The global concierge medicine market size was USD 10.8 Billion in 2021 and is expected to register a revenue CAGR of 5.9% during the forecast period, according to latest analysis by Emergen Research.
The global concierge medicine market size was USD 10.8 Billion in 2021 and is expected to register a revenue CAGR of 5.9% during the forecast period, according to latest analysis by Emergen Research. The growing preference for quality healthcare services is a major factor driving the growth of this market. In recent years, there has been a shift in the healthcare landscape, with an increased focus on preventive care and early disease detection and treatment. This has created opportunities for concierge medicine providers to offer personalized and high-quality care to patients. Moreover, the rising demand for quality healthcare services, especially among the aging population, is expected to fuel market growth.
The growing number of health insurance providers and government initiatives to promote preventive care are also expected to drive market growth. For instance, in March 2019, Cigna Corporation launched its new primary care model, known as DirectPrimary Care (DPC), in collaboration with MDVIP, Inc. Under this model, Cigna subscribers have direct access to a limited number of concierge medicine physicians for an annual fee.
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However, the high cost of services is a major factor restraining market growth. In addition, the lack of awareness about concierge medicine among patients is likely to challenge market growth in the coming years.
Popularity of concierge medicine has grown in recent years as patients seek more personalized and convenient health care. This type of medicine typically involves a direct primary care relationship between a patient and doctor, often with an annual fee. In exchange for this fee, patients receive enhanced access to their physician, same or next-day appointments, extended appointment times, and 24/7 availability via phone or email. In some cases, concierge medicine physicians make house calls and are even available for urgent care needs outside of normal office hours.
While the convenience factor is clearly appealing to patients, there are also potential benefits for physicians who choose to practice concierge medicine. In addition, concierge medicine physicians often have a better understanding of their patients’ health histories and lifestyles, which can help them provide more tailored and targeted care.
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Concierge healthcare is a trend that the healthcare industry is rapidly adapting to in order to remain competitive. This type of healthcare arrangement provides a more personalized care experience for patients and allows physicians to spend more time with them.
In the United States, the number of concierge medicine practitioners has grown from 400 in 2005 to over 7,000 in 2015, according to the American Academy of Family Physicians. The growth of the concierge medicine market is being driven by the rising cost of healthcare, the increasing demand for personalized care, and the aging population.
Some Key Highlights From the Report
- The psychiatry segment accounted for a moderate revenue share in 2021 due to the presence of a large number of psychiatric hospitals and clinics. The segment is expected to grow at a significant CAGR over the forecast period owing to the increasing prevalence of mental disorders such as anxiety, depression, and bipolar disorder.
- The geriatrics segment is expected to grow at a rapid pace over the forecast period owing to the increasing prevalence of age-related diseases such as Alzheimer’s disease, dementia, and Parkinson’s disease. The segment is expected to account for a significant revenue share by 2027.
- North America is expected to remain the largest market for concierge medicine during the forecast period. The region’s large share is mainly attributed to the presence of a large number of key players and early adoption of concierge medicine model in the US. In addition, factors such as the growing demand for quality health care services and the increasing number of people with chronic diseases are expected to drive market growth in North America during the forecast period.
- The Asia Pacific concierge medicine market is expected to witness the fastest growth during the forecast period. The region’s high growth is mainly attributed to the growing awareness of concierge medicine, the increasing number of people with chronic diseases, and the rapidly growing healthcare industry in countries such as China, India, and Japan.
- Some major companies operating in the global market include Signature MD, Concierge Consultants & Cardiology, Castle Connolly Private Health Partners, Crossover Health, Specialdocs Consultants, LLC, Campbell Family Medicine, Priority Physicians, Inc., PartnerMD, U.S. San Diego Health, and MDVIP.
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Emergen Research has segmented the global concierge medicine market based on application, ownership and region:
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Primary Care
- Pediatrics
- Osteopathy
- Internal Medicine
- Cardiology
- Psychiatry
- Others
- Ownership Outlook (Revenue, USD Billion; 2019-2030)
- Group
- Standalone
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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