Medical Education Market: Snapshot
The medical education market is set to boom in the near future thanks to major advances made in the field of medical science, the surging incidence of chronic illnesses, increased incidences of various types of cancer, technological innovations, and the frequent introduction of new courses. The online learning space has grown manifold, especially in developed countries, owing to the growth of the online education market, the increased preference of updated and diverse courses, the development of new start-ups, and higher internet penetration.
Transparency Market Research predicts that the global medical education market is poised to expand at a 4.3% CAGR during the forecast period, rising from a value of US$25.9 bn in 2015 to US$38.4 bn by 2024.
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Rising Incidence of Cardiovascular Diseases Spurs Cardiothoracic Education and Training
Medical education includes training in a number of disciplines, including cardiothoracic, neurology, orthopedic, oral and maxillofacial, pediatric, radiology, and laboratory. The cardiothoracic training segment led the medical education market in 2015 by revenue, driven by the rising incidence of cardiovascular diseases, especially coronary blockages. The effectiveness of cardiothoracic training in treating these diseases and curbing side effects such as thrombosis and restenosis associated with a percutaneous coronary intervention (PCI) has also fueled the growth of this segment. Other factors that drive the cardiothoracic training segment are the effective management of heart diseases, rising awareness among patients, and increased medical needs such as surgeries and diagnosis. The radiology training segment is likely to expand at the highest CAGR during the forecast period
Advantages of Online Training over Traditional Modes of Education a Driving Factor
The demand for medical education is primarily driven by the growing preference for online education. “Online education is a highly lucrative investment avenue,” a TMR analyst observes. “The exposure to modern technologies around the world and the increasing penetration of the internet has greatly fueled the preference of students for online education.” Moreover, online training presents several advantages over traditional modes of education, including variation in training and educational programs, lower cost, comfortable and flexible learning programs, and opportunities for improved technical skills.
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In line with this growing trend, TMR predicts that the emergence of e-learning markets in several developing countries will be a major opportunity for players in the medical education market.
High Tuition Fee a Major Roadblock
The cost of higher education, especially in developed countries, continues to pose a key challenge for low-income students. “Medical education is one of the most expensive fields and the tuition fee for classroom courses as well as on-campus training is extremely high. This acts as a major barrier for the medical education market,” the author of the study says.
In addition to this, the declining preference for distance education in medicine and paramedical training is likely to restrict the growth of the medical education market to an extent.
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