in the world are focusing on the technological updates and providing the upgrades about the technological evolution. The healthcare industry is one of the most lucrative industry owing to extremely high budgets, allocation of massive budgets by the governments, and supportive policies and regulations designed for the sector by several developed and developing economies.
Increased inclination by masses towards online learning is the one of the major driving forces for the market growth. The increase in the ubiquity of diseases caused due to change in lifestyles, and the way of living is an additional reason for the rise in demand for medical education. Moreover, surge in the interest for testing, online assessments and examinations, e-books, and the need of interactive media is also anticipated to lead the development of the market. Various diseases like hypertension, orthopedic issues, and obesity have surged the requirement of basic healthcare providers. This scarcity is expected to create a huge scope of opportunities, which will in turn boost the growth of medical education in the market. Doctors are at the bleeding edge of this range and would serve best to the prosperity of the general population.
Although owing to high amount of money charged for on-campus or classroom training, the growth is likely to decline during the predicted time frame. The government is also working on spreading awareness among the masses and patients. This helps the people in drawing their attention towards various diseases, ways to cope up with them, and prevent them.
Global Medical Education Market: Geographical Analysis
The geographical region is segmented into North America, Asia Pacific, Europe, and Rest of the World. Considering a large number of student population in Asia Pacific region especially countries such as China, India, and Japan, the region provides the most fertile ground as per the scope of advancements and business expansions. This region also has a large number of people with discontented with the medical treatments. Moreover, surge in economic development and regulatory measure and policies imposed by the government has also opened the door for new opportunities in the medical education market. Though, Europe and North America are among the unexplored region in the market.
Global Medical Education Market: Companies Mentioned
Gundersen Health System, Apollo Hospitals, GE Healthcare, TACT Academy for Clinical Training, Zimmer Biomet Holdings, Inc. (Zimmer Institute), Olympus Corporation, and Medical Training College are some of the leading companies in the global market, catering medical education. TACT Academy for Clinical Training is a new edition among the key players in the market, projecting high scope of development and revenue.
Key Segments of the Global Medical Education Market
Global Medical Education Market, by Type of Training
- Oral and Maxillofacial
Global Medical Education Market, by Mode of Education
Global Medical Education Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- South Africa
- Rest of Rest of the World
Major regions analyzed under this research report are:
- North America
- Asia Pacific
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments