Ottawa, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The U.S. concierge medicine market size accounted for USD 6,633.91 billion in 2023 and grew to USD 6,958.51 million in 2024, expanding at a CAGR of 5.70% between 2023 and 2032.
The rising demand for home testing services in the United States is observed to accelerate the growth of the market in the upcoming period.
The global concierge medicine market size is projected to surpass USD 34.27 billion by 2032, increasing from USD 19.12 billion in 2023 and is expanding at a CAGR of 6.7% from 2023 to 2032.
Concierge medicine industry emphasises on personalized treatments and preventive care. Physicians in concierge practices often have fewer patients, allowing them to spend more time with each individual, focusing on proactive health measures and addressing specific health concerns. Many concierge medicine practices leverage technology to enhance patient communication, facilitate virtual consultations, and streamline administrative processes. This integration of technology contributes to the convenience and accessibility of services. The concierge medicine market in the United States has seen steady growth in recent years. This growth is attributed to increasing demand from patients seeking personalized and convenient healthcare services.
Concierge medicine provides quicker access to healthcare services, often including same-day or next-day appointments. Patients value the convenience and immediacy of access to their healthcare provider, contributing to the growth of this model. Physicians are increasingly exploring entrepreneurial opportunities in concierge medicine. This entrepreneurial spirit drives the growth of independent concierge practices and the expansion of existing ones.
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Key Insights:
- In 2022, the U.S. concierge medicine market was dominated by the others sector, holding the biggest share.
- Throughout the projection period, the primary care segment is expected to be the second-largest category.
- The group segment was in the lead in the market in 2022.
Growth Factors of U.S. Concierge Medicine Market
- The U.S. concierge medicine market is experiencing a surge in popularity as more individuals seek personalized and comprehensive healthcare services. Patients are increasingly drawn to the convenience and enhanced access offered by concierge medical practices.
- Corporate wellness programs are increasingly incorporating concierge medicine services for employees. Employers recognize the value of providing comprehensive healthcare to their workforce, leading to the growth of corporate-focused concierge medical offerings.
- The COVID-19 pandemic has accelerated the adoption of telehealth and remote healthcare services. Concierge medicine, with its focus on personalized care and technology integration, aligns well with the evolving trends in healthcare delivery post-pandemic.
- Concierge medicine provides quicker access to healthcare services, often including same-day or next-day appointments. Patients value the convenience and immediacy of access to their healthcare provider, contributing to the growth of this model.Concierge medicine enables physicians to develop customized healthcare plans tailored to individual patient needs. This personalized approach can lead to better health outcomes and patient satisfaction, driving the growth of this healthcare model.
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Geographical Insights:
Countrywise, the U.S. concierge medicine market holds the largest share of the market in North America. The country’s dominance is attributed to the presence of major key players in the country that contribute to the market’s growth in the form of product development and launches along with multiple business activities.
- Castle Connolly Private Health Partners (CCPHP), headquartered in the United States is a collaboration between Castle Connolly Medical Limited and Private Health Partners, LLC. The company focuses on delivering concierge medicine services to individuals and families seeking a higher level of personalized healthcare. Patients who enroll in CCPHP's concierge medicine program often have the opportunity to choose a primary care physician from a network of highly regarded and carefully vetted healthcare professionals.
- Based in the United States, Priority Physicians, Inc offers a comprehensive range of primary care services, from routine check-ups and preventive care to managing chronic conditions. The emphasis is on proactive health management and preventive strategies.
Concierge medicine industry in the United States often finds a foothold in urban and affluent areas where there is a concentration of individuals seeking personalized healthcare services. In Washington, D.C., for example, the demand for concierge medicine is influenced by the presence of professionals and executives who value time and personalized attention.
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Report Highlights:
- By Application, the primary care segment is expected to sustain as the second largest segment of the market. Primary care concierge physicians often create customized healthcare plans for their patients. This includes personalized wellness programs, proactive health screenings, and ongoing monitoring, aligning with the growing trend of patient-centered and value-based care.
- By Ownership, the group segment dominated the U.S. concierge medicine market in 2022; the segment is expected to maintain its position throughout the forecast period. Larger groups of physicians and professionals may have the resources to invest in marketing and branding efforts, making them more visible to potential patients. This visibility contributes to the growth of the practice and attract a larger clientele.
U.S. Concierge Medicine Market Scope
| Report Coverage | Details |
| Growth Rate from 2023 to 2032 | CAGR of 5.70% |
| U.S. Market Size in 2022 | USD 6,306 Million |
| U.S. Market Size in 2023 | USD 6,633.91 Million |
| U.S. Market Size by 2032 | USD 10,925.29 Million |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | By Application and By Ownership |
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Market Dynamics:
Drivers
Rising concerns over pediatric health issues
Rising concerns over pediatric health issues in the United States can potentially serve as a driver for the concierge medicine market, particularly in the context of pediatric concierge medicine. It's probable that parents may be looking for more individualised and comprehensive care for children. A more personalised approach is provided by concierge medicine, which enables doctors to spend more time with each patient and treat certain health issues. It's probable that parents may be looking for more individualised and comprehensive care for children. A more personalised approach is provided by concierge medicine, which enables doctors to spend more time with each patient and treat certain health issues.
