U.S. Concierge Medicine Market by Application and Ownership - Forecast and Analysis - 2023-2027

US Concierge Medicine Market Size 2023-2027

The U.S. Concierge Medicine market size is forecast to increase by USD 2.31 billion, at a CAGR of 6.72% between 2022 and 2027. Market expansion is driven by various factors, such as the increasing elderly population, a scarcity of primary care physicians, and a growing recognition of the benefits of concierge medicine. As the elderly population grows, there is a heightened demand for specialized medical services tailored to their unique needs, driving the adoption of concierge medicine models. The shortage of primary care physicians further accentuates this demand, prompting individuals to seek alternative healthcare solutions. Additionally, heightened awareness about the advantages of concierge medicine, such as personalized care, shorter wait times, and enhanced patient-doctor relationships, fuels market growth. These trends underscore the importance of innovative healthcare models and the need for accessible, patient-centered medical services in addressing the evolving healthcare landscape.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

This market report 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.

Market Dynamics and Customer Landscape

The sector is driven by a growing adoption of personalized care models, enhancing patient experience and prioritizing primary care. This trend aligns with patients' increasing focus on proactive health measures and addressing specific health concerns. However, challenges persist, including managing healthcare costs and ensuring round-the-clock access while maintaining convenience and accessibility. Additionally, integrating telehealth and remote healthcare services presents opportunities for enhanced healthcare delivery but requires navigating regulatory complexities. Overall, concierge practices strive to optimize health outcomes amid evolving lifestyle changes and healthcare demands. 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.

Key Market Driver

The growing geriatric population is notably driving the 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 these 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 these medicines. Hence, these factors are expected to boost the growth of the market during the forecast period.

Key Market Trend

The increasing demand for personalized medicine is one of the key trends in the 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 these 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 this medicine is expected to boost future opportunities for the market during the forecast period.

Major Market Challenge

The limited insurance cooperation may impede the 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.

Market Customer Landscape

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.

Market Customer Landscape

Who are the Major Market Players?

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.

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 companies, including:

• Concierge Consultants and Cardiology
• Crossover Health
• Destination Health
• MDVIP
• PartnerMD
• Peninsula Doctor
• Priority Physicians Inc.
• Signature MD
• Specialdocs Consultants LLC

Qualitative and quantitative market 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. 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.

What is the Fastest-Growing Segments in the Market?

In the Market, physicians play a pivotal role in offering personalized care to patients through various services such as office visits, lab tests, and referrals to specialists. This model emphasizes regular health assessments and preventive care, addressing specific health concerns tailored to individual lifestyle changes.Concierge medical practices stand out with features like round-the-clock access, house calls, and care while traveling, enhancing convenience and accessibility for patients. The adoption of telehealth and remote healthcare services further expands healthcare delivery options, ensuring continuity of care.Primary care remains a core focus, with proactive health measures aimed at reducing hospitalizations and healthcare costs while improving patient experience. This model also attracts employees seeking comprehensive healthcare solutions aligned with their needs and preferences. 

The market share growth by the primary care segment 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 market during the forecast period.

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments

• Application Outlook 
  • Primary care
  • Pediatrics
  • Cardiology
  • Internal medicine
  • Other

• Ownership Outlook 
  • Group
  • Standalone

Market Analyst Overview

The Market is experiencing significant growth driven by various factors such as experience, healthcare costs, and lifestyle changes influencing individuals' healthcare preferences. The rise in hospitalizations and specialist visits has led to increased healthcare spending, prompting a shift towards personalized healthcare models over traditional ones. Concierge medicine offers patients a tailored approach, addressing specific health concerns through psychiatry, osteopathy, and neurology services.

Moreover, key features like Out-of-pocket retainer fees, round-the-clock access, and house calls enhance patient experience and satisfaction. Concierge practices like those offered by Kona Medical Consulting and Physician Foundation Survey cater to patient needs through membership-based care, preventive care, and proactive health screenings. The emphasis on proactive health measures and ongoing monitoring contributes to better health outcomes and drives the demand for value-based care. The market landscape depends on personalized, treatments and employees, patient satisfaction. Additionally, the adoption of telehealth and remote healthcare services ensures convenience and accessibility for patients, aligning with the evolving landscape of healthcare delivery. With a focus on customized healthcare plans and patient-centric services, the US Concierge Medicine Market continues to evolve to meet the diverse healthcare needs of individuals and organizations alike.

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 companies, Market Positioning of companies, 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 research and growth, Market forecasting, 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.

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What are the Key Data Covered in this Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the market between 2023 and 2027
• Precise estimation of the size of the market and its contribution to the parent market
• Accurate predictions about upcoming market trends and changes in consumer behaviour
• Growth of the market industry across US
• Thorough market growth and forecasting analysis of the market’s competitive landscape and detailed information about companies
• Comprehensive market forecast analysis of factors that will challenge the growth of market companies in US

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