The medical education market is an important one to the evolution of healthcare industry as it perpetually coaxes students to seek answers for difficult questions about human anatomy and its functions. Over the years, it has adapted to changing mediums of education to become an accessible commodity to its students. This flexibility of institutions and the value additions it has made over the course of years has allowed the global medical education market to grow by leaps and bounds. As of 2015, the global medical education market was valued at US$25.9 bn and is expected to reach US$38.4 bn by the end of 2024. Between the forecast years of 2016 and 2024, the global market is expected to register a CAGR of 4.30% as a wide range of medical science remains to studied and researched.
Changing Approach Towards Education to Boost Market
The global market for medical education is primarily being driven by innovative approaches taken by medical institutions to improve the quality of education and approach towards it. Better screening processes to measure the aptitude of students and continuous changes in syllabuses have radically encouraged medical education market to grow. Recent years have also seen a solid growth in the number of medical institutions that are being funded by private sector. Investment in creating a better future that is equipped to deal with medical challenges has also had a trickle-down effect on the education systems over the years.
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A vast number of developing countries such as India, China, and many Latin American countries are making mammoth investments in establishing state-of-art research institutes and medical institution, which deserves an applause. These countries have made a phenomenal contribution in improving the healthcare industry by catering to enormous issue of unmet medical needs. Creating structures and delivering education that enables students to deal with problems unique to specific region, such as small pox and malaria in India, have opened up various avenues for the medical education market. Additionally, improving scope of medical needs in developing countries has created a niche market of medical tourism within these emerging economies.
Incorporation of e-Learning and Telemedicine to Add Value
Introduction of new courses and prompt research and development for making vaccines to contain epidemics has triggered a whole new field of study in the medical education market. Adoption of e-learning courses and incorporation of elements of telemedicine industry have collectively enhanced the holistic experience of students and doctors both. The constant effort in improving the outcome for patients has clearly had a positive impact on the global medical education market.
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The leading players offering some of the coveted courses in the global medical education market are Gundersen Health System, Olympus Corporation, Zimmer Biomet Holdings, Inc., GE Healthcare, TACT Academy for Clinical Training, Medical Training College, and Apollo Hospitals. Despite the intensifying competition in the global medical education market, these players will remain focused on consistently adding value to their courses and giving their students a more relevant experience with each passing year. From research and development of obscure viruses and pathogens to investments in developing orphan drugs for rarest of diseases will be offered by some of the topnotch institutes in the coming years to improve the quality of medical education, which in turn will remain the eternal fuel to the market.