By 2033, the United States concierge medicine market is predicted to be worth US$ 17.97 billion. The concierge medicine industry is expected to thrive at a CAGR of 10.32% between 2023 and 2033. The United States concierge medicine sales are poised to progress to US$ 6.73 billion by 2023.
Concierge medical practice is a private practice where the patients are charged an out-of-pocket retainer fee for accessing the doctor’s services. Office visits, round-the-clock access to physicians, lab tests, house calls, care while traveling, referrals to specialists, preventive care, regular health assessments, and other services can be included.
A few of the benefits of concierge medicine include shorter wait times, higher pay, and job satisfaction, all of which are expected to strengthen market growth. The growing geriatric population and rising concierge medicine demand for healthcare services may spur the market.
Crucial Concierge Medicine Industry Determinants and Limits
| Attributes | Details |
|---|---|
| United States Concierge Medicine Market CAGR (2023 to 2033) | 10.32% |
| United States Concierge Medicine Market Size (2018) | US$ 4.12 billion |
| United States Concierge Medicine Market Size (2022) | US$ 6.1 billion |
| United States Concierge Medicine Market Size (2023) | US$ 6.73 billion |
| United States Concierge Medicine Market Size (2033) | US$ 17.97 billion |
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In the early days of concierge medicine, the services offered were relatively basic, such as extended office hours and more time with the physician during appointments. However, as the market has matured, concierge medicine providers have started offering a wider range of services, such as personalized health and wellness plans, telemedicine consultations, and access to a network of specialists.
The concierge medicine market has also been influenced by changes in the broader healthcare landscape, such as rising healthcare costs, increased concierge medicine demand for personalized care, and a growing focus on preventative medicine. These trends have created a favorable environment for concierge medicine providers, who are well-positioned to offer high-quality, personalized care to patients willing to pay for it.
Despite the relatively small size of the market, the concierge medicine market has attracted a growing number of providers in recent years. According to a report by Future Market Insights, the concierge medicine market in the United States was valued at US$ 4.12 billion in 2018.
Vital Determinants of Concierge Medical Market's Evolution
The market growth drivers are rising chronic diseases, expanding elderly population, physician shortage, and waiting times for doctor visits. The advantages of concierge medicine, such as longer doctor consultations, customized care, preventive care, and fewer hospitalizations, boost concierge medicine demand.
The concierge medicine market is to grow due to high-income groups becoming more aware of concierge medicine. One of the main factors contributing to the retainer care model's acceptance is physician stress.
According to the Medscape National Physician Burnout & Suicide Report study, in 2020, 42% of doctors reported being burned out.
According to the 2016 Physicians Foundation Survey of American Doctors, 6.9% of specialists intend to transition to concierge medicine.
The retainer model is becoming more popular among doctors to supplement their income and strike a work-life balance.
Despite having a smaller clientele, physicians are nevertheless able to make more money due to the low patient population and high membership costs. The growing use of the retainer model by doctors is a sign of the concierge medical business model's success in the United States.
Main Impediments to the Market Growth
The main factor impeding the growth of the concierge medicine market is the low knowledge of concierge care in rural areas of the nation. The challenges that impede the expansion include legal and regulatory compliance necessities, increasing advertising costs, and lower patient awareness. A significant issue that could limit market expansion is the lack of primary care doctors.
By 2032, the United States may have a shortage of 21,000 to over 55,000 primary care doctors, according to the Association of American Medical Colleges.
Principal Consultant
| Top Speciality Segment | Primary care |
|---|---|
| Market Share | 25.6% |
Primary care accounted for the leading United States concierge medicine market share in 2023, with a 25.6% market share. Patients' expectations for outstanding medical treatment and reliable care increase as patient awareness grows. Due to the heavy patient load, primary care physicians (PCPs) in traditional healthcare settings cannot meet those expectations. As a result, for tailored primary care, many patients are migrating to membership-based care.
