The global Medical Education market reached a value of about USD 37 billion in 2021. The industry is projected to grow at a CAGR of around 5.3% in the forecast period of 2022-2027 to reach a value of about USD 53 billion by 2027.
The global Medical Education industry report gives a comprehensive analysis of the industry, including critical segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The expanding need for online learning is primarily driving the market. North America is the highest category spender by region, driving the demand for the Medical Education industry.
Medical education includes the first training to become a licenced physician, whether as part of initial training or as part of ongoing education as a surgeon or consultant (i.e., medical school and internship), as well as extra training beyond that (e.g., residency, fellowship, and continuing medical education). The Medical Education industry report comprises segments by Delivery Mode (Classroom-Based Course, Distance, Online, Others), Training (Cardiothoracic, Neurology, Orthopaedic, Oral and Maxillofacial, Paediatric, Radiology, Laboratory, Others), End-Use (School of Medicine, Government/Military Organisations, Hospital, Insurance & Company, Non-Profit Organisation, Publishing or Education Company, Others) and Region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
North America holds the largest share in the market due to the increased need for online learning, which stems from a growing need to design a system that improves medical professionals' knowledge and helps them keep up with current medical breakthroughs. Furthermore, implementing enhanced educational frameworks and transitioning to competency-based medical education continue to fuel market expansion in the region.
The increase in the patient population is propelling the industry, and illnesses have diversified throughout millennia. Currently, there is a greater demand for competent medical education. This is due to sudden epidemics and pandemics, a group of viral illnesses that have never been investigated before. As a result, these factors are expected to increase the existing demand for medical education, propelling the medical education market growth in the coming years. Also, the market is being driven by the increased demand for online learning stemming from the growing requirement to create a system that not only boosts medical professionals' knowledge but also allows them to keep current with contemporary developments in the medical sector.
The global Medical Education industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Medical Education regions across the globe, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Physician education and licencing requirements vary significantly throughout the world. Between graduating from secondary school and becoming an attending physician with full medical licencing in the United States (US), the medical education process typically entails a minimum of 11 years of formal training and many standardised tests. In contrast to most other countries, where medical training begins after high school graduation, students in the United States usually join a 4-year medical school after obtaining an undergraduate bachelor's degree.
Universities are introducing new teaching techniques such as practical-based approaches, evidence-based medicine (EBM), problem-based learning (PBL), and hands-on engagement and training with patients to enhance their medical knowledge, rather than traditional discipline-based curriculums. Medical education on the internet is anticipated to increase because it provides unique access to new study methods such as pace customisation and interactive learning via videos and audios, all of which are cost-effective. Furthermore, continuing medical education (CME) promotes lifelong learning by assisting medical professionals in filling gaps in their professional practice, which will likely contribute to market growth throughout the forecast period. Virtual reality (VR) is gaining popularity as a new means of simulation as financial constraints and standards grow. Virtual reality benefits learners and educators because it delivers on-demand, cost-effective, reproducible, and standardised clinical training. Virtual reality simulation has a substantial body of research supporting its usage in various fields, including healthcare.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The increase in mergers and acquisitions is expected to increase public awareness and, as a result, promote industry growth throughout the projection period. A vast number of local and regional firms, as well as national and international players, compete in the medical education industry. This is leading to a highly competitive market. As a result of the competitiveness, multinational pharmaceutical and biotech firms, large hospitals, clinics, and research institutions have begun to give financial and travel assistance to students completing their medical education.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Industry Opportunities and Challenges
