Global Spending on Medical Education to Increase Rapidly Through 2027, Finds Fact.MR
The medical education market is anticipated to experience moderate growth in the forecast period (2020-2027). Growing at a CAGR of 4.2%, the market value is expected to reach US$ 44 Bn by 2027-end.
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.
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.
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