Global Concierge Medicine Market Size Revenue Hits $30.26 Billion by 2031, at a Staggering 7.22% CAGR
The Brainy Insights
7 min read
The Brainy Insights
The global concierge medicine market size is anticipated to reach a value of USD 30.26 billion by 2031, at a CAGR of 7.22% during the forecast period (2023- 2031), as highlighted in a report published by The Brainy Insights. The report analyzes the global power bank market drivers, restraints/challenges, and the effect they have on the demands during the projection period.
Newark, Oct. 16, 2023 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global Concierge Medicine market is expected to grow from USD 17.32 Billion in 2023 to USD 30.26 Billion by 2031, at a CAGR of 7.22% during the forecast period 2023-2031.
Female doctors are moving their inclination towards concierge medicine since they experience more stress than male doctors do. As a result, they gained more significant influence over their jobs, establishing equal subscription fees for their male coworkers, allocating more family time, and finding it interesting to pursue personal and professional interests. As a result, many female doctors are switching to a retainer or membership-based practice, opening up new global market opportunities.
Competitive Strategy
To enhance their market position in the global Concierge Medicine market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• In July 2019: Concierge Choice Physicians (CCP) acquired the Private Practise Direct (PPD), a concierge and direct primary care service organization. This acquisition helped the organization expand into the 30 US states and enter the direct primary care segment.
Rising prevalence of chronic diseases, expanding elderly population, physician shortage, quickly increasing patient volume, and rising waiting times for doctor visits
Opportunities
Legal and regulatory compliance, increasing advertising costs, and lower patient awareness -
Restraints
Shifting inclination of female doctors towards concierge medicine
Market Growth & Trends
Direct primary care and retainer-based medicine are other names for concierge medicine, boutique medicine, platinum practices, and concierge care. Both primary care physicians and their patients find value in the concierge medicine model. Concierge medicine market expansion is anticipated to be fuelled by the growing need for individualized and efficient treatment services. Due to the high affordability of such luxurious and private medical care among high-income clients, this trend is gaining quick popularity and fueling the market's expansion. Patients are charged retainer fees for healthcare consultation services in the private medical practice known as concierge medicine. These services offer lab tests, specialist consultations, regular examinations, travel care, and access to doctors around the clock. The consulting fees for concierge medical services are based on an annual or monthly membership fee, and they avoid insurance companies. These services are becoming more and more popular among people everywhere. The key reasons driving the growth of the global concierge medicine market are the rising prevalence of chronic diseases, expanding elderly population, physician shortage, quickly rising patient volume, and rising waiting times for doctor visits. Concierge medicine is becoming increasingly popular among the general public due to its advantages, which include longer doctor consultations, customized care, preventive care, and fewer hospitalizations. In addition, one of the main factors promoting the acceptance of the retainer care model is physician stress. Plans with a membership feature can open up a good market potential. For tailored healthcare, many people are choosing subscription-based membership programmes. This aspect will undoubtedly increase the demand for concierge medicine globally in the coming years.
• In 2023, the group segment dominated the market with the largest market share of 57.33% and market revenue of USD 9.92 Billion.
The ownership segment is divided into group and standalone. In 2023, the group segment dominated the market with the largest market share of 57.33% and market revenue of USD 9.92 Billion. The group segment consists of businesses with associated doctors and a group of physicians with their membership-based care model. Many doctors integrate their practices with concierge care firms because switching to a membership model necessitates legal compliance, extensive advertising, and patient communication.
• In 2023, the primary care segment dominated the market with the largest market share of 19.38% and market revenue of USD 3.35 Billion.
The application segment is divided into pediatrics, internal medicine, psychiatry, primary care, cardiology, osteopathy, and others. In 2023, the primary care segment dominated the market with the largest market share of 19.38% and market revenue of USD 3.35 Billion. This is primarily due to doctors using the retainer model more frequently to manage their workload, maintain work-life balance, and serve a smaller patient base. The rise of the primary care market has been aided by the psychological and financial advantages that the concierge medicine model offers physicians.
Regional Segment Analysis of the Concierge Medicine Market:
• 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)
The North America region occurred as the largest market for the global Concierge Medicine industry, with a market share of 36.11% and a market value of around USD 6.25 Billion in 2023. Concierge medicine has grown tremendously in North America due to the US's sharp increase of retainer doctors. Additionally, the increased incidence of cancer, diabetes, obesity and other psychological diseases in the US encourages patients to seek more specialized care. Concierge medicine is more in demand in North America due to rising consumer health consciousness and demand for individualized healthcare services. Additionally, a number of significant, well-known vendors in the area, such as PartnerMD, Crossover Health, and MDVIP, are assisting them in growing their company in this market.
Key players operating in the global 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
This study forecasts revenue at global, regional, and country levels from 2019 to 2031. The Brainy Insights has segmented the global Concierge Medicine market based on below mentioned segments:
Global Concierge Medicine Market by Ownership:
• Group • Standalone
Global Concierge Medicine Market by Application:
• Pediatrics • Internal Medicine • Psychiatry • Primary Care • Cardiology • Osteopathy • Others
The global Concierge Medicine market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
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