8 Global Medical Education Market Analysis
8.1 Key Industry Highlights
8.2 Global Medical Education Historical Market (2017-2021)
8.3 Global Medical Education Market Forecast (2022-2027)
8.4 Global Medical Education Market by Delivery Mode
8.4.1 Classroom-Based Course
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
8.5 Global Medical Education Market by Training
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
8.5.4 Oral and Maxillofacial
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
8.6 Global Medical Education Market by End Use
8.6.1 School of Medicine
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
8.6.2 Government/Military Organisations
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
8.6.4 Insurance & Company
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
8.6.5 Non-Profit Organisation
18.104.22.168 Market Share
22.214.171.124 Historical Trend (2017-2021)
126.96.36.199 Forecast Trend (2022-2027)
8.6.6 Publishing or Education Company
188.8.131.52 Market Share
184.108.40.206 Historical Trend (2017-2021)
220.127.116.11 Forecast Trend (2022-2027)
8.7 Global Medical Education Market by Region
8.7.1 Market Share
18.104.22.168 North America
22.214.171.124 Asia Pacific
126.96.36.199 Latin America
188.8.131.52 Middle East and Africa
9 Regional Analysis
9.1 North America
9.1.1 Historical Trend (2017-2021)
9.1.2 Forecast Trend (2022-2027)
9.1.3 Breakup by Country
184.108.40.206 United States of America
9.2.1 Historical Trend (2017-2021)
9.2.2 Forecast Trend (2022-2027)
9.2.3 Breakup by Country
220.127.116.11 United Kingdom
9.3 Asia Pacific
9.3.1 Historical Trend (2017-2021)
9.3.2 Forecast Trend (2022-2027)
9.3.3 Breakup by Country
9.4 Latin America
9.4.1 Historical Trend (2017-2021)
9.4.2 Forecast Trend (2022-2027)
9.4.3 Breakup by Country
9.5 Middle East and Africa
9.5.1 Historical Trend (2017-2021)
9.5.2 Forecast Trend (2022-2027)
9.5.3 Breakup by Country
18.104.22.168 Saudi Arabia
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
10 Market Dynamics
10.1 SWOT Analysis
10.2 Porter’s Five Forces Analysis
10.2.1 Supplier’s Power
10.2.2 Buyer’s Power
10.2.3 Threat of New Entrants
10.2.4 Degree of Rivalry
10.2.5 Threat of Substitutes
10.3 Key Indicators for Demand
10.4 Key Indicators for Price
11 Value Chain Analysis
12 Competitive Landscape
12.1 Market Structure
12.2 Company Profiles
12.2.1 Harvard Medical School
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.2 University of Oxford
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
12.2.3 University of Cambridge
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.4 Stanford University
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
12.2.5 Gundersen Health System
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.6 Koninklijke Philips N.V.
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
12.2.7 Siemens Healthcare GmbH
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
12.2.8 Zimmer Biomet Holdings, Inc.
18.104.22.168 Company Overview
22.214.171.124 Product Portfolio
126.96.36.199 Demographic Reach and Achievements
12.2.9 Olympus Corporation
188.8.131.52 Company Overview
184.108.40.206 Product Portfolio
220.127.116.11 Demographic Reach and Achievements
13 Industry Events and Developments
The global Medical Education market size was valued at USD 37 billion in 2021.
In the forecast period of 2022-2027, the market is projected to grow at a CAGR of 5.3%.
The significant demand for competent medical education is one of the essential drivers of the Medical Education market.
Harvard Medical School, University of Oxford, University of Cambridge, Stanford Medicine, and Gundersen Health System are some of the key players in the market.
The North American region of the Medical Education industry holds a significant share in the market.
The global Medical Education market attained a value of USD 37 billion in 2021, driven by the increase in the number of patient population and illnesses have diversified throughout millennia. Aided by the growing technological advancements such as practical based approaches, evidence-based medicine (EBM), problem-based learning (PBL), hands-on engagement and training with patients, pace customisation and interactive learning via videos and audios, continuing medical education (CME) and Virtual reality (VR) the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 5.3%. The market is projected to reach USD 53 billion by 2027. Some of the leading players in the industry are Harvard Medical School, University of Oxford, University of Cambridge, Stanford Medicine, and Gundersen Health System.
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