Zion Market Research has published a new report titled “Medical Education Market by Type of Training (Cardiothoracic, Neurology, Orthopedic, Oral and Maxillofacial, Pediatric, Radiology, Laboratory) for On-campus, Distance and Online Mode of Education: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022”. According to the report, global Medical Education Market was valued at approximately USD 27.17 billion in 2016 and is expected to generate revenue of around USD 36.20 billion by end of 2022, growing at a CAGR of around 4.9% between 2017 and 2022.
Healthcare is changing at multiple fronts at an extraordinarily fast pace. Medical science has increased our understanding of the body and created an explosion of new information. However, medical schools are not or only slowly introducing changes in their curriculum. Teachers at many medical faculties are not educated to teach; they are doctors and mostly lack knowledge of how to show their skills to their students. Medical education is education related to the practice of being a medical practitioner; either the initial training to become a physician (medical school and internship) or additional training thereafter (e.g. residency and fellowship).
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Global burden of chronic diseases such as cardiovascular diseases, diabetes, cancer, HIV etc is increasing. As per World Health Organization’s report on top ten leading causes of death, in 2015, of the 56.4 million deaths worldwide, more than half (54%) were due to the top ten causes. Ischemic heart disease and stroke are the world’s biggest killers, accounting for a combined 15 million deaths in 2015. These diseases have remained the leading causes of death globally in the last 15 years. Chronic obstructive pulmonary disease claimed 3.2 million lives in 2015, while lung cancer (along with trachea and bronchus cancers) caused 1.7 million deaths. Diabetes killed 1.6 million people in 2015, up from less than 1 million in 2000.
Lower respiratory infections remained the most deadly communicable disease, causing 3.2 million deaths worldwide in 2015. HIV/AIDS is no longer among the world’s top 10 causes of death, having killed 1.1 million people in 2015 compared with 1.5 million in 2000. Road injuries killed 1.3 million people in 2015, about three-quarters (76%) of whom were men and boys. Also, the world’s population is aging at a rapid pace. The number of people aged 60 years or older will rise from 900 million to 2 billion between 2015 and 2050 (moving from 12% to 22% of the total global population) as per WHO’s estimates. Thus healthcare industry is growing continuously.
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The rise in the number of enrollments in medical education and courses is not accompanied together with the availability of trained faculty. Lack of skilled teachers with updated knowledge and industry experts make training institutions difficult to hire them. Increasing prevalence of chronic diseases and emerging training programs in global health worldwide create a unique opportunity to expand human resources to reduce the global burden of disease. Thus, growing incidences of chronic disease are expected to be the major driver for the global medical education market.
In addition, increasing penetration of internet coupled with increased awareness of global health disparities are expected to trigger the growth of global medical education industry in the coming years. However, high fee structure for classroom training coupled with the lack of practical knowledge in distance learning may pose the challenge to the medical education market. Nevertheless, huge student base and positive economic growth coupled with increasing investments in healthcare across the globe are expected to act an opportunity for medical education market in near future.
Based on the type of training, medical education market has been segmented into cardiothoracic, neurology, orthopedic, oral and maxillofacial, pediatric, radiology and laboratory. The cardiothoracic segment is expected to grow at the fastest rate during the forecast period. Based on the mode of education the medical education market is segmented into on-campus, distance and online. In terms of revenue, on campus segment dominated the market in 2016.
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North America is expected to remain the dominant region over the forecast period. Upgraded technologies and the continuous evolution of information technology is expected to boost the market in this region. Europe was the second largest market followed by Asia-Pacific. Asia-Pacific is expected to show fastest growth rate during the forecast period owing to increased adoption of online training for medical education and rapidly evolving healthcare infrastructure. The Middle East and Africa, and Latin America are also expected to experience noticeable growth in the years to come.
Some of the key players in medical education market include Apollo Hospitals, TACT Academy for Clinical Training, Zimmer Biomet Holdings, Inc. (Zimmer Institute), Olympus America, Gundersen Health System, GE Healthcare, and Medical Training College among others.
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