In the concierge medicine model, families have enhanced access to specialists and healthcare services. This can be particularly appealing for parents with children who have chronic conditions or complex health issues, ensuring prompt and specialized care.
Rising emphasis on preventive care
Concierge medicine allows for a more personalized and patient-centric approach to preventive care. Physicians in concierge practices often have smaller patient panels, allowing them to dedicate more time to each patient, conduct comprehensive assessments, and create tailored preventive care plans. Concierge medicine encourages a proactive approach to health management. Physicians and patients can work collaboratively to identify potential health risks, establish preventive measures, and address lifestyle factors contributing to overall well-being.
The subscription-based model of concierge medicine often results in quicker and more convenient access to healthcare services. This facilitates timely preventive screenings, vaccinations, and other preventive measures, contributing to better health outcomes. Concierge physicians often take the time to educate patients about the importance of preventive care and how lifestyle choices can impact overall health. This education empowers patients to take an active role in maintaining their well-being.
Restraint
Ethical concerns:
One of the primary ethical concerns associated with concierge medicine is the potential for creating disparities in healthcare access. Critics argue that this model, which often involves additional fees for enhanced services, may contribute to a two-tiered healthcare system, where those who can afford it receive preferential and more timely access to healthcare services. The concept of prioritizing patients based on their ability to pay for concierge services raises ethical questions. Ethical concerns may also arise if concierge practices do not adhere to legal and regulatory standards. Ensuring compliance with healthcare laws and regulations is essential to maintaining the trust and confidence of both patients and the broader healthcare community.
Opportunities
Rising popularity of customized healthcare services
Customized healthcare services cater to individuals' unique needs, providing a more personalized and attentive approach to medical care. Concierge medicine aligns well with this trend by offering patients direct access to physicians and personalized healthcare plans. With the demand for customized services comes an increased desire for timely and convenient healthcare appointments. Concierge medicine typically involves longer appointment times, reduced waiting periods, and more direct communication between patients and healthcare providers. Patients seeking customized healthcare services often look for a more holistic approach to health management. Concierge medicine providers may offer comprehensive health assessments, lifestyle counselling, and other holistic services that align with the growing interest in holistic healthcare. Thereby, the rising popularity of customized healthcare services is observed to act as an opportunity for the market.
Integration of technology
Technology allows concierge medicine providers to offer virtual consultations and telemedicine services. This enables patients to connect with their healthcare providers remotely, improving accessibility and convenience. It is especially valuable for routine check-ups, follow-ups, and non-emergency consultations. Electronic health records streamline patient information management, making it easier for concierge medicine practitioners to access and update patient records. This enhances coordination among healthcare providers, reduces administrative burdens, and ensures a seamless flow of information for more personalized and efficient care. Technology-driven data analytics allow concierge medicine practices to analyze large datasets to identify health trends and patterns. This information can be used to tailor personalized wellness plans and proactive healthcare strategies for individual patients. Thereby, the integration of technology is observed to offer opportunity for the market.
Related Reports:
- Primary Care Physicians Market: The global primary care physicians market size was estimated at USD 1 trillion in 2022 and is projected to hit around USD 1.46 trillion by 2032, registering a CAGR of 3.90% from 2023 to 2032.
- Cardiovascular Digital Solutions Market: The global cardiovascular digital solutions market was valued at USD 110.26 billion in 2022 and is expected to reach USD 183.23 billion by 2032, poised to grow at a CAGR of 5.21% from 2023 to 2032.
- Pediatric Drugs Market: The global pediatric drugs market size reached USD 115.6 billion in 2022 and it is expected to hit around USD 363.86 billion by 2032, expanding at a CAGR of 12.2% during the forecast period from 2023 to 2032.
Recent Developments:
- In March 2023, an endocrinologist from Endocrine Associates of Dallas joined Concierge Choice Physicians (CCP), a full-service concierge medical service provider in the United States, in March 2023 as part of their Hybrid Choice programme. With the improved services offered by this programme, patients will have more time and assistance to reach their health objectives.
Key Players:
- Priority Physicians, Inc
- Castle Connolly Private Health Partners
- Partner MD
- Concierge Consultants and Cardiology
Market Segmentation
By Application
- Primary Care
- Cardiology
- Pediatrics
- Psychiatry
- Internal Care
- Others
By Ownership
- Independent
- Group
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