The U.S. concierge medicine market size is expected to reach USD 13.3 billion by 2030, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 10.27% over the forecast period. Rising waiting time for a physician appointment, shortage of physicians and rising prevalence of chronic diseases are driving the patients from conventional settings to non-traditional care settings. This, coupled with more time with physicians, fewer hospitalizations, and focus on preventive care are driving the growth of the market. The U.S. healthcare system is currently dealing with a critical shortage of PCPs, as the majority of medical graduates are taking specialization courses.
U.S. Concierge Medicine Market Report Highlights
- The primary care segment dominated the market in 2021 due to the high demand for primary care services and sizeable aging population, which has increased the work burden on existing physicians
- Thus, to reduce their stress and maintain work-life balance, many physicians are downsizing to membership-based medicine where they keep less patient volume. This is expected to fuel the segment growth in the coming years
- The group segment held the maximum portion of the overall market revenue share in 2021 owing to the VIP services provided in the membership model
- As transitioning to the retainer model requires legal compliance, high advertisement, and patient communication, many physicians merge their practice with concierge medicine companies. This is propelling the segment’s growth
- In April 2020, Paragon Private Health announced its merger with Signature MD to provide world-class concierge medicine programs and an innovative service offering in areas, such as remote monitoring and telehealth. This will establish the company as a premier provider of membership-based support services
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According to the Association of American Medical Colleges, the U.S. is anticipated to witness a shortage of 21,000 to 55,200 primary care doctors by 2032. This is expected to widen the gap between healthcare demand and the supply of doctors. Hence, many patients are moving towards subscription-based care to ensure easy access to quality care even if there is a physician shortage. Physician burnout is the prime reason for the increasing adoption of the retainer care model. According to the Medscape National Physician Burnout & Suicide Report 2020, 42% of the physicians accepted that they are burned out. The survey consisted of over 15,000 physicians in over 29 specialties.
Female doctors are experienced more burnout and stress. In the retainer model, the physicians manage to earn more despite small patient panels and establish a work-life balance. The idea of controlling their work, setting equal membership fees compared to male counterparts, allocating more family time, and pursuing personal and professional interests is offering an attractive choice to the women practitioners. As a result, a large number of female doctors are switching to a retainer or membership-based practice. An increasing number of specialists are embracing the retainer care model in recent years. Specialties, such as endocrinology, podiatry, pediatrics, OB-GYN, rheumatology, psychiatry, dermatology, nephrology, oncology, and others, are witnessing a gradual increase in concierge care.
According to the Physicians Foundation 2016 Survey of Americas Physicians, in 2016, 6.9% of the specialists were planning to switch to cash or concierge practice. The rising participation and interest of specialty physicians in the membership model is expected to boost the market growth. The COVID-19 pandemic has increased the demand for membership-based practices. Many people adopted the membership model to ensure better access to COVID-19 testing, vaccines, and treatment. Furthermore, many physicians facing financial crises due to reduced patient volume switched to retainer practice, thereby propelling the market growth.
COVID-19 Impacts On U.S. Concierge Medicine Market
During the COVID-19 pandemic, population demand for healthcare services increased drastically. Decreased patient volume impacted the financial stability of the physicians, which boosted the adoption of membership-based practices. The adoption of concierge care is anticipated to remain high post-COVID as well owing to the financial stability and work-life balance. Increasing demand for healthcare services, advantages of retainer medicine, shortage of healthcare workforce created by the coronavirus pandemic is anticipated to foster the market growth.
Industry Share Analysis By Major Players
The market is fragmented with the presence of various solo and group concierge physicians. Concierge care providers are continuously focusing on bringing renowned clinical experts to have high patient members. Partnership and collaborations with the physicians is a common growth strategy followed by the key market players. Some prominent players in the U.S. concierge medicine market include:
- MDVIP
- Signature MD
- Crossover Health
- Specialdocs Consultants, LLC
- PartnerMD
- Concierge Consultants & Cardiology
- Castle Connolly Private Health Partners
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U.S. Concierge Medicine Market Segmentation
Grand View Research has segmented the U.S. concierge medicine market on the basis of application and ownership:
- S. Concierge Medicine Application Outlook (Revenue, USD Million, 2017 – 2030)
- S. Concierge Medicine Ownership Outlook (Revenue, USD Million, 2017 – 2030)
- List of Key Players of U.S. Concierge Medicine Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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