According to Transparency Market Research’s latest research report on the global medical education market for the historical period (2018–2019) and the forecast period (2020–2030), increase in the number of medical schools, owing to the COVID-19 pandemic is projected to drive the global medical education market in the near future.
According to the report, the global medical education market was valued at US$ 32 Bn in 2019 and is anticipated to expand at a CAGR of ~5% from 2020 to 2030.
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Surge in Preference for Online Education: Key Driver
Increase in demand for online assessment & testing and rise in the need of interactive media for quality education are factors fueling the growth of the global medical education market. Online medical education is a high-growth market. Factors such as increase in penetration of Internet and exposure to current technologies across the world are major drivers of the market. The Internet is the primary source of video, audio, and eBooks.
Medical education provides support for continuous learning and improvement, which help medical professionals, especially physicians and nurses, to address gaps in their professional practice such as technological developments, renewal of license and board certification/society, professional privileges, and certain skills. In the U.S., several hospitals and ambulatory surgical centers, as part of educational programs, offer online and other medical education activities. Doctors, nurses, and, with a few exceptions, allied healthcare professionals are required to complete medical education credits on yearly basis.
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Consequently, medical education is a continuous requirement across a career span. In the U.S., every medical professional who comes under this regulation needs to be aware of how many credits are required during each renewal period.
The COVID-19 pandemic has changed the course of digitalization and online education. This increased the preference for online education. Digitalization has created an excellent opportunity for growth in the market.
Internet has become the most important thing for online education and is a major driver of the market
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Significant Role of Medical Education in Adoption of Evidence-based Medicine: Major Driver
According to a new research conducted by Rockpointe Corporation in the U.S., medical education was quite effective in educating and helping physicians to make evidence-based decisions for their patients. Moreover, according to research findings of BioMed Central (BMC) (2016), the U.K.-based scientific open access publisher, the amount of medical education offered through the Internet is likely to rise, as it provides unparalleled access for physicians to new research findings and techniques. It has helped them to make better decisions in critical situations.
Research findings suggest that physicians who participated in medical education activities have an overall positive effect on those who attended compared to those who did not
According to 2017 report provided by Accreditation Council for CME-recognized providers, the number of hours of Internet-based enduring materials has increased from 57,944 hours in 2008 to 105,354 hours in 2017. Research findings suggest that approximately 48% of physicians who participated in online medical education activities were making better decisions compared to others who do not.
Medical Education Market: Competition Landscape
This report profiles major players operating in the global medical education market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments.
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The global medical education market is moderately fragmented, with the presence of a large number of leading players in the global market and several small players in regional markets. The top players hold major share of the global medical education market.
Prominent players operating in the global medical education market include Apollo Hospitals, Gundersen Health System, Olympus Corporation, Tact Academy for Clinical Training, Zimmer Biomet Holdings, Inc., GE Healthcare, American College of Radiology, Healthcare Training Institute, New Jersey, Harvard Medical School, the Johns Hopkins University, Stanford University, CAE Healthcare, and Siemens Healthineers AG.
The report on the global medical education market discusses individual strategies, followed by company profiles of providers of medical education. The competition landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global medical education market.
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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