Medical Education Market Outlook 2031
- The global medical education market was valued at US$ 31.3 Bn in 2021
- The global market is projected to grow at a CAGR of 4.6% from 2022 to 2031
- The global medical education market is anticipated to reach more than US$ 48.7 Bn by the end of 2031
Medical Education Market Introduction
Medical education is education related to the practice of being a medical practitioner. It is provided either as initial training to become a physician (i.e., medical school and internship) or as an additional training thereafter (e.g., residency, fellowship, and continuing medical education). Medical education is essential to ensure that physicians possess the attributes required to meet their individual and collective responsibilities to the society. It generally requires four years for completion and the criteria to enter a medical school varies from one country to another.
Surge in Number of Medical Schools and Training Centers Augmenting Global Medical Education Market
Rise in number of medical schools in many countries was initially paralleled by population growth. However, in the recent past, governments across the globe have been increasingly investing in healthcare infrastructure to boost access to quality diagnosis and treatment. For instance, in January 2022, the Government of India announced plans to establish at least 157 new medical colleges to strengthen the health infrastructure in the country.
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Increase in Preference for Online Education Across Globe
Emergence of COVID-19 and surge in internet penetration have led to a rise in demand for medical education online. Internet is a leading source of video, audio, and e-books. Several schools and universities across the globe are adopting online education to offer flexibility in learning. Online learning is cheaper than traditional learning, as it reduces the cost of travel and infrastructure. Students are continuing medical education online post lockdowns, as online courses offer several benefits. For instance, these courses can be accessed anywhere and anytime. They are cost-effective and can be personalized according to the learning style of students. Several hospitals and ambulatory surgery centers offer hybrid medical education, which includes both classroom-based and online modes of learning. Thus, growth of the ambulatory surgical centers market is also expected to drive the demand for medical education in the next few years.
Importance of Practical Experience Driving On-campus Learning Method
In terms of mode of education, the global medical education market has been classified into on-campus, online, and distance. The on-campus segment is expected to dominate the global market during the forecast period. Rise in number of medical graduates, medical schools, and training centers is driving the segment. Students generally prefer on-campus learning method, as medical education is more about practical experience.
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Increase in Number of Courses in Medical Education and Medical-related Fields
Based on delivery method, the global medical education market has been segmented into internet enduring materials, courses, regularly scheduled series, and other enduring materials. According to the global medical education market analysis, the courses segment accounted for largest share of the global medical education market in 2021. Surge in number of courses in medical education and various medical-related fields, and rise in introduction of sub-specialties are fueling the courses segment.
High Prevalence of Lifestyle-related Disorders Propelling Cardiothoracic Training Segment
In terms of type of training, the global medical education market has been divided into cardiothoracic training, neurology training, orthopedic training, oral & maxillofacial training, pediatric training, radiology training, laboratory, and others. The cardiothoracic training segment dominated the global medical education market in 2021. Cardiologists and cardiac surgeons are in demand worldwide due to the rise in prevalence of lifestyle-related disorders such as obesity and hypertension. Cardiothoracic training focuses on the treatment and management of diseases related to the thorax, heart, lungs, and esophagus.
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Surge in Number of Schools of Medicine Across Globe
Based on type of education provider, the global medical education market has been classified into school of medicine, government/military organization, hospital, insurance & company, non-profit organization, publishing or education company, and others. The school of medicine segment is likely to account for significant share of the global medical education market during the forecast period due to the increase in number of medical schools across the world. According to the World Directory of Medical Schools, the number of medical schools has increased significantly over the past 20 years.
Regional Outlook of Global Medical Education Market
North America accounted for the largest share of the global medical education market in 2021, followed by Europe. Expansion of modern educational frameworks, transition to competency-based medical education, and surge in number of medical students are driving the market in the region. The market in Europe is driven by the increase in inclusion of medical education programs taught in English in Eastern Europe, Russia, and Ukraine. The region attracts international students and allows graduates greater mobility across borders.
Rise in health awareness; increase in number of medical students and medical colleges; and surge in investment in healthcare infrastructure are propelling the market in Asia Pacific. The market in Latin America is driven by the surge in government initiatives to enhance the quality and professionalism of medical education in the region. Key entities in the incubators market in Middle East & Africa are focused on collaboration and active participation in strategic reform activities across education and training in incubator usage. This is expected to augment the medical education market in the region during the forecast period.
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Analysis of Key Players in Global Medical Education Market
The global medical education market is fragmented, with the presence of large number of local and international players. Key players are adopting various growth strategies such as R&D, product approvals and launches, collaborations, partnerships, and mergers & acquisitions. Leading players operating in the global medical education market are American College of Radiology, Apollo Hospitals Enterprise Limited, CAE Inc., GE HealthCare, Gundersen Health System, Johns Hopkins University, Olympus Corporation, Siemens Healthineers AG, Stanford University, TACT Academy for Clinical Training, and Zimmer Biomet.
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