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The U.S. Concierge Medicine Market is estimated to grow at a CAGR of 6.72% between 2022 and 2027. The market size is forecast to increase by USD 2.31 billion. The growth of the market depends on several factors, including the growing geriatric population, shortage of primary care physicians, and rising awareness about the advantages of concierge medicine.
This concierge medicine market report in US extensively covers market segmentation by application (primary care, pediatrics, cardiology, internal medicine, and others) and ownership (group and standalone). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The growing geriatric population is notably driving the market growth, although factors such as limited insurance cooperation may impede the market growth. Our researchers analyzed the data with 2022 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.
The growing geriatric population is notably driving the U.S. concierge medicine market growth. The health of people around the world is experiencing adverse effects due to the lack of physical activity and improper diet, leading to serious medical problems. Among the aging population, the prevalence of diseases such as lung disease, cancer, and stroke is high. This can be attributed to the deterioration of the immune system with age. Apart from the impaired immune system, the reduced functioning of organs also enhances the probability of acquiring diseases such as chronic liver disease, chronic kidney disease, hypertension, and diabetes. However, these diseases can be treated using concierge medicines.
Moreover, the rise in the aging population has led to an escalation in healthcare, disease diagnosis, and treatment expenses. However, the elderly population requires frequent diagnostic testing due to their low immunity and metabolism. These factors boost the demand for concierge medicines. Hence, these factors are expected to boost the growth of the concierge medicine market in US during the forecast period.
The increasing demand for personalized medicine is one of the key trends in the U.S. concierge medicine market. Personalized medicine is an emerging medical practice in which an individual's genetic profile is used to make decisions about disease prevention, diagnosis, and treatment. To raise awareness around the benefits of personalized medicine, concierge health organizations in the US are introducing it. Unlike the traditional doctor's office model, which often demands high patient throughput, the concierge doctor's office model accommodates smaller patient groups, allowing providers to spend increased time with the patient.
As a result, providers can conduct a comprehensive medical evaluation as well as design a personalized, proactive health improvement plan and treatment approach for the patient. This factor has boosted the adoption of personalized medicine by the concierge healthcare system. For instance, in October 2022, GoodCell, which is a life sciences company, launched its Personal Biobanking service in concierge medicine practices across US. Personal Biobanking is a proactive, preventive healthcare service in which members can store their own healthy biomaterial to enable future precision medicine as well as advanced diagnostics and genetics. Hence, the increasing adoption of personalized medicine by concierge medicine is expected to boost future opportunities for the market during the forecast period.
The limited insurance cooperation may impede the U.S. concierge medicine market growth. Commercial insurance plans and government programs such as Medicare Part B are accepted by majority of the concierge medical institutions such as Coastal Concierge Internal Medicine. Visit fees are billed in a conventional manner, with out-of-pocket co-payments. However, each concierge business has varying uniqueness, services, and membership fees. For instance, certain clinics offer treatment for annual, quarterly, or monthly fees only and do not accept health insurance.
However, in emergency situations or hospitalization, insurance is needed. In such instances, out-of-network benefits and deductibles vary by insurance plan. As a result, patients are financially responsible for services (e.g., visits and in-clinic procedures), deductibles, or other charges not included in concierge membership. Hence, this leads to patients incurring both membership fees and insurance premiums. This factor is expected to hamper the growth of the concierge market in US during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
US Concierge Medicine Market Customer Landscape
Vendors 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.
Cambell Family Medicine - The company offers concierge medicine solutions such as unconventional delivery and direct medical care. It also offers concierge medical practice services.
The research report also includes a detailed analysis of the competitive landscape of the market and information about 10 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the primary care segment in US will be significant during the forecast period. The primary care is routine medical care provided by a healthcare provider. This healthcare provider typically 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.
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The primary care segment in US was valued at USD 1.43 billion in 2017 and continued to grow until 2021. With concierge care, patients can access a primary care physician at any time of the day or night through a visit or phone call. Geographic expansion of concierge medicine institutes offering primary care is expected to boost the clientele in the future. For instance, 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 concierge medicine market in US during the forecast period.
The concierge medicine market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Concierge Medicine Market Scope
Report Coverage |
Details |
Page number |
109 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.72% |
Market growth 2023-2027 |
USD 2.31 billion |
Market structure |
Concentrated |
YoY growth 2022-2023(%) |
6.5 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Cambell Family Medicine, Concierge Consultants and Cardiology, Crossover Health, Destination Health, MDVIP, PartnerMD, Peninsula Doctor, Priority Physicians Inc., Signature MD, and Specialdocs Consultants LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment 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. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Ownership
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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