Concierge medicine is becoming increasingly popular in internal and family care. Internal medicine is one of the top five specializations in concierge medicine. The category is likely to be driven by an increase in visits for digestive illnesses and the increased prevalence of diabetes and hypertension.
Over the last few years, a rise in medical experts has embraced concierge medicine. Endocrinology, podiatry, pediatrics, OB-GYN, rheumatology, psychiatry, dermatology, nephrology, oncology, and other specialties are seeing a progressive increase in concierge medicine.
In 2023, the group sector took the market by storm with a 64.1% share. Companies with linked physicians and groups of doctors with their membership care model are included in the group section.
| Top Ownership Segment | Group Sector |
|---|---|
| Market Share | 64.1% |
The strategic presence of concierge care providers with a broad network of physicians across the United States, such as MDVIP, Specialdocs Consultants, Partner MD, Signature MD, and others, is the main determinant for the segment's prominent share.
The prime reasons many solo practitioners embrace membership-based practices are high remuneration and profitability, professional happiness, and reduced work burden. Physicians tend to spend more time on EHR than with their patients because of numerous Medicare and Medicaid restrictions.
The smaller patient roster allows the doctors to spend enough time with each patient and maintain a healthy work-life balance. This is fueling the standalone segment's rise.
As more solo practices adopt the hybrid concierge model, the standalone segment's growth is anticipated to accelerate. Many physicians in the United States are elderly. Thus they wish to transition to the concierge model to lighten their workload.
The healthcare industry in the United States is massive and only grows in importance as the population expands. Several businesses and healthcare institutions work together to increase patient satisfaction and treatment quality. Companies have been expanding their sites by improving existing facilities to have a foothold in the constantly developing sector.
Concierge medicine has expanded tremendously due to the sudden rise in retainer doctors in the United States. Patients are encouraged to seek more specialized services due to the increased frequency of obesity, diabetes, cancer, and several other psychological diseases in the country.
The concierge medicine demand in the United States is also rising due to rising consumer health consciousness and rising concierge medicine demand for individualized healthcare services.
Growth Sparked by Arrival of Concierge Medicine Experts
The market is moderately fragmented, with various concierge medicine market manufacturers present. The top concierge medicine market manufacturers in the country strive to increase their market share through investments, acquisitions, and mergers. The significant suppliers are spending on product development and launch.
Concierge care providers are constantly working to attract famous healthcare professionals to enhance membership volume. The leading United States concierge medicine market manufacturers' common growth strategies are partnership and physician engagement.
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Partnership:
| Date | February 2022 |
|---|---|
| Company | Castle Connolly Private Health Partners (CCPHP) |
| Details | Castle Connolly Private Health Partners (CCPHP) and Banner Health collaborated to unveil the Banner Beyond Program. In a cutting-edge concierge setting, the initiative may give a tailored and easy member experience. |
Merger:
| Date | March 2021 |
|---|---|
| Company | Signature MD |
| Details | Signature MD announced a merger with Cypress Membership Medicine, in collaboration with Blue Sea Capital. The acquisition may improve SignatureMD's position among the main producers of concierge medicine services. |
Funding:
| Date | January 2022 |
|---|---|
| Company | HeyRenee |
| Details |
|
The market is valued at US$ 6.7 billion in 2023.
MDVIP, Signature MD, and Crossover Health are key market players.
The market is expected to reach US$ 17.9 billion by 2033.
Increasing popularity of tailored and effective care services to fuel the market prospects.
Primary care segment is likely to remain preferred through 2033.
