It doesn't matter how many applicants there are, the only thing that matters is how you compare to those applicants in relation to the number of open Med School seats.
Yeah really. For instance, everybody is commenting on how nasty it must have been to have applied in 1996 but if I remember correctly the median applicant MCAT score was much lower back at that time (I believe it was something like 27 in 1998 - if Kaplan can be trusted). There were probably far more "marginal" applicants then as opposed to now.
Seriously, if this reduction in the volume of applications is due to the recession I tend to view that as a good thing. Maybe it will halt the practice of people sending out a zillion applications to any and all medical schools in the land that could possibly have any interest in accepting them. Frankly, the fact that one has to do this sort of thing just to be competitive nowadays places a huge cost burden on applicants and surely acts as an obstacle for any economically disadvantaged students trying to get into medical school. I was talking to an older (mid-60s) family practice doc recently, and he said in his day almost everybody sent out only a handful of apps to the med schools in their local area. In some ways, I'd like to see the med school application process head back in this direction.
Oh, and as for the future physican shortage...there are three factors that will virtually guarantee a
massive need for more docs in the near future:
1. The baby boomers are retiring/getting older, and sadly many of them didn't take care of themselves very well. As has been mentioned, this means this rather large population segment will be experiencing a great deal of coronary artery disease, diabetes, cancer, etc. and the complications resulting from all of the above.
2. Many current doctors are themselves baby boomers, meaning that they will be retiring very soon and thus expandng the gap even farther.
3. Younger doctors are demanding shorter work hours and more time off. Furthermore, many of them are heading into sub-specialties that will give them these benefits (i.e., ROAD specialties, etc.). This of course means that it will take more young docs to meet patient demand.