Continuing Medical Education Market
Number of pages: 100 | Report Format: PDF | Published date: March 21, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 9.2 billion |
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Revenue Forecast in 2031 |
US$ 15.8 billion |
|
CAGR |
6.2% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
|
Segments Covered |
Provider, Delivery Mode, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global continuing medical education market was valued at US$ 9.2 billion in 2022 and is expected to register a revenue CAGR of 6.2% to reach US$ 15.8 billion by 2031.
Continuing Medical Education Market Fundamentals
The market for continuing medical education is a rapidly growing industry that offers educational opportunities for healthcare professionals to maintain, develop, and improve their knowledge, skills, and professional performance throughout their careers. Medical associations, educational institutions, online platforms, and private companies are among the continuing medical education market providers. The growing demand for ongoing professional development among healthcare professionals and the need to stay current with the latest research, technologies, and medical practices are driving the continuing medical education market. Furthermore, the rising prevalence of chronic diseases and the need to improve patient outcomes and safety have fueled the revenue growth of the continuing medical education market. Moreover, the COVID-19 pandemic has accelerated the adoption of online continuing medical education courses as healthcare professionals had to adapt to new learning methods due to social distancing restrictions. This has created opportunities for continuing medical education providers to offer virtual training programs and webinars, which are expected to continue even after the pandemic subsides.
The continuing medical education market is also facing challenges, such as the lack of standardization in accreditation and certification, the difficulty in measuring the effectiveness of continuing medical education programs, and the increasing competition among providers.
Continuing medical education refers to educational activities and programs designed for healthcare professionals to maintain, develop, and enhance their knowledge, skills, and professional performance throughout their careers. These educational programs can include seminars, workshops, online courses, conferences, and other learning activities. Continuing medical education ensures that healthcare professionals remain updated with the latest research, technologies, and medical practices, improve patient care and meet professional development requirements. Continuing medical education programs are typically provided by accredited organizations or institutions that meet certain standards and requirements to ensure the quality and relevance of educational activities.
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Continuing Medical Education Market Dynamics
The increased aging population has resulted in a rising demand for healthcare professionals, leading to an increased necessity for ongoing continuing medical education courses. To provide high-quality care to patients, healthcare professionals must continuously update their skills and knowledge through these courses. Healthcare professionals increasingly seek continuing medical education courses that offer tangible benefits and help them improve patient outcomes. As a result, continuing medical education providers are focusing on developing courses that are evidence-based and relevant to clinical practice, propelling the revenue growth of the continuing medical education market. Regulatory bodies require healthcare professionals to complete several continuing medical education credits annually to maintain their licenses. These regulations are driving the demand for continuing medical education courses. Moreover, the rapid pace of medical technology and research advancements results in new treatment options, medications, and medical devices. To ensure they deliver the best possible care to patients, healthcare professionals must be updated with the latest developments.
The growing adoption of digital technologies has fueled the popularity of online continuing medical education courses among healthcare professionals. Online courses provide the convenience, flexibility, and cost-effectiveness that professionals seek, allowing them to learn at their own pace and schedule. Continuing medical education providers emphasize collaborative learning experiences that enable healthcare professionals to remember one another. Such incidents, which may include group discussions and case-based learning, have effectively promoted critical thinking and problem-solving skills among professionals.
However, the lack of face-to-face interaction is restricting the revenue growth of the continuing medical education market. Healthcare professionals have demanding schedules and may not have the time to attend continuing medical education programs or complete online courses, which also hinders the continuing medical education market.
Continuing Medical Education Market Ecosystem
The global continuing medical education market is analyzed from four perspectives: provider, delivery mode, application, and region.
Continuing Medical Education Market by Provider
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Based on the provider, the global continuing medical education market is segmented into universities and academic centers, continuing medical education providers, learning management systems, educational platforms, OEMs/pharmaceutical companies, and medical simulations.
The universities and academic centers segment dominates the continuing medical education market with the largest revenue share. Universities and educational centers are highly regarded as credible and reputable sources of knowledge and expertise, particularly in medicine. They have a proven track record of delivering top-notch education. With specialized knowledge in specific areas of medicine and research, they can design continuing medical education programs that cater to the unique needs of healthcare professionals seeking advanced or technical training. Moreover, their affiliations with accrediting bodies and certification organizations ensure that their continuing medical education programs adhere to high standards of educational quality and clinical relevance. Through research and other scholarly activities, universities and academic centers provide healthcare professionals with opportunities to engage in continuing education and professional development. Additionally, they offer flexible learning options, such as online or hybrid courses, to accommodate the busy schedules of healthcare professionals seeking continuing medical education.
