The medical education market is projected to grow at a steady CAGR of 4.2% in terms of value through the period of forecasting between 2020 and 2027. The rising number of medical schools, coupled with the growing prominence of online education is expected to remain the primary factors driving the growth of the medical education market. On the other hand, the outbreak of COVID-19 has spurred the demand for the online mode of education, which is anticipated to emerge as a lucrative trend, thereby furthering the growth of the market.
“As the popularity of online education surges, healthcare practitioners and educators are launching innovative methodologies to facilitate the fruitful learning experience. On these lines, digital games, interactive learning, and simulations are some of the novel ways that are bolstering the penetration of medical education,” says the Fact.MR report.
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Medical Education Market – Key Takeaways
- The global medical education market is expected to surge past a global valuation of US$ 44 Bn by the end of 2027.
- On the basis of mode of training, the online courses segment is forecasted to expand at a CAGR of 5.5% backed by the penetration of the internet, which is enabling many consumers to access education online.
- On-campus training will remain the most popular mode of training, accounting for more than 50% of overall market share owing to a high preference for this conventional mode of education.
- Going hand in hand with online training, the distance-learning segment is anticipated to register a value CAGR of 4.2% during the assessment period.
- Based on the type of training, cardiothoracic training is expected to account for a 1/5th share of global market value, on the back of the proliferating number of cardiac surgeries, which in turn are necessitating cardiothoracic training.
- North America is forecasted to prevail as the leading regional market, capturing over 2/5th of the market value, backed by the growing adoption of upgraded educational frameworks.
- Asia Pacific is poised to grow at a CAGR of 4.4% and accounts for more than 1/5th of total market value owing to the rising penetration of advanced technologies.
Medical Education Market – Driving Factors
- The growing number of medical schools coupled with a high need for trained medical professionals, especially in developing economies, is expected to remain a crucial growth attribute.
- New and non-traditional medical schools and student migration policies are pushing schools and universities to improve the quality of education, thus offering revenue opportunities.
- The emergence of high-speed internet has expedited wide-scale adoption of novel learning methodologies, such as live video streaming for lectures, distribution of medical literature, audio recordings, and e-books, which are complementing market growth.
Medical Education Market – Constraints
- Although online and distance learning modes are gaining traction, a higher preference for class-room training owing to higher practical exposure is limiting the market growth from reaching its full potential.
Anticipated Market Impact by Coronavirus Outbreak
The outbreak of COVID-19 is bestowing lucrative revenue opportunities to the market as students exhibit inclination for online mode of training. Moreover, governments across the world have imposed strict norms regarding social distancing practices, thus accelerating the shift among education institutes towards online training. This is expected to catalyze the adoption of online mode of training.
Explore the global medical education market with 146 figures, 70 data tables, along with the table of contents of the report. You can also find detailed segmentation on: https://www.factmr.com/connectus/sample?flag=RM&rep_id=4842
The key organizations operating in the medical education market include 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, and the Healthcare Training Institute, and New Jersey, among others. These organizations are collaborating with other healthcare institutions to offer joint-training programs. On these lines, Apollo Hospitals and the University of New South Wales launched a public health degree program in collaboration in India to improve the medical workforce’s responsiveness to major health challenges.
More on the Report
The FACT.MR’s market research report provides in-depth insights into the Medical Education Market. The market is scrutinized on the basis of delivery method (internet enduring materials, courses, regularly scheduled series and other enduring materials), mode of training (on-campus, distance and online), types of training (cardiothoracic training, neurology training, orthopedic training, oral and maxillofacial training, pediatric training, radiology training, laboratory and others) and type of organization (school of medicine, government/military organizations, hospitals, insurance companies, non-profit organizations, publishing or education companies and others) across five major regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA).