Newark, March 23, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 17.32 billion in 2023 concierge medicine market will reach USD 30.26 billion by 2031. Concierge medicine has increased efficiency by facilitating simple access to healthcare providers and improving chronic illness management. These facilities' shorter wait times, accessibility, and high-quality care could be responsible for the market's growth. Additionally, the ease of access to these facilities is another important factor driving market expansion. The market growth is anticipated to increase as more patients seek specialised care. As a result of Covid-19, there is an increase in membership for concierge medical services. Traditional hospitals and healthcare systems find it challenging to adapt to how the epidemic has changed the landscape of patient care.
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Key Insight of the Concierge Medicine Market
Europe to account for the fastest CAGR of 10.73% during the forecast period
Europe is expected to have the fastest CAGR of 10.73% in the concierge medicine market. It is because more doctors are utilising retainer services. In Europe, the number of patients has increased due to the rising frequency of chronic diseases. Concierge medicine in Europe is anticipated to grow rapidly in the following years due to the increasing acceptance of subscription-based healthcare models in that region due to access to high-quality healthcare.
The standalone segment is anticipated to grow at the highest CAGR of 11.05% over the forecast period.
Over the projection period, the standalone segment is expected to grow at the highest CAGR of 11.05%. Concierge medicine specialists are promoting the expansion of the market. But the development of this market will probably be hampered by solid laws against patient abandonment. So many solo practitioners are converting to membership-based practises primarily because of high compensation and profitability, professional happiness, and decreased workload. Furthermore, physicians spend more time working on EHR than they do treating patients because of numerous Medicare rules. The smaller patient list gives the doctors more time with each patient and a better work-life balance. The standalone segment is expanding as a result of this.
The internal medicine segment is anticipated to grow at the highest CAGR of 9.56% over the forecast period.
Over the projected period, the segment for internal medicine is expected to increase at the highest CAGR of 9.56%. Numerous internal medicine doctors are adopting a hybrid approach due to the benefits of concierge medicine. The segment is anticipated to rise as more people seek treatment for digestive problems, and diabetes and hypertension are becoming more common. The high waiting times for visits with cardiologists and the increased prevalence of cardiovascular disorders are driving the segment's expansion. This is certainly driving the segment's development.
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Market Dynamics
Driver: Rising prevalence of chronic diseases, expanding elderly population, physician shortage, quickly rising patient volume, and rising waiting times for doctor visits
The expanding older population, the shortage of doctors, the rising patient volume, and the lengthening wait times for doctor appointments are the main factors fueling the expansion of the global concierge medicine market. Because of the benefits of concierge medicine, which include longer doctor consultations, personalised care, preventive care, and fewer hospitalisations, it is becoming increasingly popular with the general public. Physician stress is another critical reason encouraging the retainer care model's popularity. As a result, doctors are employing the retainer model more frequently since it enables them to maintain a work-life balance effortlessly while still making a small amount of extra cash. Doctors can also earn more money with a smaller clientele because of the limited patient population and expensive membership charges. Concierge medicine has flourished all around the world due to the rise in the retainer model among physicians. A surge in personalised disease service offerings is fueling growth in the global concierge medicine market. Concierge medicine's usage of customised models is projected to drive the global industry. Specialists and practitioners have provided specialised services for a specific disease or a group of disorders. An increase in public awareness of concierge medicine's benefits is fueling a demand for it on a global scale. One advantage of concierge medicine over conventional healthcare services is the ease of access to concierge doctors compared to suppliers of regular healthcare services. Concierge medicine also solves a fundamental problem that traditional medicine cannot, notably because it offers patients around-the-clock treatment instead of conventional medicine's limited availability. In the upcoming years, it's expected that professions, including internal medicine, cardiology, primary care, psychiatry, osteopathic medicine, and paediatrics will adopt concierge medicine more frequently. Plans with a membership component have the potential to tap into a lucrative market. An increasing number of consumers are selecting subscription-based membership programmes for personalised healthcare. The need for concierge medicine will rise globally in the upcoming years due to this aspect.
Restraint: Legal and regulatory compliance, increasing advertising costs, and lower patient awareness.
The lack of knowledge about a concierge in emerging and underdeveloped countries is the biggest obstacle to the market's expansion. The need for legal and regulatory compliance, rising advertising expenses, and reduced patient awareness are the primary problems that could limit the development of the concierge medicine market globally. Similarly, a significant issue that can restrict market expansion is the scarcity of primary healthcare professionals.
Opportunity: Shifting inclination of female doctors towards concierge medicine
Since female doctors feel a higher burden than male doctors, they are moving their preferences toward concierge medicine. As a result, they seemed to have more power over their professions. They negotiated equal subscription rates for their male employees, set aside more time for their families, and found it intriguing to pursue their personal and professional interests. As a result, more female physicians are converting to membership- or retainer-based practices, creating new market opportunities worldwide. The quality of care is being negatively impacted by the increasing demand for doctors to care for a high number of patients, as well as by the growing patient population and the shortage of doctors. The adoption of the subscription-based care model encourages patients to have convenient and private appointments with physicians.
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Some of the major players operating in the concierge medicine market are:
• Signature MD
• Specialdocs Consultants, LLC
• Concierge Consultants & Cardiology
• Peninsula Doctor
• Priority Physicians, Inc.
• U.S. San Diego Health
• MDVIP
• PartnerMD
• Destination Health
• Crossover Health
• Cambell Family Medicine
• Castle Connolly Private Health Partners
Key Segments cover in the market:
By Ownership:
• Group
• Standalone
By Application:
• Pediatrics
• Internal Medicine
• Psychiatry
• Primary Care
• Cardiology
• Osteopathy
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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