Published: Jun, 2017
A recent study by Transparency Market Research (TMR) has detected a few companies who lead the ever evolving market for medical education, as Apollo Hospitals, Zimmer Institute, TACT Academy for Clinical Training, Olympus Corporation, GE Healthcare, Medical Training College, and Gundersen Health System. Among these, Apollo Hospitals are identified as the leader, owing to their diverse and extensive course portfolio, strong presence in the vastly populated region of Asia Pacific, and widespread scope for the healthcare sector.
Apollo Hospitals Group are expected to hold their flagship position in the global medical education market in the near future too, expanding their geographical reach to Africa via a July 2016 MoUs with Airtel Kenya and Kenyatta National Hospital. The agreement will not only build healthcare infrastructure in Kenya but also educational lectures and medical training programs will be conducted. Apollo Hospitals Group also went into agreement, around the same time last year, with Hainan Ecological Smart City Group. The understanding will focus on developing integrated healthcare facilities in the Chinese province of Hainan.
During the forecast period of 2016 to 2024, the report projects the global medical education market to expand at a healthy CAGR of 4.3%, reaching a valuation of US$38.4 bn by 2024, significantly up from its worth of US$25.9 bn in 2015. The report highlights Asia Pacific and Europe as most lucrative upcoming regional markets, although North America continues to serve the maximum demand.
Cardiothoracic Segment Serves Maximum Demand
Based on the type of training, the report segments the global medical education market into neurology, cardiothoracic, pediatric, radiology, orthopedic, oral and maxillofacial, and laboratory. Among these, the cardiothoracic segment presented the maximum demand in 2015 in terms of revenue, which was a reflection of growing prevalence of cardiovascular diseases, coronary blockages in particular. The prosperity of this segment can also be assigned to the effectiveness of the training, which goes a long way in controlling the side effects such as restenosis and thrombosis. Growing awareness among the patients, increasing number of students opting to study heart conditions, and effectiveness of the management program are some of the other factors augmenting the demand for cardiothoracic segment in the medical education market.
Geographically, North America dominated the demand in the global medical education market, gaining traction from well-established education system pertaining to medical practices and research, strong healthcare infrastructure, government support, and high adoptability rate of new technology, such as online education and distance learning. Europe is currently the second most profitable region, although Asia Pacific is rapidly escalating the demand, owing to the popularity of medical education and vast scope of the healthcare sector in this heavily populated region.
Advancements in Online Learning Technology Bode Well for Future
Rise in allied healthcare professionals, advancements in online learning technologies, rapid development in emerging markets such Asia Pacific, which includes India, China, Japan, and South Korea, and incorporation of virtual labs in medical education are some of the prominent factors that will keep the global medical education market in good stead in the near future. On the other hand, the lack of qualified teachers, inadequate CME programs, content-related issues, and inadequate technology infrastructure are some of the factors that are expected to challenge the medical education market from achieving its true potential.
Nevertheless, the author of the report expects innovative technologies that are promoting medical education, rise in public private partnership (PPP), mobile device complaint services, and deployment of learning analytics will open new opportunities for the vendors operating in the global medical education market.
The information presented in this review is based on a Transparency Market Research report, titled, “Medical Education Market (Type of Training - Cardiothoracic, Neurology, Orthopedic, Oral and Maxillofacial, Pediatric, Radiology, Laboratory; Mode of Education - On-campus, Distance, Online) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key Segments of the 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
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