Medical Education Market
Medical Education Market (Type of Training: Cardiothoracic Training, Neurology Training, Orthopedic Training, Oral and Maxillofacial Training, Pediatric Training, Radiology Training, Laboratory Training, and Others; Mode of Training: On-campus, Distance, and Online; Education Providers: School of Medicine, Government/Military Organization, Hospitals, Insurance & Co., Non-profit Organization, Publishing or Education Company, Molecular Genetic Methods, and Others; and Delivery Method: Internet Enduring Materials, Courses, and Regularly Scheduled Series and Other Enduring Materials) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Video Conferencing Software Help Improve COVID-19 Patient Care
Both undergraduate and graduate medical education has been affected due to the coronavirus (COVID-19) outbreak. The virtual delivery of educational content with the help of video conferencing software and social media platforms is becoming a fast-growing phenomenon. Hence, stakeholders in the medical education market are increasing awareness about adherence toward social distancing with the implementation of available technologies. Though pre-recorded content is becoming increasingly available for learners, in-person teaching holds a lot of significance to prepare medical professionals for rigors of clinical training.
The medical education market is anticipated to grow, since increasing number of active COVID-19 cases in the U.S., India, Russia, and European countries has triggered the demand for nurses and medical school graduates. In many cases, medical students have been removed from patient care to minimize the exposure toward COVID-19.
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Advanced Healthcare Technology Leverages National Advisory Support and Operational Timelines
The American Medical Association is gaining popularity for accelerating change in the medical education sector. Innovation grant programs are rewarding undergraduate and graduate medical education faculties with the help of financial support in order to transform the field of medical education. Such programs are increasing the availability of medical professionals that can adapt in the ever-evolving healthcare industry. Stakeholders in the medical education market are boosting their credibility credentials by receiving financial support from healthcare organizations.
Advanced healthcare technology is acting as a key driver for growth of the medical education market. For instance, Sling Health— a student-run biotechnology incubator is actively working with trainees to build local entrepreneurial ecosystems to bring together the necessary resources for medical technology development. Student founders at new medical clinics help to leverage national advisory support and adhere to operational timelines.
Collaborative and Game-based Teaching Methods Contribute toward Digitalized Healthcare Systems
The proliferation of advanced technology and artificial intelligence (AI) in the medical education market is helping stakeholders branch out their revenue streams. Digitalized healthcare systems are becoming increasingly commonplace for both patients and physicians in order to increase accessibility toward biomedical information. As such, AI is helping to reduce efforts required by physicians to interpret digital data and improve their efficacy in diagnosis and prognosis.
The hyper-connected network of the Internet is benefitting digital learners. Hence, companies in the medical education market should innovate in mobile apps and online education portals to commercialize the concept of online classrooms. Moreover, game-based learning and collaborative teaching methods are transforming the delivery of medical content. Thus, educators need to employ suitable teaching strategies to engage and hold the attention of students.
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Redesigning of Curriculum and Team-based Care Improve Patient Outcomes
The medical education market is projected to reach 56.9 Bn by the end of 2030. However, stakeholders need to address challenges of medical educators. For instance, there is a need for more patient-centric medical training, which involves clinical exposure and patient learning into medical school curriculums. Medical schools should embed students in healthcare systems and provide training for team-based care.
Medical educators suggest that there is a need to exclude redundant information from the curriculum. Hence, healthcare institutes in the medical education market are redesigning the curriculum and are launching creative programs that facilitate medical training sans information overload. Moreover, there is a need to increase diversity in medical education in order to improve patient outcomes.
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Growing clinical and administrative demands have led to early graduation of medical students who are adding up to strained workforce amidst the ongoing COVID-19 outbreak. The medical education market is predicted to progress at a modest CAGR of ~5% during the assessment period. This is evident since strategic implementation of active learning strategies is not clearly defined. Hence, stakeholders should employ team-based and digitalized teaching methods to engage the attention of students. As such, there is a need for evidence-based practices and patient-centric care in order to improve patient outcomes. Multi-disciplinary approaches involving informatics, quality improvement, and public reporting are anticipated to enhance delivery of medical education.
