U.S. Concierge Medicine Market Size, Trends, Share, Growth | Report 2023-2032
The U.S. concierge medicine market was surpassed at USD 6.13 billion in 2022 and is expected to hit around USD 16.44 billion by 2032, growing at a CAGR of 10.37% from 2023 to 2032.
Key Pointers
Report Scope of the U.S. Concierge Medicine Market
| Report Coverage | Details |
| Market Size in 2022 | USD 6.13 billion |
| Revenue Forecast by 2032 | USD 16.44 billion |
| Growth rate from 2023 to 2032 | CAGR of 10.37% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Companies Covered | MDVIP; Signature MD; Crossover Health; Specialdocs Consultants, LLC; PartnerMD; Concierge Consultants & Cardiology; Castle Connolly Private Health Partners; Peninsula Doctor; Cambell Family Medicine; Destination Health; Priority Physicians, Inc.; U.S. San Diego Health |
Concierge medical practice refers to a private form of practice where the patients are charged an out-of-pocket retainer fee for accessing the doctor’s services. This will include services such as office visits, round-the-clock access to physicians, lab tests, house calls, care while traveling, referrals to specialists, preventive care, regular health assessment, and others. Some of the advantages of concierge medicine are less waiting time, high compensation, and career satisfaction, which are expected to boost the market growth. Furthermore, the growing geriatric population and increasing demand for healthcare services are anticipated to drive the market.
The high volume of people visiting hospitals daily and the shortage of primary care physicians have increased the waiting time. Patients are required to wait for hours for their consultations in traditional care settings. According to the 2022 Survey of Physician Appointment Wait Times published by Merritt Hawkins, the average waiting time was 26 days for a new patient to schedule an appointment with a physician in 15 major U.S. cities, an 8% increase since 2017. In addition, due to the high patient load, physicians tend to spend less time with patients. This is not the case in concierge medicine. As concierge physicians limit the number of patients, they spend more time in each encounter to know the patient completely.
Concierge medicine promotes a better patient-doctor relationship, which is crucial for fast recovery. It focuses more on preventive care, which can reduce the risk of serious chronic diseases. In addition, concierge doctors make themselves available for patients and coordinate care by making appointments with specialists on their behalf. Furthermore, the whole family can visit one doctor. These benefits offered by concierge medicine to patients are expected to boost the demand in the coming years.
During the COVID-19 pandemic, population demand for healthcare services increased drastically. People were required to wait for long hours in queues for COVID-19 testing or other consultations. As doctor appointments and elective procedures were canceled, patients were looking for easy access to trusted care. This boosted the demand for a membership-based care model. According to Kona Medical Consulting, a firm providing services for the expansion of medical facilities, concierge doctors reported an increase of 21% in new patient volumes in the U.S. in 2020.
On the other hand, a significant portion of physician offices and clinics were incurring losses owing to government restrictions. According to the 2020 Physician Foundation Survey, around 72 % of doctors in the U.S. have experienced a reduction in income due to COVID-19. Moreover, 55% of these have experienced income losses of nearly 26% or more. Concierge care provided financial stability to physicians during economic crises.
According to a practitioner survey conducted by OvationLab in the U.S., those under membership-based practices had a 0% closure rate and around 24% of the physicians within the cohort reported higher revenues in 2020 than the previous year. Thus, an increased number of doctors switching to retainer medicine favored the market growth.
U.S. Concierge Medicine Market Segmentations:
| By Specialty | By Ownership |
|
Primary Care Pediatrics Osteopathy Internal Medicine Cardiology Psychiatry Others |
Standalone Group |
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on U.S. Concierge Medicine Market
5.1. COVID-19 Landscape: U.S. Concierge Medicine Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. U.S. Concierge Medicine Market, By Specialty
8.1. U.S. Concierge Medicine Market, by Specialty, 2023-2032
8.1.1. Primary Care
8.1.1.1. Market Revenue and Forecast (2020-2032)
8.1.2. Pediatrics
8.1.2.1. Market Revenue and Forecast (2020-2032)
8.1.3. Osteopathy
8.1.3.1. Market Revenue and Forecast (2020-2032)
8.1.4. Internal Medicine
8.1.4.1. Market Revenue and Forecast (2020-2032)
8.1.5. Cardiology
8.1.5.1. Market Revenue and Forecast (2020-2032)
8.1.6. Psychiatry
8.1.6.1. Market Revenue and Forecast (2020-2032)
8.1.7. Others
8.1.7.1. Market Revenue and Forecast (2020-2032)
Chapter 9. U.S. Concierge Medicine Market, By Ownership
9.1. U.S. Concierge Medicine Market, by Ownership, 2023-2032
9.1.1. Standalone
9.1.1.1. Market Revenue and Forecast (2020-2032)
9.1.2. Group
9.1.2.1. Market Revenue and Forecast (2020-2032)
Chapter 10. U.S. Concierge Medicine Market, Regional Estimates and Trend Forecast
10.1. U.S.
10.1.1. Market Revenue and Forecast, by Specialty (2020-2032)
10.1.2. Market Revenue and Forecast, by Ownership (2020-2032)
Chapter 11. Company Profiles
11.1. MDVIP
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. Signature MD
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Crossover Health
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. Specialdocs Consultants, LLC
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. PartnerMD
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Concierge Consultants & Cardiology
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Castle Connolly Private Health Partners
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Peninsula Doctor
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Cambell Family Medicine
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. Destination Health
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers