The expansion of the concierge medical market is expected to be driven by the growing need for personalized and efficient treatment services. In addition, rising prevalence of chronic diseases, growing geriatric population, shortage of doctors, surge in patient numbers, and increasing waiting times for doctor appointments are other drivers of the concierge healthcare industry. The North America region has emerged as the world’s top concierge healthcare market with a 36.11% share in 2023 and valued at USD 6.25 billion.
NEWARK, March 23, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates the US$17.32 billion concierge healthcare market in 2023 to reach US$30.26 billion by 2031 . management. Short waiting times, accessibility, and high quality care of these facilities may be responsible for the growth of the market. In addition, accessibility to these facilities is another important factor driving market expansion. Market growth is expected to increase as more patients seek specialized care. As a result of Covid-19, membership in concierge medical services has increased. Traditional hospitals and healthcare systems are finding it difficult to adapt to how the epidemic has changed the landscape of patient care.
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Key Insights of Concierge Medical Market
Europe will account for the fastest CAGR of 10.73% during the forecast period
Europe is expected to have the fastest CAGR of 10.73% in the concierge medical market. That’s because more and more doctors are using retainer services. In Europe, the number of patients is increasing due to the increase in chronic diseases. Concierge healthcare in Europe is expected to grow rapidly in the coming years due to the increasing acceptance of subscription-based healthcare models in the region due to access to high quality healthcare.
The standalone segment is expected to grow at the highest CAGR of 11.05% during the forecast period.
The standalone segment is expected to grow at the highest CAGR of 11.05% during the forecast period. Concierge medical experts drive market expansion. However, the development of this market will likely be hampered by robust laws against patient abandonment. A significant number of solo practitioners are converting to membership-based practices primarily because of higher pay and profitability, professional well-being, and reduced workloads, plus numerous Medicare regulations. , the doctor spends more time with her EHR than with her patient. A smaller patient list allows doctors to devote more time to each patient, improving her work-life balance. As a result, the standalone segment is expanding.
The internal medicine segment is expected to grow at the highest CAGR of 9.56% during the forecast period.
During the forecast period, the internal medicine segment is expected to grow at the highest CAGR of 9.56%. Many physicians are adopting a hybrid approach due to the benefits of concierge medicine. This segment is expected to grow as more people seek treatment for digestive problems and diabetes and hypertension become more common. Increasing disease rates are driving the expansion of this segment. This has certainly boosted the development of this segment.
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Drivers: Rising prevalence of chronic diseases, growing aging population, shortage of doctors, surge in patient numbers, increasing wait times to see doctors
Growing geriatric population, shortage of doctors, increasing number of patients, and longer waiting times for doctor’s appointments are the major factors driving the expansion of the global concierge medical market. Benefits of concierge medicine, such as longer doctor visits, personalized care, preventative care, and fewer hospital stays, are making it increasingly popular among the general public. Another important reason to back it up. As a result, doctors are adopting the retainer model more frequently. Physicians make more money with fewer clients due to limited patient numbers and expensive membership fees. Concierge medicine has taken off around the world with the rise of the retainer model among physicians. The proliferation of personalized disease service delivery is fueling the growth of the global concierge healthcare market. The use of customized models by concierge medicine is projected to lead the global industry. Specialists and practitioners have provided specialized services for specific groups of diseases and disorders. Growing public awareness of the benefits of concierge medicine has increased the demand for concierge medicine worldwide. One of the advantages of concierge medicine over traditional healthcare services is the ease of access to concierge doctors compared to suppliers of regular healthcare services. Concierge medicine also solves underlying problems not available in conventional medicine. Especially to provide the patient with her round-the-clock care, rather than the limited availability of conventional medicine. In the next few years, it is expected that professions such as internal medicine, cardiology, primary care, psychiatry, osteopathic medicine, and pediatrics will adopt concierge medicine more frequently. Plans with a membership component may enter a lucrative market. More and more consumers are choosing subscription-based membership programs for personalized healthcare. , the need for concierge care will increase globally in the coming years.
Constraints: regulatory compliance, increased advertising costs, reduced patient awareness.
The biggest obstacle to market expansion is the lack of concierge knowledge in emerging and developing countries. The need for regulatory compliance, rising advertising costs, and declining patient awareness are the major issues limiting the development of the global concierge healthcare market. Similarly, a significant issue that may limit market expansion is the shortage of primary care professionals.
Opportunity: Female physicians’ commitment to concierge medicine
Since female doctors have a greater burden than male doctors, there is an increasing trend toward concierge medical care. As a result, they seemed to have more power over their profession. They found themselves intrigued by negotiating an equal subscription fee for their male employees, allowing more time for their families, and pursuing personal and professional interests. . As a result, more female physicians are converting to membership or retainer-based practices, creating new market opportunities around the world. has been adversely affected by the increased demand for physicians who treat Adoption of a subscription-based care model allows patients to make convenient and private appointments with physicians.
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Some of the key players operating in the concierge medical market are:
• Signature MD
• Specialdocs Consultants, LLC
• Concierge Consultant and Cardiology
• Peninsula Doctor
• Priority Physicians, Inc.
• San Diego Health, USA
• Partner MD
• Destination Health
• Crossover health
• Campbell Family Medicine
• Castle Connolly Private Health Partners
The main segments covering the market are:
• internal medicine
• Primary care
• North America (USA, Canada, Mexico)
• Europe (Germany, France, UK, Italy, Spain, rest of Europe)
• Asia Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All segments are analyzed globally, by region, and by country. The study includes analysis of over 30 countries for each part. This report analyzes drivers, opportunities, constraints and challenges to gain key insights on the market. The study includes Porter’s five force model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing his channel analysis.
About The Brainy Insights:
Brainy Insights is a market research company that aims to provide companies with actionable insights through data analytics to improve business insight. We have robust forecasting and estimating models to meet our clients’ goals of delivering high quality output in a short period of time. We offer both customized (client-specific) and syndicated reports. Syndicated report repositories are diverse across all categories and subcategories across domains. Our customized solutions are tailored to meet client requirements, whether they are looking to expand or plan to launch new products in the global market.
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