1. Executive Summary | United States Concierge Medicine Market
1.1. United States Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Specialty
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Specialty, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Specialty, 2023 to 2033
5.3.1. Primary Care
5.3.2. Paediatrics
5.3.3. Osteopathy
5.3.4. Internal Medicine
5.3.5. Cardiology
5.3.6. Psychiatry
5.3.7. Others
5.4. Y-o-Y Growth Trend Analysis By Specialty, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Specialty, 2023 to 2033
6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Ownership
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Ownership, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Ownership, 2023 to 2033
6.3.1. Standalone
6.3.2. Group
6.4. Y-o-Y Growth Trend Analysis By Ownership, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Ownership, 2023 to 2033
7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. United States
7.4. Market Attractiveness Analysis By Region
8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. United States
8.2.2. By Specialty
8.2.3. By Ownership
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Specialty
8.3.3. By Ownership
8.4. Key Takeaways
9. Key Countries Concierge Medicine Market Analysis
9.1. United States
9.1.1. Pricing Analysis
9.1.2. Market Share Analysis, 2022
9.1.2.1. By Specialty
9.1.2.2. By Ownership
10. Market Structure Analysis
10.1. Competition Dashboard
10.2. Competition Benchmarking
10.3. Market Share Analysis of Top Players
10.3.1. By Regional
10.3.2. By Specialty
10.3.3. By Ownership
11. Competition Analysis
11.1. Competition Deep Dive
11.1.1. USA San Diego Health
11.1.1.1. Overview
11.1.1.2. Product Portfolio
11.1.1.3. Profitability by Market Segments
11.1.1.4. Sales Footprint
11.1.1.5. Strategy Overview
11.1.1.5.1. Marketing Strategy
11.1.2. Crossover Health
11.1.2.1. Overview
11.1.2.2. Product Portfolio
11.1.2.3. Profitability by Market Segments
11.1.2.4. Sales Footprint
11.1.2.5. Strategy Overview
11.1.2.5.1. Marketing Strategy
11.1.3. Specialdocs Consultants, LLC
11.1.3.1. Overview
11.1.3.2. Product Portfolio
11.1.3.3. Profitability by Market Segments
11.1.3.4. Sales Footprint
11.1.3.5. Strategy Overview
11.1.3.5.1. Marketing Strategy
11.1.4. PartnerMD
11.1.4.1. Overview
11.1.4.2. Product Portfolio
11.1.4.3. Profitability by Market Segments
11.1.4.4. Sales Footprint
11.1.4.5. Strategy Overview
11.1.4.5.1. Marketing Strategy
11.1.5. Concierge Consultants & Cardiology
11.1.5.1. Overview
11.1.5.2. Product Portfolio
11.1.5.3. Profitability by Market Segments
11.1.5.4. Sales Footprint
11.1.5.5. Strategy Overview
11.1.5.5.1. Marketing Strategy
11.1.6. Castle Connolly Private Health Partners
11.1.6.1. Overview
11.1.6.2. Product Portfolio
11.1.6.3. Profitability by Market Segments
11.1.6.4. Sales Footprint
11.1.6.5. Strategy Overview
11.1.6.5.1. Marketing Strategy
11.1.7. Peninsula Doctor
11.1.7.1. Overview
11.1.7.2. Product Portfolio
11.1.7.3. Profitability by Market Segments
11.1.7.4. Sales Footprint
11.1.7.5. Strategy Overview
11.1.7.5.1. Marketing Strategy
11.1.8. Cambell Family Medicine
11.1.8.1. Overview
11.1.8.2. Product Portfolio
11.1.8.3. Profitability by Market Segments
11.1.8.4. Sales Footprint
11.1.8.5. Strategy Overview
11.1.8.5.1. Marketing Strategy
11.1.9. Destination Health
11.1.9.1. Overview
11.1.9.2. Product Portfolio
11.1.9.3. Profitability by Market Segments
11.1.9.4. Sales Footprint
11.1.9.5. Strategy Overview
11.1.9.5.1. Marketing Strategy
11.1.10. Priority Physicians, Inc.
11.1.10.1. Overview
11.1.10.2. Product Portfolio
11.1.10.3. Profitability by Market Segments
11.1.10.4. Sales Footprint
11.1.10.5. Strategy Overview
11.1.10.5.1. Marketing Strategy
12. Assumptions & Acronyms Used
13. Research Methodolog
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United States Concierge Medicine Market
