Concierge Medicine Market Analysis North America, Europe, Asia, Rest of World (ROW) - US, Canada, Germany, UK, China - Size and Forecast 2024-2028

Concierge Medicine Market Forecast 2023-2027

The concierge medicine market size is estimated to grow by USD 7.86 billion, accelerating at a CAGR of 7.15% between 2023 and 2028. The market is experiencing notable growth, driven by various factors. With a rising prevalence of cardiovascular diseases (CVD) and a growing geriatric population, there's an increasing emphasis on preventive care and wellness, propelling the demand for concierge medicine services. Integration of advanced technologies, including AI and telemedicine, enhances service delivery and patient outcomes. Moreover, the integration of holistic health and wellness services addresses comprehensive healthcare needs. However, challenges such as lack of accessibility in developing countries, physician shortages, and stringent regulations pose barriers to market expansion.

Concierge Medicine Market Share:

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The market is witnessing a surge in demand, driven by various factors. With a growing emphasis on personalized healthcare, concierge medicine offers tailored services to patients. Female doctors play a pivotal role in providing specialized healthcare consultation services, catering to diverse patient needs. This model also addresses physician shortage concerns by offering round-the-clock care and reducing waiting times for doctor visits. Moreover, the market addresses physician stress and enhances work-life balance through retainer-based medicine, ensuring better patient volume management and improved healthcare outcomes.

Market Dynamics

The market addresses the need for personalized healthcare, especially while traveling, offering ease of access and tailored services. With rising concerns about burnout and physician stress, boutique medicine emerges as a solution, providing round-the-clock care and specialist consultations. Retainer-based models ensure patient volume management and career satisfaction for physicians, alleviating waiting times and physician shortages. This approach caters to the elderly population and pediatric patients, emphasizing work-life balance and career satisfaction among female doctors. Advertising costs and collaborations with healthcare insurance firms facilitate the promotion of concierge care, ensuring customized healthcare consultation services worldwide. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The high prevalence of CVD is a key factor driving the market growth. CVD stands as the primary global cause of death, attributed to an unhealthy lifestyle, particularly prevalent among the elderly. The World Health Organization notes that CVDs constitute approximately one-third of annual global deaths. In the US, heart disease claims around 610,000 lives annually, with 790,000 Americans experiencing heart attacks yearly. Europe sees CVD as the cause of 40% of all deaths, with over 4 million deaths annually. In Asia, sudden cardiac deaths occur in approximately 400 persons per million inhabitants each year. Given the expected rise in CVD cases by 2030 due to increased sedentary lifestyles, the demand for concierge medicine, crucial in preventing recurrent cases and secondary complications, is set to drive the global market during the forecast period.

Key Market Trends

Integration of advanced technologies with concierge medicine is a key trend influencing the market. Advanced technologies like telemedicine, remote monitoring, and digital health platforms are reshaping the global market, and transforming the delivery of personalized healthcare services. These innovations enhance patient engagement, extend care beyond traditional settings, and enable continuous monitoring.

For instance, telemedicine allows virtual consultations, breaking geographical boundaries. Remote monitoring tracks health metrics, empowering proactive identification of concerns. Digital health platforms act as comprehensive hubs, offering access to personalized resources and fostering secure interactions. These technologies contribute to a patient-centric approach, improving communication and operational efficiency, and making concierge medicine practices more sustainable. The adoption of concierge medicine is expected to grow, driving the global market during the forecast period.

Major Market Challenge

Lack of accessibility and affordability in developing countries is a key challenge hindering the market. The global market faces accessibility and affordability challenges, particularly in developing countries. Limited availability of services, especially in rural areas, and concentration in urban centers create disparities in healthcare access. Affordability is hindered by the direct payment model, with costs ranging from USD 1,500 to USD 3,000 per year, making services financially out of reach for many. Disparities in income levels and insufficient health insurance coverage compound the affordability challenge, limiting access to personalized care. The absence of insurance coverage and reimbursement further hampers accessibility in developing countries, impacting the growth of the global market during the forecast period.

Market Segmentation

This market research report is segmented into Application, Ownership, and Geography. The Application segment includes Care, Paediatrics, Cardiology, Internal Medicine, and Others. The Ownership segment is categorized into group and standalone segments. In the application segment of the market, concierge care offers personalized and convenient healthcare solutions catering to various needs. This includes specialized care while traveling, ensuring continuity of medical attention regardless of location. Boutique medicine services address burnout and chronic diseases by providing tailored support and holistic wellness approaches. The elderly population benefits from ease of access to healthcare services, reducing hospitalizations and promoting proactive health management. Despite the advantages, advertising costs may pose challenges, although partnerships with healthcare insurance firms and proactive engagement with healthcare providers help overcome such barriers, fostering the growth of concierge medicine as a preferred healthcare model.

Application Segment

The market share growth by the primary care segment will be significant during the forecast period. Primary care is common medical care provided by a healthcare provider. This healthcare provider generally serves as the first and primary point of contact for the ongoing care of the patient within the healthcare system, coordinating any additional specialized care the patient may need. With concierge care, patients can access the services of a primary care physician at any time of the day or night through a visit or phone call.

