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The concierge medicine market size is estimated to grow by USD 7.86 billion, at a CAGR of 7.15% between 2023 and 2028. The market is witnessing significant growth driven by several factors. As cardiovascular diseases (CVD) become more prevalent and the geriatric population expands, there is a heightened focus on preventive wellness, leading to increased demand for concierge medicine services. The incorporation of advanced technologies such as AI and telemedicine further enhances service delivery and improves patient outcomes by providing efficient and accessible healthcare solutions. Additionally, the integration of holistic health and wellness services addresses the comprehensive medical needs of individuals, catering to both physical and mental well-being. This trend underscores the importance of a proactive approach to healthcare management, highlighting the value of personalized and comprehensive medical care in promoting overall health and wellness.
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The market share growth by the primary care segment will be significant during the forecast period. Primary care is common medical care provided by a healthcare provider. This healthcare provider generally 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. With concierge care, patients can access the services of a primary care physician at any time of the day or night through a visit or phone call.
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The primary care segment was valued at USD 4.61 billion in 2018. Geographic expansion of concierge medicine institutes offering primary care is expected to boost the clientele during the forecast period. For example, 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 primary care segment of the global concierge medicine market during the forecast period.
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North America is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America, particularly the US and Canada, is a significant player in the global market, showcasing consistent growth. The region grapples with a surge in diabetes and chronic diseases like cardiovascular diseases (CVD), causing around 610,000 deaths annually in the US. Blood disorders, such as deep vein thrombosis (DVT)/pulmonary embolism (PE), contribute to 60,000-100,000 deaths each year, as per CDC data.
The US leads the regional market due to heightened disease prevention awareness and the adoption of rapid diagnostics, leading to increased blood tests and checkups. Major vendors are strategically targeting the US market with innovative and cost-effective services. The geriatric population has notably increased in North America, constituting around 17% and 19% of the total population aged 65 years and above in the US and Canada, respectively, in 2022. This demographic, susceptible to coagulation diseases, is driving the demand for advanced point-of-care (POC) products, driving concierge medicine market growth in North America during the forecast period.
The market addresses the need for personalized healthcare, especially while traveling, offering ease of access and tailored services. With rising concerns about burnout and physician stress, boutique medicine emerges as a solution, providing round-the-clock care and specialist consultations. Retainer-based models ensure patient volume management and career satisfaction for physicians, alleviating waiting times and physician shortages. This approach caters to the elderly population and pediatric patients, emphasizing work-life balance and career satisfaction among female doctors. Advertising costs and collaborations with healthcare insurance firms facilitate the promotion of concierge care, ensuring customized healthcare consultation services worldwide. Our researchers analyzed the data with 2023 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 high prevalence of CVD is a key factor driving concierge medicine market growth. CVD stands as the primary global cause of death, attributed to an unhealthy lifestyle, particularly prevalent among the elderly. The World Health Organization notes that CVDs constitute approximately one-third of annual global deaths. In the US, heart disease claims around 610,000 lives annually, with 790,000 Americans experiencing heart attacks yearly.
Moreover, Europe sees CVD as the cause of 40% of all deaths, with over 4 million deaths annually. In Asia, sudden cardiac deaths occur in approximately 400 persons per million inhabitants each year. Given the expected rise in CVD cases by 2030 due to increased sedentary lifestyles, the demand for concierge medicine, crucial in preventing recurrent cases and secondary complications, is set to drive the global market during the forecast period.
Integration of advanced technologies with concierge medicine is a key trend influencing the market. Advanced technologies like telemedicine, remote patient monitoring, and digital health platforms are reshaping the global market, and transforming the delivery of personalized healthcare services. These innovations enhance patient engagement, extend care beyond traditional settings, and enable continuous monitoring.
For instance, telemedicine allows virtual consultations, breaking geographical boundaries. Remote monitoring tracks health metrics, empowering proactive identification of concerns. Digital health platforms act as comprehensive hubs, offering access to personalized resources and fostering secure interactions. These technologies contribute to a patient-centric approach, improving communication and operational efficiency, and making concierge medicine practices more sustainable. The adoption of concierge medicine is expected to grow, driving concierge medicine market growth during the forecast period.
Lack of accessibility and affordability in developing countries is a key challenge hindering the market. The global market faces accessibility and affordability challenges, particularly in developing countries. Limited availability of services, especially in rural areas, and concentration in urban centers create disparities in healthcare access.
