Impact Analysis of Covid-19
The complete version of the REPORT will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
General medicine, also known as internal medicine, is a specialty branch of medicine that deals with prevention, diagnosis, and treatment of internal diseases. The training and career pathways in general medicine vary worldwide. In the U.S., general medicine can be pursued after a basic course in medicine known as pre-med course, which lasts for about 3 years. This is followed by a entrance examinations such as United States Medical License Exam (USMLE).
The global general medicine education publishing market is estimated to account for US$ 6,651.5 Mn in terms of value by the end of 2027.
Global General Medicine Education Publishing Market: Drivers
Increasing adoption of online courses for general medicine is expected to propel growth of the global general medicine education publishing market over the forecast period. For instance, Mayo Foundation for Medical Education and Research offers online general medicine courses.
Moreover, increasing digital sales are also expected to aid in growth of the market. For instance, in March 2020, McGraw-Hill reported that its digital product sales increased over 8% year-over-year in 2019 and accounted for over 50% of McGraw-Hill’s total billings for the year.
North America held dominant position in the global general medicine education publishing market in 2019, accounting for 51.6% share in terms of value, followed by Europe and Asia Pacific, respectively
Figure 1: Global General Medicine Education Publishing Market Share (%) Value, By Region, 2019
Global General Medicine Education Publishing Market: Restraints
Higher pay for other specialized courses deters students from opting for internal medicine, which is expected to hinder growth of the market.
Moreover, longer educational period for medical courses leads to student dropping out at pre-med studies, which is also expected to limit growth of the market.
Global General Medicine Education Publishing Market: Opportunities
Low doctor-patient ratio in emerging economies is expected to offer lucrative growth opportunities for players in the market. For instance, according to The Center for Disease Dynamics, Economics & Policy’s April 2019 release, India has shortage of an estimated 600,000 doctors and 2 million nurses.
Focus of several organizations on offering free virtual education programs is also expected to aid in growth of the market. For instance, in April 2020, The Alzheimer’s Association announced to offer free virtual education programs and online support groups to caregivers, Alzheimer’s patients, and their families.
The global general medicine education publishing market was valued at US$ 3,888.6 Mn in 2019 and is forecast to reach a value of US$ 6,651.5 Mn by 2027 at a CAGR of 7.0% between 2020 and 2027.
Figure 2: Global General Medicine Education Publishing Market Value (US$ Mn), 2016 - 2027
Market Trends/Key Takeaways
Testing & self-assessment in print has been decreasing before the advent of e-books market, due to the availability of question banks and assessment material over the internet. The North American market is quite mature for print form of testing & self-assessment with the second largest share in total printed educational literature. The market is expected to continue trending towards online media and will reduce further by the end of the decade.
Major players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in January 2019, Springer Healthcare, a part of Springer Nature Switzerland AG, partnered with American College of Chest Physicians (CHEST), a provider of chest medicine education, to expand the reach of CHEST’s state-of-the-art education and content to healthcare professionals worldwide.
Global General Medicine Education Publishing Market: Competitive Landscape
Major players operating in the global general medicine education publishing market include, RELX plc, Kaplan, Inc., McGraw-Hill Education, Springer Nature Switzerland AG, Thieme Medical Publishers, John Wiley & Sons, Inc., and Wolters Kluwer N.V.
Global General Medicine Education Publishing Market: Key Developments
Major players in the market are focused on launching new products and services to expand their product portfolio. For instance, in June 2019, Springer Nature, a part of Springer Nature Switzerland AG, launched a new collection of educational, standalone, peer-reviewed videos on its online content platform SpringerLink.
Major players in the market are also focused on offering open access to their journals. For instance, in October 2019, Thieme Medical Publishers added the new Open Access offering Pediatric and Congenital Cardiology in its specialist journal The Thoracic and Cardiovascular Surgeon.