Concierge Medicine Market To Generate $27.6 Billion Revenue by 2030
- Published: January 2024
The global concierge medicine market revenue is expected to reach USD 27.6 billion by 2030, exhibiting a CAGR of 7.3% during 2024–2030.
The escalating demand for personalized healthcare, availability of certain medications at discounted rates, convenience of scheduling appointments, and availability of better-quality healthcare services drive the expansion of the market. Another major factor furthering the market progress is the significant reduction in patient load, thus eliminating the chances of a potential burnout, which is common among physicians practicing in traditional healthcare settings.
Further, over the years, personalized healthcare has gained significant traction among individuals. This is credited to its associated perks, which include better patient engagement, thus resulting in higher patient satisfaction and early disease diagnosis; customized treatment solutions to suit each patient’s needs, and better disease management. Additionally, there has been a growing awareness among people to prioritize their physical and mental health. Individuals are becoming increasingly workaholic, due to which they do not get enough time to look after their physical and mental wellbeing. This impels them to seek quick, easily accessible, but efficient care solutions.
Concierge medicine provides a great opportunity for people who are not comfortable discussing their mental health in conventional medical settings and are seeking more-personalized and intimate consultations with the physician. Therefore, the emergence of personalized healthcare is positively influencing the growth of the market.
Moreover, patients get to spend the necessary time with their psychiatrist and experience fewer delays, due to convenient appointment scheduling. If a patient has an emergency or a query or needs a quick consult, concierge psychiatrists are readily available anytime. In addition, if a patient is not in a condition or not comfortable enough to visit the doctor’s clinic, at-home visits by physicians is an added advantage that comes with this care model.
Further, the geriatric population is on the rise around the world, and this age group is vulnerable to chronic ailments. This particular population also needs more-convenient and urgent medical attention to understand its healthcare requirements and provide accurate diagnosis and treatment. This factor will create lucrative growth opportunities during the projection period as these patients are also unable to regularly visit clinics.
Adults Category Dominates End User Segment
The adults category leads the market with a share of 70% in 2023. This is because the adoption of busy lifestyles has led adults to move toward more-feasible options to maintain their wellbeing. Ease of consultation and scheduling same-day or next-day appointments, ready availability of doctors, prompt access to lab services, and no deductibles or copays are some advantages of concierge medicine that help it in gaining significant traction among adults.
Furthermore, the adoption of a sedentary lifestyle, which is characterized by smoking, frequent alcohol consumption, high intake of fast food, and lack of physical activity, has made adults more prone to chronic ailments, such as obesity and diabetes. This growing frequency and variety of illnesses among adults are an additional factor propelling the market growth significantly.
APAC To Display Highest Growth Rate
The Asia-Pacific region is expected to showcase the highest growth rate during the projection period. This is because many nations in the region are now witnessing a significant surge in their economy, due to which citizens have a higher disposable income. Moreover, governments are focusing on improving their healthcare sector because of the rising incidence of communicable diseases and the increasing elderly population.
Furthermore, the rising number of collaborations among top businesses to provide telemedicine services will propel the growth of the concierge medicine market in the region. For instance, in April 2021, India-based telecommunications firm Bharti Airtel collaborated with the health application Apollo 24/7 to provide a wide variety of electronic medical services to buyers under the former’s Thanks Benefits program.
The top players in the market include Campbell Family Medicine, Castle Connolly Private Health Partners LLC, CONCIERGE CONSULTANTS & CARDIOLOGY, MDVIP LLC, PartnerMD, PENINSULA DOCTOR, Priority Physicians Inc., SignatureMD Inc., and Specialdocs Consultants LLC.