Moreover, affordability is hindered by the direct payment model, with costs ranging from USD 1,500 to USD 3,000 per year, making services financially out of reach for many. Disparities in income levels and insufficient health insurance coverage compound the affordability challenge, limiting access to personalized care. The absence of insurance coverage and reimbursement further hampers accessibility in developing countries, impacting concierge medicine market growth during the forecast period.
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.
Ziff Davis Inc.: The company offers concierge medicine solutions such as healthcare finance, senior care, and other medical services.
The concierge medicine market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 25 market companies, including:
Qualitative and quantitative market research and 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. In market growth analysis, 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.
The concierge medicine market is witnessing significant growth, driven by the increasing demand for customized care and healthcare services. Healthcare providers in this sector offer platinum practices with a retainer care model, providing patients with direct access to physicians and longer consultations. This model emphasizes preventive care, regular examinations, and coordination of care, aiming to reduce hospitalizations and improve patient outcomes. Concierge physicians cater to various specialties, including internal medicine, pediatrics, psychiatry, endocrinology, and podiatry, offering services like osteopathic treatment and digestive disease management. Despite challenges such as physician shortage and government restrictions, the concierge medicine market continues to expand due to its focus on patient awareness, retainer-based medicine, and the retainer fees model, ensuring financial stability for both patients and providers.
The concierge medicine market is experiencing rapid growth due to increasing demand for customized care and ease of access to healthcare services. Patients seek primary care physicians (PCPs) who provide tailored services, including longer doctor consultations and regular examinations. This model, often associated with boutique medicine and platinum practices, allows for a personalized approach, addressing chronic diseases such as hypertension, diabetes, and digestive diseases.
Concierge physicians offer elective procedures, osteopathic treatment, and internal medicine services, often reducing waiting times for doctor visits. They also provide specialized care in fields like cardiology, pediatrics, and psychiatry. Family healthcare and care while traveling, including travel care, are additional benefits for patients, ensuring round-the-clock care for both children and the elderly population. The market is influenced by the rise in physician offices offering retainer-based medicine, which allows patients to pay retainer fees for continuous, accessible healthcare. Retainer care models, such as concierge care, are appealing due to high compensation for physicians and the promise of work-life balance, addressing physician burnout and stress. Career satisfaction for both male and female doctors is improved, with many physicians moving away from traditional primary care.
Physician shortage and the need for high-quality, personalized care drive the demand for concierge medicine, especially among the geriatric population. Patients with chronic diseases, including diabetes and hypertension, benefit from frequent lab tests and preventive care. The coordination of care between healthcare providers, such as internal medicine and cardiology specialists, improves patient outcomes and satisfaction. Advertising costs for concierge care are relatively low due to the niche nature of the service. Patients are often well-informed, with increased public knowledge about the benefits of concierge services. Healthcare consultation services are highly sought after, with physician offices offering round-the-clock services, particularly in areas where healthcare providers face government restrictions or limited resources.
The income reduction experienced by many primary care physicians in traditional models has led to the popularity of retainer-based concierge practices. Healthcare insurance firms are adjusting to these changes, as concierge medicine offers a financially stable model for physicians while enhancing patient awareness and satisfaction. In pediatrics and geriatrics, ease of access to care is essential, as hospitalizations are often reduced through preventive measures and specialized consultations. Concierge care is particularly appealing to the elderly population, who often face chronic diseases and require ongoing, specialized care. In this market, healthcare providers focus on improving physician stress and burnout rates while providing high-quality, patient-centered services. Tailored healthcare solutions, such as osteopathic treatments and retainer-based models, are set to reshape the future of the healthcare landscape, offering more personalized care options for patients across various demographics.
Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.15% |
Market Growth 2024-2028 |
USD 7.86 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.47 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Cambell Family Medicine, CARDIO DIAGNOSTICS INC., Concierge Consultants and Cardiology, Crossover Health, Destination Health, HealthLynked Corp., iDirectDoc, MDVIP, MedFind, Ochsner Health, PartnerMD, Peninsula Doctor, Perlman Clinic, Priority Physicians Inc., ScreenPro Security Inc., Scripps Health, Sharp Healthcare, Signature MD, Solv Health Inc., Specialdocs Consultants LLC, The Cigna Group, UC San Diego Health, Winstead PC, Ziff Davis Inc., and ZocDoc Inc. |
Market dynamics |
Parent market analysis, market forecast, Market forecasting, Market growth inducers and obstacles, market growth and forecasting Fast-growing and slow-growing segment analysis, market trends and analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
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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 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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