The medical education market is poised to expand at a CAGR of 4.2% during the forecast period (2020-2027). Rising investments in healthcare infrastructure has led to the dissemination of quality medical education around the world. The ongoing novel coronavirus pandemic is also anticipated to significantly influence the market prospects of medical education, attributed to increased usage of online educational fora.
Medical experts, professors, and researchers are relying on the internet to conduct online lectures, upload e-books and audio files, and develop digital games and simulations to help students acquire a practical dimension on healthcare. The pandemic has also motivated key healthcare practitioners to conduct in-depth research on developing drugs and vaccines aimed at eradicating the virus.
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Severe shortages in healthcare across developing and underdeveloped regions have generated credible opportunities for health education providers. Many healthcare institutions have been established to facilitate research and development in these areas in order to create a more robust infrastructure. Furthermore, introduction of niche courses aimed at improving competence of doctors, surgeons, and nurses have also accelerated the scope of medical education in recent years.
Key Takeaways of the Medical Education Market Study
- Cardiothoracic training remains highly preferred over other types of training, capturing a nearly one-fifth share of the total market value. High prevalence of lifestyle diseases such as obesity and hypertension has augmented the need for cardiac surgeries, thus stimulating the need for cardiothoracic training.
- By delivery method, courses continue to account for a majority share of the global market revenue. This is attributable to increasing number of medical courses with sub-specialties.
- Online and distance modes of training are anticipated to expand the fastest, attributed to mandatory social distancing measures implemented by governments to contain the spread of the coronavirus in 2020.
- By type of organization, school of medicine is expected to retain its dominance, capturing nearly 40% share of the medical education market. Rising investments in the establishments of medical schools is anticipated to drive the segment’s growth.
- North America’s medical education market leads the first wave of growth, owing to rising number of enrolments in medical schools and adoption of updated educational frameworks.
- Market growth prospects remain high in Asia Pacific, attributed to increased adoption of advanced technologies in research and teaching. Asia Pacific’s market value is expected to expand 1.4x during the forecast period.
“Governments and private institutions across the world are augmenting their funding for providing quality medical education, thus generating significant growth opportunities for the medical education market players. The emergence of online learning has negated the need for attending colleges or universities, further fueling the market growth,” concludes the Fact.MR analyst.
Tailor-made Courses for Practitioners to Broaden Key Players’ Growth Prospects
The medical education market is highly fragmented, characterized by the presence of a large number of educational providers. Prominent players in the market include, but are not limited to: GE Healthcare, Apollo Hospitals, Olympus Corporation, Stanford University, Johns Hopkins University, Zimmer Biomet Holdings, Inc. and Harvard Medical School. With the presence of such a vast number of players, the medical education market is highly competitive in nature.
Most of these institutions offer specific courses designed to cater to a wide range of healthcare domains. Olympus Corporation, for example, offers the Endoscopic Surgeon Training Program to equip practitioners with the required skill sets to perform endoscopic procedures. Likewise, GE Healthcare offers courses on clinical education, healthcare IT education and product education (clinical and technical). Universities such as the Harvard Medical School offer MD Programs, Combined Degrees and Student Research programs.
COVID-19 Impact Analysis
While the entire world has been crippled due to the outbreak of the coronavirus pandemic, a silver lining exists for the medical education market. With nationwide lockdowns and implementation of social distancing measures, healthcare education providers have shifted to the internet to provide education. This has compelled students to effectively utilize technology to complete their courses and acquire their degree or certifications.
Various institutions have designed specific courses to cater to a specific niche area, allowing practitioners to constantly upgrade their skills. Moreover, online portals have experienced a surge in their operations during the pandemic. It is anticipated that online learning shall become the new normal in the aftermath of the pandemic. Also, as the entire healthcare industry is engaged in developing potential cures for the virus, educational institutions are presented with the opportunity of providing tailor-made courses for approaches towards tackling the novel coronavirus. Such trends will thus heighten growth prospects for the medical education market in the future.