Medical Education Market: Overview
- According to Transparency Market Research’s latest research report on the global medical education market for the historical period (2018–2019) and the forecast period (2020–2030), increase in the number of medical schools, owing to the COVID-19 pandemic is projected to drive the global medical education market in the near future
- According to the report, the global medical education market was valued at US$ 32 Bn in 2019 and is anticipated to expand at a CAGR of ~5% from 2020 to 2030
Surge in Preference for Online Education: Key Driver
- Increase in demand for online assessment & testing and rise in the need of interactive media for quality education are factors fueling the growth of the global medical education market. Online medical education is a high-growth market. Factors such as increase in penetration of Internet and exposure to current technologies across the world are major drivers of the market. The Internet is the primary source of video, audio, and eBooks.
- Medical education provides support for continuous learning and improvement, which help medical professionals, especially physicians and nurses, to address gaps in their professional practice such as technological developments, renewal of license and board certification/society, professional privileges, and certain skills. In the U.S., several hospitals and ambulatory surgical centers, as part of educational programs, offer online and other medical education activities. Doctors, nurses, and, with a few exceptions, allied healthcare professionals are required to complete medical education credits on yearly basis.
- Consequently, medical education is a continuous requirement across a career span. In the U.S., every medical professional who comes under this regulation needs to be aware of how many credits are required during each renewal period.
- The COVID-19 pandemic has changed the course of digitalization and online education. This increased the preference for online education. Digitalization has created an excellent opportunity for growth in the market.
- Internet has become the most important thing for online education and is a major driver of the market
Significant Role of Medical Education in Adoption of Evidence-based Medicine: Major Driver
- According to a new research conducted by Rockpointe Corporation in the U.S., medical education was quite effective in educating and helping physicians to make evidence-based decisions for their patients. Moreover, according to research findings of BioMed Central (BMC) (2016), the U.K.-based scientific open access publisher, the amount of medical education offered through the Internet is likely to rise, as it provides unparalleled access for physicians to new research findings and techniques. It has helped them to make better decisions in critical situations.
- Research findings suggest that physicians who participated in medical education activities have an overall positive effect on those who attended compared to those who did not
- According to 2017 report provided by Accreditation Council for CME-recognized providers, the number of hours of Internet-based enduring materials has increased from 57,944 hours in 2008 to 105,354 hours in 2017. Research findings suggest that approximately 48% of physicians who participated in online medical education activities were making better decisions compared to others who do not.
Medical Education Market: Competition Landscape
- This report profiles major players operating in the global medical education market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global medical education market is moderately fragmented, with the presence of a large number of leading players in the global market and several small players in regional markets. The top players hold major share of the global medical education market.
- Prominent players operating in the global medical education market include Apollo Hospitals, Gundersen Health System, Olympus Corporation, Tact Academy for Clinical Training, Zimmer Biomet Holdings, Inc., GE Healthcare, American College of Radiology, Healthcare Training Institute, New Jersey, Harvard Medical School, the Johns Hopkins University, Stanford University, CAE Healthcare, and Siemens Healthineers AG
- The report on the global medical education market discusses individual strategies, followed by company profiles of providers of medical education. The competition landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global medical education market.
Medical Education Market – Scope of the Report
TMR’s report on the global medical education market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the revenue of the global medical education market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR %) for the global medical education market during the forecast period.
The report has been prepared after extensive primary and secondary researches. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ annual reports, press releases, and relevant documents to understand the global medical education market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomenon in the global medical education market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global medical education market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global medical education market.
The report delves into the competition landscape of the global medical education market. Key players operating in the global medical education market have been identified, and each one of them has been profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global medical education market that have been profiled in this report.
Key Questions Answered in Medical Education Market Report
- What is the scope of growth of medical education and its providers in the global medical education market and its segments?
- What will be the Y-o-Y growth of the global medical education market between 2020 and 2030?
- What is the influence of changing trends in technologies on the global medical education market?
- Will North America continue to be the most profitable regional market for medical education providers?
- Which factors will impede the growth of the global medical education market during the forecast period?
- Which are the leading companies in the global medical education market?
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global medical education market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the global medical education market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, device portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to TMR’s study on the global medical education market’s primary sources.
These primary and secondary sources have provided exclusive information during interviews, which serves as a validation from medical education market leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global medical education market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global medical education market more reliably and accurately.
Medical Education Market – Segmentation
Type of Training
Mode of Training