The educational platforms segment is expected to experience a lucrative revenue growth rate during the forecast period. Educational platforms provide healthcare professionals the convenience of accessing continuing medical education courses remotely and at their own pace, which is particularly beneficial for those with busy schedules. Educational platforms often offer lower-priced continuing medical education courses than traditional in-person ones. This appeals to healthcare professionals looking to save money on continuing medical education costs. Moreover, educational platforms offer various continuing medical education courses on different medical topics, allowing healthcare professionals to choose classes that meet their specific needs and interests. The learning process is improved and more fun for healthcare workers by including interactive and engaging features, such as videos, quizzes, and discussion forums on educational platforms. Educational platforms may now offer more immersive and interactive continuing medical education experiences that are more effective and engaging thanks to technological advancements, such as virtual and augmented reality.
Continuing Medical Education Market by Delivery Mode
Based on the delivery mode, the global continuing medical education market is segmented into classroom-based courses and e-learning solutions.
The e-learning solutions segment accounted for the prominent revenue share of the continuing medical education market. E-learning solutions offer medical professionals the flexibility to learn at their own pace and convenience. Accessing content anytime and anywhere is particularly beneficial for busy healthcare professionals. Furthermore, e-learning solutions are often more cost-effective than traditional in-person continuing medical education courses involving travel and lodging expenses. This affordability is due to the lower overhead costs associated with e-learning, which translates into lower prices for end-users. Technological advancements in e-learning have made it more accessible and interactive, resulting in a more engaging and effective learning experience. Additionally, e-learning solutions provide tracking and reporting features that enable medical professionals to track their progress and evaluate learning outcomes. Certification boards or employers can also utilize this data to validate the completion of continuing medical education requirements.
Continuing Medical Education Market by Application
Based on the application, the global continuing medical education market is segmented into oncology, cardiology, infectious disease, orthopedics, gastroenterology, pediatric, and primary care.
The cardiology segment accounted for a significant revenue share of the continuing medical education market. The growing prevalence of cardiovascular disease globally is increasing the demand for continuing medical education system for healthcare professionals to stay current on the latest developments and best practices in cardiovascular medicine. According to the WHO, estimated 17.9 million deaths are caused due to cardiovascular diseases each year. Cardiovascular medicine is continuously advancing, with new technologies and treatment options frequently introduced. Keeping up with these advancements is vital for healthcare professionals to deliver optimal patient care. Various regulatory authorities, such as medical boards and professional organizations, necessitate that healthcare professionals complete specific hours of continuing medical education courses in cardiovascular medicine to uphold their licensure and certifications. Moreover, cardiovascular diseases cause a considerable economic burden, such as medical expenses and reduced productivity. Hence, healthcare professionals have a significant financial incentive to stay updated with the latest cardiovascular medicine trends to improve patient outcomes and reduce costs.
Continuing Medical Education Market by Region
Geographically, the global continuing medical education market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the prominent revenue share of the market in 2022. The regulatory requirements for medical practitioners to maintain their licenses and certifications drive the demand for continuing medical education courses. For instance, in March 2023, Congres’s Consolidated Appropriations Act of 2023 included the Medication Access Training Expansion Act, which established new training requirements for all DEA-registered prescribers of controlled substances that will take effect June 21, 2023. As healthcare becomes increasingly complex, medical practitioners must continually update their knowledge and skills to remain competitive. Continuing medical education courses offer the latest research and best practices to help them keep pace with the changes. Continuing medical education courses also play a critical role in improving patient safety by enhancing healthcare professionals' knowledge and skills, ultimately leading to better patient outcomes and reduced medical errors. With the aging population, specialized care in areas such as geriatrics, oncology, and palliative care is in high demand, and continuing medical education courses equip healthcare professionals with the knowledge and skills required to provide high-quality care in these areas. Technological advancements further bolster the revenue growth of the continuing medical education market in North America in continuing medical education delivery, such as online learning platforms and mobile applications, which make it more convenient for healthcare professionals to access continuing medical education courses.
Continuing Medical Education Market Competitive Landscape
The prominent players operating in the global continuing medical education market are:
Continuing Medical Education Market Strategic Developments
The global continuing medical education market is expected to reach US$ 15.8 billion by 2031.
The global continuing medical education market is expected to register a revenue CAGR of 6.2% during the forecast period.
The prominent players operating in the global continuing medical education market are Adobe, Acadoodle, Infor, HealthStream, Inc., Elsevier, and GE Healthcare.
North America accounts for the largest market share in terms of revenue. Asia Pacific is expected to register revenue growth at the fastest CAGR, which can be considered the key revenue growth region due to the rapid market developments.
The universities and academic centers segment dominates the global continuing medical education market with the largest revenue share.
*Insights on financial performance are subject to the availability of information in the public domain