Since past decade, medical education has been playing an important role in updating doctors and physicians about pharmaceutical companies and their latest medical knowledge.
Digital revolution has significantly changed online networks and mobile technologies and has introduced many other innovations that work efficiently for healthcare professionals. These changes are predicted to continue as the sophistication of physician and patient populations continue to increase. This is expected to benefit the global medical education market in the years to come.
Many trends and technologies are predicted to change the medical education services globally. Curated online information, enhanced usage of social media, smart devices, telemedicine, educational games, online learning communities, point-of-care support, and wearable technology are some of the technologies expected to benefit the medical education services. Various trends are expected to have different values in addressing numerous educational needs.
The global medical education market has changed in the recent past, states Transparency Market Research (TMR) in its new report. As per the report, the global medical education market was valued at US$25.9 bn in 2015 and is expected to reach US$38.4 bn by 2024, expected to exhibit a 4.30% CAGR from 2014 to 2024.
TMR experts answers the following questions related to the global medical education market:
Q. How have mergers boosted the growth of the global medical education market?
In July 2016, Airtel Kenya and Kenyatta national Hospital were in the news when they signed a contract with Apollo Hospitals Group. The primary aim behind the merger was to conduct training programs and educational lectures in Kenya.
In China, in July 2016, Apollo Hospitals Group also signed a contract with Hainan Ecological Smart City Group to form and promote modern healthcare services in the Hainan area. These services include offering healthcare support to pharmaceutical, nursing, and medical colleges.
Such mergers and acquisitions are expected to boost many other key companies to acquire startup companies to spread medical education. Thus, this is expected to boost the global medical education market.
Q. What are the factors driving the global medical education market?
The increasing prevalence of lifestyle-related illnesses and the rising preference for online education are two of the primary factors expected to propel the global medical education market. Emerging e-learning markets in the developing nations will also contribute towards the growth of the global market.
Q. What factors would restrict the growth of the global market?
Although the global market for medical education is expected to grow smoothly throughout the forecast period, a few factors are likely to hamper the growth. The preference for distance learning is decreasing in few developing nations, which is a major challenge faced by key medical education providers. High fee structure of medical education can be another factor affecting the growth of the global market in coming few years.
Medical education comprises training in various disciplines such as orthopedic, neurology, cardiothoracic, radiology, oral and maxillofacial, and laboratory. The rising awareness among patients and the rising medical needs are predicted to boost the global medical education market.
Key companies such as Apollo Hospitals, Zimmer Biomet Holdings, Inc., Olympus Corporation, GE Healthcare, and TACT Academy for Clinical Training are taking efforts to enhance their online medical education platforms. This is further predicted to propel the global market throughout the forecast period.