Expanding at a 4.3% CAGR over the course of the forecast period, the global medical education market is poised to rise from a value of US$25.9 bn in 2015 to US$38.4 bn by 2024. By mode of education, the medical education market is led by on-campus training. Changing student preferences will restrict the demand for distance training by 2024, TMR predicts. However, online training is fast emerging as a lucrative mode of medical education and this segment is likely to register the highest CAGR of 7.29% from 2016 to 2024.
By type of training, the demand for cardiothoracic training has surpassed the rest, while training in radiology presents the highest scope for growth. By geography, North America led the overall medical education market with Asia Pacific as the most rapidly expanding regional segment through the forecast period.
Major drivers that are likely to boost demand and growth of the medical education market include increasing need to prevent and treat lifestyle diseases such as cardiovascular disorders (CVD), rising prevalence of cancer, and increasing patient pool of diabetes. Major restraints of the market are high fee structure for classroom/on-campus training and low preference for distance education. However, the report also highlights various opportunities that are expected to boost market growth during the forecast period.
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The global medical education market has a handful of players such as Apollo Hospitals, TACT Academy for Clinical Training, Zimmer Biomet Holdings, Inc. (Zimmer Institute), Olympus Corporation, Gundersen Health System, GE Healthcare, and Medical Training College. Transparency Market Research identifies Apollo Hospitals as the leading contributor to the growth of the overall market owing to its extensive course portfolio, strong market penetration in countries in Asia Pacific, and vast scope for practical hospital experience.
“Geographical expansion in several developing countries has been Apollo Hospitals’ leading growth strategy, in addition to the acquisition of smaller local players,” finds the lead author of the TMR study.
In July 2016, Apollo Hospitals Group signed MoUs with Kenyatta National Hospital and Airtel Kenya to not just focus on capacity building in the Kenyan healthcare sector but to also conduct educational lectures and training programs in the country. In the same month, the company signed an agreement with Hainan Ecological Smart City Group in China to develop a highly integrated modern healthcare service facility in the Hainan province, which is likely to lend nursing, medical, and paramedical colleges in the island city tremendous support.
Global Medical Education Market, by Type of Training
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Global Medical Education Market, by Mode of Education