Dublin, July 16, 2024 (GLOBE NEWSWIRE) -- The "The 2024 U.S. Physician Office Market Report" report has been added to ResearchAndMarkets.com's offering.
The physician and clinical services market is projected to reach $978 billion in 2024 and surpass $1 trillion by 2025
In 2024, spending on physician services accounts for 20% of all U.S. healthcare spending. Private health insurance remains the largest payer for physician services, comprising 39% of the physician office payer mix. The physician market remains dominated by specialty care, with an estimated 314,000 specialty physician offices and 161,000 primary care offices in the U.S. as of 2024. The number of both primary care and specialty offices is projected to increase 10% by 2029.
Chronic Health Conditions Are The Top Reason For Physician Office Visits
In 2023, there were an estimated 1.1 million physician office visits in the U.S and 41% of office-based physician visits were due to chronic health conditions. The primary services provided at physician offices include exams and screenings, laboratory tests, and health education.
Physician Practices Experience Service Disruptions Due To Cyberattacks
Eighty percent of independent physician practices in 2024 have lost revenue from unpaid medical claims due to cyberattacks. A total of 739 healthcare data breaches occurred in 2023 that have threatened patient privacy and disrupted healthcare operations. In response to cyberattacks, physician practices are implementing manual workarounds, using personal funds to mitigate effects, and entering new contracts with alternative clearinghouses.
Rates Of Physician Burnout Fall As Employment Of Nurse Practitioners Rises
Forty-nine percent of surveyed physicians report feeling burned out in 2024, a decrease from 53% in 2023. To alleviate workplace burnout, almost one-third of physicians have reduced their work hours, while 25% changed job settings. The specialties reporting the highest levels of burnout include emergency medicine, obstetrics and gynecology, and oncology. Helping to meet the growing aging U.S. population's healthcare needs and alleviating the burden of physician shortages, the nurse practitioner profession is the fastest growing profession in the U.S. with a projected employment increase of 45% by 2032.
Artificial Intelligence Is Expected To Provide Incremental Value To Physicians
Thirty-one percent of physicians report artificial intelligence (AI) as a top digital and technology investment priority in 2024. Forty-three percent of surveyed healthcare providers view the potential future benefits of AI as delivering incremental value while 19% view potential future AI benefits as transformational. The top reported barriers to implementing generative AI in healthcare reflect resource constraints, lack of technical expertise, and regulatory and legal concerns. By 2028, the highest priority generative AI case uses are expected to include predictive analytics and risk stratification.
Specialty care market growth:
- 2019-2024: annual growth of 1.2%
- 2024-2029: projected annual growth of 3.2%2
Primary care market growth:
- 2020-2024: annual growth of 0.3%
- 2024-2028: projected annual growth of 2.6%3
Key Topics Covered:
- Executive Summary
- Physician Office Market Overview
- Physician Office Patient Volumes Rise From Pandemic Lows
- Physician Offices Experience Severe Disruptions Due To Cybersecurity Attacks
- Generative Artificial Intelligence Is Projected To Ease Physician Challenges
- Demographic Shifts And Chronic Disease Trends Drive Physician Office Growth
- Specialists Outearn Primary Care Physicians As Certain Specialties Grow In Demand
- Chronic Conditions Rank As The Primary Cause For Physician Office Visits
- Telehealth Visits Account For 5% Of Medical Claim Volume In 2023
- Physician Burnout Declines In 2023
- Over One-Fourth Of Patient Care Is Performed By Nurse Practitioners And Physician Assistants
- Expansion Of Nurse Practitioner Profession Leads To Over One Billion Annual Patient Visits
- Increasing Merger And Acquisition Activity Anticipated In 2024 Following 2023 Decline
- Physician Ownership Of Practices At All Time Low
- Supply Chain Disruptions Continue To Impact Physician Practices
- Congress Mitigates Physician Payment Conversion Factor Decrease For The Remainder Of 2024
- CMS Introduces New ACO Primary Care Flex Payment Model For 2025
- 25% Fewer Physicians Received Additional MACRA Payments In 2023 Payment Year
- Retail Clinics Expected To Experience Increase In Patient Volumes In 2024
- Urgent Care Center Revenue Projected To Reach $55 Billion In 2024
- Urgent Care Patient Volumes Return To Pre-Pandemic Levels
- Patient Visits To Community Health Centers On The Rise
- Clarivate Lists Top Physician Office Products Sold Through Distribution
For more information about this report visit https://www.researchandmarkets.com/r/7059z5
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