The global medical education market is expected to register moderate growth of 4.2% CAGR to reach a value of US$ 44 Bn through 2021 and beyond. According to a study by Fact MR., technological advancement in healthcare infrastructure and strategic tie-ups with education industry are propelling the growth of medical education market. With the emergence of digital media and online education, healthcare practitioners are developing novel ways to impart education through distance and online mode of training.
According to Fact.MR analysis, adoption of online courses due to the practice of social distancing across the globe is expected to grow at a CAGR of 5.5% throughout the forecast period. Surge in online training and educational institutes are imparting education through online platforms and distance education is expected to bolster the growth of medical education market. Fact.MR estimates, on-campus training is expected to account for more than half of medical education market.
“Government and private organizations are increasing their funding and investment to provide quality medical education, creating lucrative growth opportunities for market players,” says the Fact.MR analyst.
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- Cardiothoracic training is anticipated to hold over 1/5th of global market share
- Online courses anticipated to grow at a CAGR of 5.5% throughout the forecast period
- In terms of mode of training, distance learning segment is expected to expand at 4.2% CAGR
- Based on delivery method, courses are expected to hold majority of share attributed to the rising number of courses with sub-specialty
- United States will lead the North American medical education market, accounting for 2/5th of global market share
- India, Japan, and Australia to collectively lead the Asia-Pacific medical education market, accounting for fastest growth across the globe
- By type of organization, school of medicine is expected to hold over 40% of global market share
- Increasing adoption of digital learning and online platforms is driving the growth of medical education market
- Advancement in technology in healthcare industry leading to increased training needs is fostering the demand of medical education
- Rising adoption of CME programs and adaptive learning are the key drivers of medical education market
- Lack of face-to-face interaction and direct monitoring in online education is likely to act as a restraint for the medical education market
- Unreliable infrastructure and high prices for course in emerging economies is expected to hamper the demand
- Dearth of skilled practitioners and instructors will restrict the growth of medical education market
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Apollo Hospitals, Zimmer Biomet Holdings Inc., Gundersen Health Systems, Olympus Corporation, GE Healthcare, Harvard Medical School, the Johns Hopkins University, Stanford University, American College of Radiology, and the Healthcare Training Institute. Fact.MR forecasts, the market is highly fragmented in nature. Prominent players are collaborating with top healthcare and bio-pharma companies to maintain their lead in the industry. For instance, in October 2020, Glooko AB announced a partnership with the Diabetes Technology Network Association of British Clinical Diabetologists, a new online medical education program for clinicians who treat people with diabetes in the UK.
Likewise, in September 2020, Safeguard Medical, announced the partnership with MAXFI Surgical Simulations which specializes in creating hyper-realistic surgical simulation for medical education, and research & product development programs.
More Insights on the Medical education Market
Fact.MR has published a recent report on global medical education market for the upcoming decade. In its latest report, Fact.MR provides a detailed analysis on its ongoing and upcoming trends, opportunities, developments and challenges that the market is expected to witness through 2021 and beyond. To understand the market scenario better, the market is segmented on the basis of delivery method (internet enduring materials, courses, and regularly scheduled series & other enduring materials), mode of training (on-campus, distance and online), types of training (cardiothoracic training, neurology training, orthopedic training, oral & maxillofacial training, pediatric training, radiology training, laboratory training and others), type of organization (school of medicine, government/military organizations, hospitals, insurance companies, non-profit organizations, publishing or education companies, and others) and across major regions (North America, Latin America, Asia Pacific, Europe and Middle East & Africa).
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