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The primary care segment was valued at USD 4.61 billion in 2018. Geographic expansion of concierge medicine institutes offering primary care is expected to boost the clientele during the forecast period. For example, in March 2023, the UCI Health Concierge Primary Care program expanded in Newport Beach. In addition, the decrease in waiting time in concierge medicine is expected to boost segment demand and drive the growth of the primary care segment of the global market during the forecast period.

Regional Analysis

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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

North America, particularly the US and Canada, is a significant player in the global market, showcasing consistent growth. The region grapples with a surge in diabetes and chronic diseases like cardiovascular diseases (CVD), causing around 610,000 deaths annually in the US. Blood disorders, such as deep vein thrombosis (DVT)/pulmonary embolism (PE), contribute to 60,000-100,000 deaths each year, as per CDC data. The US leads the regional market due to heightened disease prevention awareness and the adoption of rapid diagnostic technologies, leading to increased blood tests and checkups. Major vendors are strategically targeting the US market with innovative and cost-effective services. For example, Concierge Medical Consultants Inc. recently introduced personalized home care services in the Greater Toronto Area, with plans for expansion to Vancouver in the coming year.

The geriatric population has notably increased in North America, constituting around 17% and 19% of the total population aged 65 years and above in the US and Canada, respectively, in 2022. This demographic, susceptible to coagulation diseases, is driving the demand for advanced point-of-care (POC) products, fostering the growth of the concierge medicine market in North America.

Key Companies in the Market

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Ziff Davis Inc.: The company offers concierge medicine solutions such as healthcare finance, senior care, and other medical services.

The research report also includes detailed analyses of the competitive landscape of the market and information about 25 market companies, including:

• Cambell Family Medicine
• CARDIO DIAGNOSTICS INC.
• Concierge Consultants and Cardiology
• Crossover Health
• Destination Health
• HealthLynked Corp.
• iDirectDoc
• MDVIP
• MedFind
• Ochsner Health
• PartnerMD
• Peninsula Doctor
• Perlman Clinic
• Priority Physicians Inc.
• ScreenPro Security Inc.
• Scripps Health
• Sharp Healthcare
• Signature MD
• Solv Health Inc.
• Specialdocs Consultants LLC
• The Cigna Group
• UC San Diego Health
• Winstead PC
• ZocDoc Inc.

Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The market witnesses a surge in popularity due to its emphasis on providing boutique medicine and customized care tailored to individual needs. With healthcare consultation services and round-the-clock care, patients experience ease of access and enjoy tailored services that prioritize their well-being. This model appeals particularly to the elderly population seeking specialist consultations and reduced waiting times for doctor visits. Moreover, the presence of female doctors contributes to a diverse and inclusive healthcare environment. However, challenges such as physician burnout and physician shortage persist, necessitating innovative solutions like retainer-based medicine and work-life balance initiatives. As healthcare insurance firms recognize the value of concierge medicine, they increasingly cover retainer fees, further driving growth in this sector.

The market witnesses a paradigm shift in healthcare delivery, offering an array of benefits such as preventive care, regular examinations, and longer doctor consultations compared to traditional models. With a focus on personalized attention and retainer care model, patients experience enhanced satisfaction and improved outcomes. Healthcare providers in this sector prioritize patient well-being, aiming to minimize incorrect diagnoses and unnecessary hospitalizations through comprehensive osteopathic treatment and primary care physicians services. Furthermore, advertising costs for these platinum practices are often lower as they rely on word-of-mouth referrals and patient awareness campaigns. As awareness grows and demand increases, concierge medicine is poised to play a significant role in reshaping the future of healthcare delivery worldwide.

In the market, the provision of personalized care extends beyond traditional boundaries, catering not only to local patients but also to those seeking travel care. This niche includes services like pediatrics for families on the move, ensuring continuity of care and peace of mind while traveling. Moreover, by alleviating physician stress through manageable patient volume and enhanced career satisfaction, concierge medicine fosters a supportive environment where healthcare professionals can focus on delivering exceptional care.

Concierge Medicine Market Scope
Report Coverage	Details
Page number	163
Base year	2023
Historic period	2018 - 2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 7.15%
Market Growth 2024-2028	USD 7.86 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	6.47
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 42%
Key countries	US, Canada, Germany, UK, and China
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	Cambell Family Medicine, CARDIO DIAGNOSTICS INC., Concierge Consultants and Cardiology, Crossover Health, Destination Health, HealthLynked Corp., iDirectDoc, MDVIP, MedFind, Ochsner Health, PartnerMD, Peninsula Doctor, Perlman Clinic, Priority Physicians Inc., ScreenPro Security Inc., Scripps Health, Sharp Healthcare, Signature MD, Solv Health Inc., Specialdocs Consultants LLC, The Cigna Group, UC San Diego Health, Winstead PC, Ziff Davis Inc., and ZocDoc Inc.
Market dynamics	Parent market analysis, Market forecasting, Market growth inducers and obstacles,  market growth and forecasting Fast-growing and slow-growing segment analysis, market trends and analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2024 and 2028
• Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, Asia, and Rest of World (ROW)
• Thorough market report analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market analysis and report of factors that will challenge the growth of concierge medicine market companies

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