The global medical education market is led by companies such as Apollo Hospitals, GE Healthcare, Gundersen Health System, Zimmer Biomet Holdings, Inc. (Zimmer Institute), TACT Academy for Clinical Training, Olympus Corporation, and Medical Training College. Players are offering transformational medical technologies and services, which are helping in advanced patient care. Companies such as Apollo Hospitals, are offering pre-commissioning consultancy services such as recruitment and training services, infrastructure planning, design and advisory, feasibility studies, and human resource planning. The company also offers several courses in installation services and sourcing, post-commissioning consultancy services, medical equipment planning. Other companies are providing various self-funded plan options, point of service plans, and customized health maintenance organization plans, states a new report by Transparency Market Research (TMR).
According to the report, the global medical education market is expected to rise from US$25.9 bn in 2015 to US$38.4 bn by 2024. By geography, the market is expected to be led by Europe and this region is expected to account for 34% of the market by 2024. On the basis of mode of education, the market is expected to be led by on-campus training, accounting for 46% of the market. On the basis of type of training, the cardiothoracic training segment is expected to lead and is anticipated to account for 25% of the market by 2024.
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Increasing Penetration of Internet to Drive Medical Education Market
The growing demand for online assessment, testing, e-books, and a desire for better education with the help of interactive media is likely to augment the growth of the medical education market. The increasing penetration of the internet and the growing exposure to modern technologies are aiding the growth of the market. The advantages of online training and educational programs include, lower cost, variation in training and educational programs, presenting opportunities for enhanced technical skills, and comfortable learning programs. The growing incidence of lifestyle-induced diseases such as hypertension, obesity, and orthopedic problems. The severe shortage of primary care is also expected to create opportunities in the medical education market.
Lack of Practical Knowledge in Distance Learning to Hinder Market’s Growth
The cost of higher education is posing a challenge for the low-income students as on-campus training or classroom courses demand high fees. Thus, many students are opting for loans to pay for tuition fees. Students are also looking for scholarships to avoid paying fees. “Distance learning is not a significant market for medicine or paramedical courses as this field requires practical experience and knowledge,” says a TMR analyst. Thus, distance learning is not a preferred choice.
Untapped Market in Asia Pacific to Hold Immense Growth Opportunities in Medical Education
Asia Pacific is emerging as the most lucrative market for medical education owing to a huge student population and the positive economic development in countries such as China, Japan, and India. These countries have large population and unmet medical needs. Economic development and government initiatives have resulted in increased disposable incomes, which in turn is creating new opportunities for growth in the medical education market. Asia Pacific, offers significant opportunities for the medical education market due to several health-care reforms and high awareness boost.
This information is based on the findings of a report published by Transparency Market Research titled “Medical Education Market (Type of Training – Cardiothoracic, Neurology, Orthopedic, Oral and Maxillofacial, Pediatric, Radiology, Laboratory; Mode of Education – On-campus, Distance, Online) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
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