Surge in Number of Online Medical Education Programs to Boost Growth of the Global Medical Education Market
The global medical education market is projected to drive on account of surging need to treat chronic ailments together with incessantly growing population all over the world. Some the factors which have a direct optimistic influence on the medical education market include
- Growing inclination for online education
- Increasing awareness of worldwide health discrepancy
- Increasing coverage of advanced technologies
- Rising penetration of internet.
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Cardiothoracic training type is slated to remain highly preferred among other types of training, accounting for around one-fifth of the total market share value. This growth can be primarily underpinned due to growing prevalence of lifestyle ailments such as hypertension and obesity has boosted the requirement for cardiac surgeries.
As per recent study by Fact.MR’s, the global medical education market is slated to reflect a moderate CAGR of 4.2% over the projected period of 2020-2027 and is likely to account for an estimation of over US$ 44 Bn. Increasing number of medical schools particularly in developing economies and rising student migration and non-traditional and new medical schools has prompted institutions and universities to offer quality education are propelling growth in the market.
How will Technological Progressions Influence Medical Education Demand?
With the growing popularity of online education, the healthcare practitioners are formulating new ways to convey student’s quality education. A few instances of technological progression in medical education incorporate mobile devices, digital games, simulation software, and wearable technologies. These progressions are projected to transform healthcare over the years to come.
Digital games offer training tools which provide challenging stimulating environments, as well as are often utilized for training future surgeons. These games assist in improving reflex time and hand-eye co-ordination. Mobile devices use personal digital assistants for treatment decisions and patient management, whereas simulation replicates clinical tasks, anatomic regions and real patients to mirror real-life situations where medical services are necessary.
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Paradigm change in the healthcare delivery due to increasing complexities in the trait of health problems has pushed medical education providers to incessantly advance their knowledge-dissemination procedure. The rising trend of online education has notably leveraged opportunities for the medical education market. The onset of the COVID-19 pandemic has further amplified its popularity. In the forthcoming years, online education is likely to become the new normal.
Increased Adoption of Advanced Technologies in Teaching & Research
Asia Pacific will be emerging as the rapidly-growing medical education market during the assessment period, growing at a 4.4% CAGR and accounting for around one-fifth of the overall market value. On the other hand, North America is slated to retain market dominance, accounting for over two-fifth of the market revenue. Expansion in Asia Pacific’s market is due to increasing adoption of advanced technologies for the creation of virtual experiences to fast-track medical education. For example, Microsoft has partnered with the Case Western Reserve University to provide high-definition 3D-graphics and special glasses to teach anatomy.
In North America, market growth remains fuelled by growing implementation of advanced educational frameworks and change towards competency-based medical education. Furthermore, in the U.S. increase in enrolments for medical education is adding to the market expansion.
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