New York, United States, July 04, 2024 (GLOBE NEWSWIRE) -- As per the latest report by Straits Research, the global continuing medical education market size was valued at USD 9.45 billion in 2023. It is expected to reach USD 18.45 billion in 2032, growing at a CAGR of 7.72% over the forecast period (2024-32).
Continuing medical education (CME) is a form of continuing education (CE) that assists medical professionals in maintaining competence and learning about new and developing disciplines in their field. These activities may involve live events, textual content, online programs, audio, video, and other forms of electronic media. The content of these programs is created, reviewed, and presented by academics who are experts in their respective clinical disciplines. CME concentrates on retaining and enhancing physicians' knowledge, skills, and behavior throughout their careers to provide effective, safe, and high-quality healthcare. CME generally refers to approved educational activities that yield CME points. Physicians value CME credits because many hospitals require their physicians to maintain a minimum number of credits to continue treating patients.
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Growth in Student Enrolment in Medical Schools Drives the Global Market
The Association of American Medical Colleges estimated that 22,239 students, a 1.7% increase over 2019, enrolled in medical school in the United States in 2020, setting a record for the past two decades. In addition, the number of applicants for the class of 2021 rose by 18% compared to 2020. Due to the ongoing COVID-19 pandemic, the scope of medical education, particularly online courses, is anticipated to expand. As a result of governments enforcing stringent social segregation policies, online education has become increasingly popular. The widespread use of the internet and familiarity with contemporary technology have enabled professors, researchers, and medical professionals to schedule online classes in various methods. In addition, the pandemic has spurred increased research into developing vaccines and drugs to treat diseases. The outcome is anticipated to contribute to the market's rapid expansion in medical education.
Increased Demand for Mobile Platform Education Creates Tremendous Opportunities
By 2025, the younger demographic is anticipated to drive mobile CME usage. About 70% of the youngest and 25% of the eldest physicians reported using smartphones for educational purposes. Generation Y will comprise the majority of healthcare employees. Among the most significant factors is that millennials favored mobile-based learning the most. The younger workforce is likelier to implement modern technologies such as mobile phones and apps than older physicians enrolled in the CME program.
Additionally, vendors are transitioning instruction to online platforms, making desktops increasingly popular. Vendors like NORCAL Insurance Company and CineMed have mobile apps and online platforms to attract clinicians participating in CME. Digital CME libraries are maintained by vendors using online and mobile publishing platforms. This enables physicians to acquire knowledge of risk-reduction-related topics rapidly and promptly, creating opportunities for market expansion.
Regional Analysis
North America is the most significant global continuing medical education market shareholder and is anticipated to exhibit a CAGR of 5.18% during the forecast period. Since North America is a developed nation and the cost of healthcare is covered by insurance, numerous CME providers exist. Insurance companies play a significant role in providing CME to improve the efficacy of their treatments and reduce readmissions. This also reduces healthcare costs for nations. In addition to insurance providers, numerous hospitals also provide CME programs. There are instances in which patients clarify their conditions during live CME programs and discuss them with academic providers who offer superior knowledge delivery to physicians. These innovative activities have increased the demand in this region for CME programs. In addition, continuing medical education (CME) credit point requirements for physicians are another significant factor propelling regional market growth.
Europe is estimated to exhibit a CAGR of 6.87% over the forecast period. Europe. The lack of uniformity in the development of CME in Europe has led to significant disparities in approach and practice. The European Union of Medical Specialists (UEMS) adheres to the structure and facilitates accreditation of CME/CPD activities for individual European medical specialists. The situation in Europe is evolving swiftly. National authorities are devising accreditation standards, quality control measures, transparency, and control of commercial funding procedures. There are few national CME accreditation agencies. In addition, several European nations have distinct accreditation systems. After many European nations implemented mandatory accreditation systems, CME credits, measured in learning hours, were anticipated to safeguard the license. The preferences of physicians attending CME programs are shifting from interpersonal to online media. This trend raises the allure of e-CME programs, thereby fostering market expansion.
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Key Highlights
- Based on the delivery method, the global continuing medical education market is bifurcated into e-learning, classroom training, RSS, Journals, and others. The classroom training segment dominates the global market and is estimated to exhibit a CAGR of 4.95% over the forecast period.
- Based on providers, the global continuing medical education market is bifurcated into physician associations/NPOs, publishing/educational companies, the school of medicine, the hospital healthcare delivery system, and others. The physician associations/NPOs segment is the most significant contributor to the market share and is anticipated to exhibit a CAGR of 5.91% over the forecast period.
- Based on specialty, the global continuing medical education market is segmented into oncology, cardiology, orthopedics, infectious disease, and others. The oncology segment owns the highest market share and is projected to exhibit a CAGR of 6.80% during the forecast period.
- North America is the most significant global continuing medical education market shareholder and is anticipated to exhibit a CAGR of 5.18% during the forecast period.
Competitive Players
The key players in the global continuing medical education market are AffinityCE, Med Learning Group, Afya Ltd., CME Outfitters LLC, Intellectures, CME Procedures LLC, Aspirus, Coursera Inc., Elsevier (RELX plc), EXCEL CME, Acadoodle. HealthStream Inc., Koninklijke Philips N.V., Siemens Healthineers AG (Siemens AG), and others.
Market News
- In November 2022, Evolution Research Group, LLC (ERG) announced a partnership with Keith Candiotti, MD, Chair of Anesthesiology and Pain Medicine, and the University of Miami, Miller School of Medicine, Division of Continuing Medical Education, to offer a first-of-its-kind internal Continuing Medical Education program for their investigators, physicians, and clinicians.
- In August 2022, JIM.fr, a company based in Paris that provides a multidisciplinary and interactive platform for the education of healthcare teams, announced that it had been acquired by WebMD, an online platform based in New York that offers health information services to patients, physicians, and healthcare professionals.
Global Continuing Medical Education Market: Segmentation
By Delivery Method
- Classroom Training
- E-Learning
- Regularly Scheduled Series
- Journals
- Other
By Providers
- NPOs
- Publishing/Education Company
- School of Medicine
- Hospital/Healthcare Delivery System
- Others
By Speciality
- Oncology
- Cardiology
- Infectious Disease
- Orthopedic
- Gastroenterology
- Pediatric
- Primary Care
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- Latin America
- The Middle East and Africa
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