Healthcare Education Market - Forecasts from 2023 to 2028

The healthcare education market is expected to grow at a CAGR of 7.83% from US$108.596 billion in 2021 to US$184.044 billion in 2028.

Several factors, such as advances in medical knowledge, an increase in the demand for healthcare services, a focus on interprofessional cooperation, and shifting healthcare delivery methods, are driving the expansion of the healthcare education market.

The market is anticipated to grow due to factors like rising illness rates, new product releases, and other actions by major industry participants. The prevalence of infectious illnesses is rising globally, leading to an increased emphasis on their detection and treatment further boosting the market. According to the CDC, compared to 7,874 cases in 2021, 8,300 cases of tuberculosis were recorded in the US in 2022. The incidence of tuberculosis also increased in 2022 (2.5 cases per 100,000 people). After a significant reduction in 2020, both reported cases and incidence of tuberculosis (TB) in the United States are back to pre-pandemic levels.

Market Drivers:

Growing adoption of digital learning.

Alternatives to traditional schooling have grown in popularity over time. Control over the learning process and the provision of an engaging learning environment, where new features are added to enhance learning capabilities, are the key goals of online education systems. Enhancing the quality of digital education in schools and raising the number of students majoring in STEM fields (science, technology, engineering, and mathematics) at the undergraduate level improves the foundational abilities of the upcoming generation of workers. As per the Government of the UK, over 12,000 students study computer science A levels, 85,000 people pursue undergraduate degrees in computer science, and 77,000 students do computer science GCSEs annually. The nation's goal is to maintain computer science's standing as an essential STEM subject by promoting its enrollment in both GCSE and A-level programs.

Product innovations and developments by market players.

Product innovation and collaboration by major market players are further fueling the market for healthcare education. For instance, in March 2023, the London Healthcare Education Group (LHEG) and the London Medicine Education Group (LMED), invited member universities to submit proposals for up to £35,000 in project funding, which was given out in May. The fund seeks to provide funding for creative healthcare education initiatives that benefit London. It is available to LHEG/LMED members, projects must be collaborative, planned, and carried out by a minimum of two universities or a university and a partner organization, and have quantifiable results that enhance London's medical education and/or healthcare systems.

Favourable government initiatives and campaigns.

Several government initiatives are boosting digital education around the globe. The Ministry of Electronics and Information Technology has been providing financial assistance for research and development (R&D) programs related to e-learning at different academic institutions, R&D labs, etc. In the past, MeitY has offered grants-in-aid for research and development (R&D) projects about content creation, R&D/technology development projects, HRD projects, and faculty training to enhance literacy via distance learning utilizing Information and Communication Technology (ICT) Tools (PCs, Multimedia, and the Web).

Moreover, the CARES Act provided $30.75 billion to the U.S. Department. Funding from the CARES Act was used in a variety of ways, including supporting technology access and capacity, such as gear and software, connection, and instructional experience, to facilitate remote learning.

It is predicted that the healthcare education market in the United States will grow steadily

Rising technology developments, the prevalence of cardiovascular disease (CVD), and the availability of online courses are some of the factors that are predicted to drive up demand for healthcare education in the United States. Further, heart disease is the country's biggest cause of death in September 2020, according to the Centers for Disease Control and Prevention (CDC). Approximately 805,000 Americans suffer from heart attacks annually. Moreover, according to an article published in February 2022 by the Centers for Disease Control and Prevention (CDC) titled "Heart Disease Facts." The same source also states that over 659,000 Americans have a heart attack annually, which has a big effect on market expansion.

Moreover, the market's expansion is being further assisted by the private players' growing investment. For instance, in January 2023, HealthStream (US) purchased Electronic Education Documentation System, LLC (US). This acquisition will broaden Healthstream's ecosystem by bringing to healthcare organizations a state-of-the-art, cloud-based continuing education management system that offers creative solutions in the form of Software-as-a-Service (SaaS).

Market Developments:

• In February 2021: Olympus Corporation announced the opening of a brand-new, all-inclusive learning platform intended to give healthcare professionals (HCPs) worldwide access to training and learning opportunities so they may use their knowledge and continue to do their best work.

Segmentation:

By Delivery Mode

• Classroom-Based Courses
• E-Learning Solutions

By Application

• Cardiology
• Neurology
• Radiology
• Internal Medicine
• Pediatrics
• Others

By End-User

• Students
• Physicians
• Non-Physicians

By Geography

• North America
• United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• United Kingdom
• Germany
• France
• Spain
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Israel
• Others
• Asia Pacific
• Japan
• China
• India
• South Korea
• Indonesia
• Thailand
• Others