Medical Education Market to Reach Worth of US$38.4 Bn by 2024
The global medical education market is projected to rise at a CAGR of 4.3% during 2016–2024 and reach a worth of US$38.4 billion by the end of this period. The global market stood at US$25.9 billion in 2015.
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Among the various key disciplines for which medical education is used, the cardiothoracic training segment held the leading share and is expected to retain its dominance in the coming years as well. The growth in the training segment is expected to be propelled by the rising incidence and growing morbidity of cardiovascular diseases.
On the regional front, North America dominated the global medical education market in 2015 and is further likely to hold its sway over the assessment period. The regional market is substantially benefitting from constant technology upgrades, deployment of modern internet and communication technologies (ICTs), and the widespread awareness among the regional population.
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The global medical education market is driven by the rising awareness about the rising morbidity of a wide range of diseases among patients, healthcare providers, and caregivers. The growing demand for cardiovascular treatments with better clinical outcomes is a case in point. The market is witnessing rapid strides riding on the back of the growing popularity of online education in learning paradigms for bolstering the technical and clinical skills among clinicians. The demand for medical education is copiously benefitting from the giant leaps being taken by the internet and communication technologies in various parts of the world. The mushrooming institutes in the e-learning industries in developing countries has helped the market retain its growth momentum over the past few years.
Rapid technological advances in the medical industry and the overall healthcare sector has necessitated the need for clinicians to boost their skills. The globalization of healthcare education is a crucial trend catalyzing the expansion of the medical education market. The growing number of education products launched for online audience is a significant factor expected to fuel the expansion of the market.
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The exorbitant cost associated with medical education has been one of the key bottlenecks, especially in developed nations. The lack of a reliable internet connection in less developed nations in less developed countries is also a crucial factor that has constrained the market to attain its full potential.
Nevertheless, growing spending on online education by consumers and sizeable investments being made by hospital chains on online education are creating large, lucrative avenues in the medical education market. The need for constant updates in medical knowledge will also reinforce the attractiveness of the market. Considerable evolution in ICTs in developed countries and the efforts of providers to bring timely upgrades in the technology used for delivering medical education are factors that bode well for the market.
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