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US-Concierge Medicine Market Size - By Service Type (Primary Care, Specialty care, Hybrid Model), By Ownership (Independent, Group) and by Region: Global & Forecast, 2024-2033

  • PUBLISHED ON
  • 2023-12-08
  • NO OF PAGES
  • 204
  • CATEGORY
  • Healthcare & Life Sciences

Market Overview

US-Concierge Medicine Market is projected to achieve a value of USD 6.80 Billion in 2023, with a linear behavior in the market growth it is forecasted to achieve a value of USD 12.2 billion by 2033 with a CAGR of 6.1% during the forecast period 2024-2033.

 

SOURCE: We Market Research

Concierge medicine offers superior, personalized medical care in the United States. Patients are required to pay a membership fee in exchange for better medical care, which includes longer appointments, 24/7 physician availability, and comprehensive wellness initiatives. Preventive care is given more importance in this approach, which also improves patient-doctor communication. Reducing the number of people, they see allows doctors to give more specialized care. Although it often necessitates paying out-of-pocket, it places a strong emphasis on proactive, customized medical care and offers patients greater convenience and control over their health management.

The U.S. Concierge Medicine Market is seeing tremendous growth due to a number of significant factors. The increasing need among patients for timely, personalized medical care has led to a rise in the popularity of concierge medicine. Because this approach offers a more satisfying and long-lasting practice paradigm, doctors are adopting it. Its popularity is ascribed to its emphasis on preventive care and goal of fostering better relationships between physicians and patients. In addition, the technical advancements in telemedicine have expanded the range of concierge services, making them more widely available to a greater number of individuals. The growing need for a more patient-centered approach and the evolving nature of healthcare are expected to drive the US concierge medicine market's growth.

Market Scope

Report Attributes

Description

Market Size in 2023

USD 6.80 Billion

Market Forecast in 2033

USD 12.2 Billion

CAGR % 2024-2033

6.1%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

by Service Type, By Ownership  and By Region

Regional Scope

North America

Country Scope

U.S.

 

US-Concierge Medicine Industry:  Dynamics & Restrains

Market Drivers

Rising Prevalence of Chronic Diseases - The growing prevalence of chronic illnesses in the US is largely responsible for the growth of the concierge medicine Market. With the rising prevalence of conditions including obesity, diabetes, and cardiovascular diseases, patients are seeking more comprehensive and customized treatment. Concierge medicine provides proactive care; patients benefit from longer appointment times, more focused attention, and improved preventative care. People who value their health and personalized medical experiences more are driving up demand for concierge medicine services. As a result, a dynamic market environment is created to meet the evolving healthcare needs of a population that is burdened by chronic illnesses.

Growing demand for personalized and preventative healthcare - The U.S. Concierge Medicine Market is growing due in large part to the growing need for preventative and individualized treatment. Concierge medicine provides a personalized, preventive approach in a time when people are prioritizing proactive well-being more and more. Individualized, comprehensive treatment that surpasses conventional models is sought after by patients, who prioritize longer appointment times, direct access to physicians, and proactive health management. The market for concierge medicine is driven by consumers' increasing desire for a more individualized healthcare experience. This is because concierge medicine meets the needs of those who are actively looking for a healthcare model that emphasizes prevention, personalization, and improved patient-doctor relationships.

Market Restrains

Affordability and Limited Patient Awareness - The U.S. Concierge Medicine Market is growing slowly due to insufficient patient knowledge and financial constraints. Access to concierge services is limited to a particular demographic due to their high pricing, which remains beyond the means of many patients while providing customized treatment. Furthermore, widespread adoption is hampered by a lack of knowledge about the model's availability and advantages among a larger community. Thus, the market's growth is hindered since a sizable fraction of potential patients are either ignorant of these services or cannot afford them. In order to overcome these obstacles and provide more people from a wider range of socioeconomic backgrounds with access to concierge medicine's benefits, measures to improve affordability and raise educational attainment are needed.

US-Concierge Medicine Segmentation

Market- By Service Type Analysis

By Service Type, the US-Concierge Medicine Market is Categories into Primary Care, Specialty care, Hybrid Model. The Primary Care segment accounts for the largest share of around 60% in 2022.


The growing need for individualized healthcare experiences is driving this market. Patients want more time, attention, and proactive health management from their primary care providers, as well as deeper relationships. The need for comprehensive treatment and an emphasis on preventative medicine due to an aging population is another factor driving the market.

The following segments are part of an in-depth analysis of U.S. Concierge Medicine Market:

Market Segments

 

By Ownership

·         Independent

·         Group

 

The US Concierge Medicine Market Analysis Report provides a comprehensive analysis of the market. The report discusses market segmentation, DROS, and the product portfolios of the key market player companies in the US industry. It also provides the launch or research of new drugs, moreover advancements in the sector including collaborations, mergers, and acquisitions, as well as the impact of the COVID-19 pandemic on the market. The study also offers insights into market trends and an analysis of industry dynamics.

Competitive Analysis

The US-Concierge Medicine Market is dominated by a few large companies, such as

·         MDVIP

·         Signature MD

·         Crossover Health

·         Specialdocs Consultants, LLC

·         PartnerMD

·         Concierge Consultants & Cardiology

·         Peninsula Doctor

·         U.S. San Diego Health

·         Others

There are some of the key trends that are shaping the competitive landscape of the US-Concierge Medicine Market

·         May 2023, FemGevity, a women-led telemedicine firm, formally launched with the aim of offering women experiencing menopause symptoms personalised, affordable, and ongoing care. Women can receive comprehensive and holistic menopause treatment through this digital platform, in contrast to the "one size fits all" approach that has been the norm for far too long. FemGevity seeks to level the playing field by making high-quality healthcare services more widely available, with the goal of providing women with sophisticated precision medical services at reasonable costs.

·         December 2022, The opening of a concierge medical facility for its patients in Florida was announced by Tampa General Hospital. Adolescent metabolic health and preventative care will be the initiative's main foci.

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Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

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Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


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An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of US-Concierge Medicine Market in 2022?

US-Concierge Medicine Market was valued at USD 6.12 Billion in 2022.

What is the growth rate for the US-Concierge Medicine Market?

US-Concierge Medicine Market size will increase at approximate CAGR of 6.1% during the forecasted period.

Which are the top companies operating within the US-Concierge Medicine Market?

Major companies operating within the US-Concierge Medicine Market are MDVIP, Signature MD, Crossover Health, Specialdocs Consultants, LLC, PartnerMD, Concierge Consultants & Cardiology, Peninsula Doctor, U.S. San Diego Health and Others.

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