Published By : 08 Aug 2016 | Published By : QYRESEARCH
The global medical education market is expected to grow significantly owing to the major advances in the field of medical science. The growing prevalence of chronic illnesses such as cancer and cardiovascular diseases and the rising technological advancements are all set to boost the medical education market. The market is driven by a growing preference for online education. The development of newer start-ups is another driving factor for the increased demand for medical education.
According to a new research study published by Transparency Market Research (TMR), the global medical education market is expected to rise from US$25.9 bn in 2015 to US$38.4 bn by 2024, expanding at a 4.3% CAGR from 2016 to 2024.
Asia Pacific Witnesses Increased Adoption of Medical Education
Asia Pacific is witnessing a growing adoption of online training for medical education owing to the swiftly evolving healthcare infrastructure and growing number of researchers in the medical sector. The initiatives taken by government organizations in Asia Pacific to provide scholarships and economic relief to medical students are boosting the medical education market in the region. The presence of a large population of patients suffering from various diseases in China and India is another factor driving the medical education market.
High Cost of Education Poses Challenge for Medical Education Adoption in Emerging Nations
The high cost of education becomes a huge challenge for the low-income students. This is especially true for students in developed countries. Since medical education is one of the most expensive fields of study, be it tuition fee for classroom courses or on-campus training, the cost is high. The decreasing preference for distance education in the fields of medicine is another major challenge faced by the global medical education market.