Published: January 2024 | Report Code: 12826 | Available Format: PDF
The global concierge medicine market is valued at an estimated USD 17.1 billion in 2023, which is expected to reach USD 27.6 billion by 2030, growing at a CAGR of 7.3% during 2024–2030.
The growth is attributed to the rising awareness regarding early disease diagnosis, increasing geriatric population, and mounting efforts of people to achieve a healthy and balanced lifestyle. Furthermore, the advantages offered by concierge medicine include high compensations for doctors and less waiting times for patients, which make this approach popular among both.
Concierge medicine helps in the development of a better patient-and-physician relationship, which is extremely necessary for a quick recovery. It provides more-direct access to physicians, due to which a patient often develops a more-trusting relationship with them. This, in turn, makes patients more willing to go along with the doctor’s recommendations for preventive care. In addition, people who have adopted this service have 19% lower chances of premature death than those who exclusively depend on a specialist to maintain their health.
Furthermore, emergency situations, including heart attack or stroke, eliminate any question that one is in need of immediate care. But, if a person is suffering from a condition that might result in similar or common symptoms, it may become unclear whether an immediate medical intervention is required or not. Subscribing to these services results in instant and constant access to medical practitioners and eliminates the barriers to care that could result in potentially dangerous delays. It also prevents the subscriber from second-guessing how to handle such issues, as physicians are just one call away, which may not always be the case in traditional practices.
Additionally, there is a significant shortage of primary care medical practitioners, as a large number of individuals visit hospitals on a daily basis, which has led to a significant increase in waiting times. Therefore, patients have to wait for long durations for a consultation in conventional care settings. For instance, a survey conducted by the Washington State Hospital Association in metropolitan areas in the U.S. concluded that it takes around 24 days to consult a family physician. The time lost in between entails more than three weeks, which is more than enough to deteriorate one’s condition while waiting. It also significantly impacts the required treatment type and could lead to the provision of an inadequate one.
Moreover, medical practitioners are spending increasingly less time with patients due to the presence of a large number of patients in traditional care settings. This is usually not observed in the concierge medicine scenario, because these physicians restrict the patient volume, thereby giving each significant time.
Additionally, the services prove to be beneficial for people who tend to be extremely busy or have hectic careers, as they offer flexibility over conventional medical settings. For instance, instead of visiting a physician in person regarding small issues, such as an earache or skin problem, a quick call regarding such issues can be easily made. This offers flexibility for laboratory services as well, with people needing to get tested only if the doctor deems it necessary.
On the contrary, there are certain patients who require medical consultations on a frequent basis; in such cases, patients can see their concierge doctor weekly. For instance, a patient who has diabetes can spend time with the doctor learning about their diet and insulin requirement, which the patient would normally not be able to do in the conventional practice.
The rising adoption of telehealth and telemedicine is having a positive impact on the market growth. Patients who have availed concierge medicine services appreciate these technologies as they can schedule consultations with the physician as and when convenient. Moreover, it eliminates the need to travel to the physician’s office, thus saving time and money for patients. Telemedicine applications provide high-resolution audio and video teleconferences, which enable easy access for patients to the physician from the comfort of their homes.
Moreover, healthcare practitioners can reduce the count of patients who miss their scheduled appointment, through the use of telemedicine. Thus, the convenience offered by such technologies has a positive impact on patient flow and increases the doctor’s revenue.
Market Size in 2023
USD 17.1 Billion
Revenue Forecast in 2030
USD 27.6 Billion
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
By Application, By Ownership, By Patient Type, By Region
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On the basis of application, the primary care category leads the market with 25% share in 2023. This is because of the growing patient awareness of the fact that this approach ensures instant access to a primary care physician and the increasing demand for convenient and better-quality medical services. Physicians in normal care settings are not able to devote sufficient time to individual patients due to the presence of a large number of patients. Therefore, for a longer and more-comprehensive consultation with the doctor, a large number of people are adopting these services.
Moreover, a lot of people are prioritizing their physical wellbeing and focusing on maintaining their work–life balance. Additionally, the significant adoption of this practice by doctors due to the financial and mental perks that come along with it is propelling the market expansion. Further, high earners are increasingly adopting concierge medicine because of the significant shortage of healthcare providers and to get more-personalized and better healthcare services.
During the forecast period, the pediatrics category is expected to expand with the highest CAGR, of 7.8%. This is because pediatricians are the only physicians who serve a particular group of patients, which includes neonates, infants, and toddlers. Moreover, they are significantly less restricted by time in comparison to other doctors. Therefore, they are able to spend requisite time with each child to properly diagnose and treat them.
Furthermore, it eliminates the stress of working parents to take their children to the pediatrician’s office for their scheduled appointment, as concierge physicians provide domiciliary visits. Moreover, they provide full-body checkups for children, carry out immunizations, track growth, provide early consultation when a child is sick, and advise parents on caring for the child.
In addition, internal medicine is showcasing significant growth in the market because it is one of the most-sought-after medical subspecialties. Additionally, the growing prevalence of hypertension, hyperglycemia, and digestive disorders is driving the category’s growth.
On the basis of ownership, the group category dominates the market with a share of around 60% in 2023. This is because of the significant presence of many top firms in the industry providing these services. It is comparatively easier for doctors to work as concierge physicians through an established company than going solo.
Despite this, the independent ownership category is set to witness fast growth during the projection period. This is because these practitioners consult fewer patients on a daily basis than doctors in both regular practice and those opting for the group ownership of concierge medicine. Due to this, doctors’ work burden is reduced, with good compensations and job satisfaction being added advantages.
As per our regional analysis, North America holds the largest share, of around 50%, in 2023. This is because of the increasing awareness among people regarding their physical wellbeing, growing demand for precision healthcare, and surging prevalence of chronic ailments, such as cancer, hyperglycemia, and obesity. Additionally, the presence of well-established healthcare infrastructure, a beneficial medical reimbursement scenario, and key players, easy availability of innovative technologies, and rising need to properly manage the prevalent diseases are contributing to the regional market’s expansion.
The European region is predicted to hold a significant share during the forecast period as well, because of the presence of a significant elderly population. Since the elderly are prone to illnesses and require immediate medical attention, there has been an increase in the demand for these services, as they offer significant convenience over traditional care settings.
This report offers deep insights into the concierge medicine market, with size estimation for 2017 to 2030, the major drivers, restraints, trends and opportunities, and competitor analysis.
Based on Application
Based on Ownership
Based on End User
The market for concierge medicine will reach USD 27.6 billion by 2030.
The concierge medicine industry 2023 size is USD 17.1 billion.
The market for concierge medicine is propelled by the rising patient volume at conventional practices, increasing need for personalized care, sedentary lifestyles, and surging disease burden.
The group bifurcation leads the ownership segment of the concierge medicine industry.
Primary care is the highest-revenue-generating application in the market for concierge medicine and pediatrics the fastest-growing.
North America holds the largest concierge medicine industry share.
The highest CAGR in the market for concierge medicine is being seen in APAC.
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