Transparency Market Research (TMR) has published a new report on the medical education market for the period of 2019–2027. According to the report, the global medical education market was valued at nearly US$ 31 Bn in 2018, and is projected to expand at a CAGR of more than 4% from 2019 to 2027. Rise in the number of medical schools and increase in cost of medical education are the major factors expected to drive the global medical education market from 2019 to 2027.
Increase in Number of Medical Schools to Drive the Medical Education Market
- Globalization has had an unprecedented effect on medical education across the world. The global medical education market is expected to expand at a CAGR of more than 4% from 2019 to 2027.
- A number of trends have been observed in the medical education market. Increase in privatization of medical schools, rise in the number of medical schools, surge in the number of students seeking medical education, and migration of medical students are all contributing to the growth of the global medical education market.
- New collaborative models between medical schools across the world have further fuelled the medical education market. Emerging countries are investing in healthcare infrastructure in order to improve the quality of services and expand the access of services, which would require more medical professionals. This is likely to fuel the global medical education market.
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Asia Pacific Medical Education Market to Expand at a Rapid Pace
- North America held a major share of the global medical education market in terms of revenue in 2018, and is projected to retain its position during the forecast period. The presence of top medical schools, high fee structure, and increasing presence of international students have all led to a large market share for the region in the global medical education market.
- According to the World Directory of Medical Schools, around one-third of medical schools are located in one of the five countries (India, the U.S., China, Brazil, and Pakistan). Over 10 countries account for nearly half of all medical schools in the world.
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- Some of the most recognized medical schools such as Johns Hopkins School of Medicine, University, Stanford University School of Medicine, and Harvard Medical School are located in the U.S. High disposable income and well-developed healthcare infrastructure have contributed to North America’s large share in the global medical education market.
- Europe is anticipated to be the second-largest medical education market in terms of share and revenue during the forecast period. Developed healthcare infrastructure and opening of new medical schools are driving the medical education market in Europe.
The medical education market in Asia Pacific is anticipated to expand at a CAGR of more than 4% during the forecast period. The presence of countries such as China and India with rapidly number increasing medical schools and medical students is attributed to strong market growth in the region. According to the World Directory of Medical Schools, India had the most recognized medical schools, followed by Brazil and China, in 2016.
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Johns Hopkins School of Medicine, Stanford University School of Medicine, and Siemens Healthineers to Lead the Global Medical Education Market
The report provides the profiles of leading players operating in the global medical education market. These include Gundersen Health System, GE Healthcare Institute, American College of Radiology, Healthcare Training Institute, New Jersey, Olympus America, TACT Academy for clinical training, Zimmer Biomet Institute, Harvard Medical School, Johns Hopkins School of Medicine, Stanford University School of Medicine, Apollo Hospitals, CAE Healthcare, and Siemens Healthineers.
- Zimmer Biomet Institute provides online training medical education programs through Zimmer Biomet Institute Network (zbinetwork) (zbinetwork.com). Zbinetwork is an online interactive platform that offers healthcare professionals with mobile applications to access and learn about different products, procedures, tutorials, and related technologies.
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- The Olympus Academy offers various training programs and courses on endoscopy devices for nurses, such as endoscope reprocessing specialist training (ERST), surgical scopes reprocessing & handling training (SSRHT), endoscopic ultrasound (EUS) course, endoscope & endobronchial ultrasound (EUS/EBUS) course, endoscopic retrograde cholangiopancreatography (ERCP), and Surgical Certified Endoscope Reprocessing Trainer (Train the Trainer).
- The launch of new medical courses, introduction of new subspecialties, and escalating fee structure of medical schools are all expected to drive the global medical education market during the forecast period.
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