Healthcare Learning Management Systems Market - Forecast(2021 - 2026)
Healthcare LMS Market Overview
The LMS for Healthcare market is forecast to reach $2.2 billion by 2026, growing at a CAGR of 24.7% from 2021 to 2026. Value chain for healthcare LMS industry has been established as an interdependent and complex network comprising of LMS providers, healthcare market providers, cloud service providers, equipment manufacturers, payment gateway service firms, tutors, medical facilities, students/ learners and pharmaceutical companies. Research, testing, installation, training and maintenance also play an important role in creating brand image and user satisfaction through implementation of the software as a service. Defining and implementing the R&D pipeline according to the market trends and future applications and establishing value chain frameworks accordingly has made the industry more agile. Continuous feedback system along with frequent surveys on number of satisfaction levels, future needs, and supplier switching has been supporting the learning management system market players to enhance their offerings to improve security of medical records as well as compliance training for the same. Brand image plays an important role along with features of the software. The learning management system market share is largely fragmented although the growing number of acquisitions in this sector will lead to consolidation.
Report Coverage
The report: “LMS for Healthcare Market Report – Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the LMS for Healthcare Market Analysis.
By Delivery – Self Learning, Instructor Led Learning, Blended
By Deployment – Cloud, On Premises, Hybrid
By Application: Care Course Training, Compliance, Culture Sensitivity Courses, Pharmaceutical Product Education, Others
By End Use Industry – Educational Institutes, Healthcare Facilities, Corporate Training Facilities, Pharmaceutical Facilities
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).
Key Takeaways
- Leveraging mobile devices for the purpose of training in the healthcare industry has become popular in the recent years as it has become imperative to stay updated with the latest medical records, lab tests, and so on. A recent survey by PwC claims that the usage of mobile apps accelerates decision making, minimizes consumption of time, and leads to a better bonding between doctors and patients. The continuously evolving E-learning has proven to be advantageous for consumers as they get updated with the changing trends in the market in real time.
- The incorporation of videos, interactive animations, and augmented and virtual reality elements healthcare learning management systems is helping the doctors and healthcare personnel to use new medical equipment.
- The development in wireless connection of Healthcare LMS focused on Gamification in particular is driving demand. This growth is particularly prevalent as a result of lockdowns driven by Covid-19
Healthcare LMS Market Segment Analysis - By Delivery
Market players develop customized solutions according to the end user requirement. In addition, product extensions are offered time to time to retain the customer and maintain competitive position. Application developers play a major role in the value chain of LMS products. With the advent of cloud services and interoperability standards; flexibility and compatibility has become key factors. Developers focus on customizing individual modules as requirements change from customer to customer. Final end user and their needs defines and compels the entire industry to make changes in value chain in terms of development platforms, features and deployment channels. Quite a number of actors have joined the LMS value chain mainly due to establishment of standards, tremendous acceptance of products, transformation in delivery networks and evolving customer needs
Healthcare LMS Market Segment Analysis – By Deployment Model
With the shift towards Cloud based LMS, the Healthcare Learning Management System Market experienced a demand “creep”. Other factors that drive the market include Growing Health Informatics Market and rising awareness regarding LMS in APAC region (particularly in India, China, and Malaysia). Training of healthcare employees is a continuous process. Improving research and new technological advancements have led to a constant need for employee training in this sector. The ability of LMS systems, particularly e-learning solutions, to quickly adapt to these changes has propelled the demand for LMS. The ability of LMS to organize the training materials along with the improved efficiency provided and the lower costs associated with LMS based training solutions will result in the rising demand for LMS for training employees. With changing regulations and constant need for retraining on newer methods and technologies as well as changing job profiles, retraining is an important demand in the healthcare sector. The efficiency of LMSs along with the lower time requirements by using LMS will result in increased usage of this technology. Cloud based segment is the leading segment for Global Healthcare learning management systems market by deployment type and it is anticipated to reach $1.3 billion by 2026 growing at a CAGR of 29.2% throughout the forecast period
Healthcare LMS Market Segment Analysis - By Geography
North America dominates the Healthcare LMS Market due to the increasing adoption of technological advancements in the region. US is expected to show a CAGR of 20.3% through 2026 as a result of the adoption due to the shift towards an online education model. South America will also play a key role as countries such as Brazil will follow US due to growing awareness and development of the education system which provides bright opportunities to the market. The application of Healthcare LMS systems in traditional educational systems will drive the market growth in Canada. New software and other new technologies are also responsible for the growth of the Healthcare LMS Market in the region.
Healthcare LMS Market Drivers
Rise in Health Informatics
The rising number of jobs in the health informatics industry has given leverage to an increasing number of specific training solutions, thereby increasing the demand for learning management systems. Improvements in training of healthcare employees coupled with advancements in research and technology have spurred the demand for Healthcare Learning Management systems. The standardization of training material improves quality and reduces risk, thereby helping the market grow.
New Educational Models adoption proliferated due to Covid-19
The COVID-19 pandemic has created the largest disruption of education systems in history, affecting nearly 1.6 billion learners in more than 190 countries and all continents. According to the U.N closures of schools and other learning spaces have impacted 94 per cent of the world’s student population, up to 99 per cent in low and lower-middle income countries. The crisis is exacerbating pre-existing education disparities by reducing the opportunities for many of the most vulnerable children, youth, and adults in institutes which have a lack of a secondary educational model. This has led to an increased adoption of adaptive and blended learning models, especially in countries which have been disproportionally affected by Covid-19. This practice is projected to continue beyond the pandemic and will result in new models being put in place.
Healthcare LMS Market Challenges
High Adoption Cost
One of the major challenge faced by Healthcare LMS Market globally is the high adoption cost. Due to ongoing technology upgrades, the initial cost of adapting Healthcare LMS has increased rapidly which restrains end users from purchasing these solutions. This is especially prevalent in developing nations where budgets for educational institutes will not be able to accommodate this technology. These are the major challenges which restrain the Healthcare LMS Market growth globally.
Healthcare LMS Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Healthcare LMS Market. The Healthcare LMS Market is dominated by major companies such as Webanywhere Ltd , Saba Software Inc (Cornerstone);, Lamba Solutions Inc, DLC Solutions LLC, Escalla Ltd, Docebo S.p.A., Litmos (Callidus Software Inc), Gyrus Systems, Inc, Kallidus Ltd, Relias Learning, Multimedia Plus Inc., Fujitsu and Wareport Corp.
Acquisitions/Technology Launches/Partnerships
- In July 2020, Symphony Technology Group, a leading Palo Alto-based private equity firm focused on investing in the software, data analytics and software-enabled technology services sectors announced that it has acquired EthosCE, a Philadelphia, Pennsylvania-based healthcare learning management system company.
- In February 2020, Cornerstone has acquired Saba to complement its base of learning and skills development products which makes talent experience software
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