The global concierge medicine market size was valued at USD 18 billion in 2022 and is expected to hit around USD 34.27 billion by 2032 with a CAGR of 6.7% during the forecast period 2023 to 2032. The U.S. concierge medicine market size was valued at USD 6.63 billion in 2023 and it is projected to be hit around USD 10.92 billion by 2032 with a CAGR of 5.70% from 2023 to 2032.
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Concierge medicine is also called boutique medicine, platinum practice, concierge care, retainer-based medicine, and direct primary care. The concierge medicine concept is appealing to both primary care physicians and their patients. Concierge medicine is a developing business model in the healthcare industry which is mostly focused on making a connection between the healthcare provider and patient. In this business, patients are required to pay their fees on an annual and monthly basis in exchange for which doctors agree to deliver or help to improve care and dedicate themselves to care for only a limited number of patients. Moreover, healthcare insurance companies forced health providers to consult more patients at lower margins. This resulted in an increased volume of patients leading to physician burnout, misdiagnosis, patient dissatisfaction, and restricted access to primary care facilities. This is a major driving factor that helped the growth of the concierge medicine market.
The rising popularity of personalized and effective care services is expected to boost the growth of the concierge medicine market. Increasing rapid traction among high-income consumers due to their rising affordability to acquire such luxurious and private medical care that resulting driving the growth of the market.
| Report Coverage | Details |
| Market Size in 2023 |
USD 19.12 Billion |
| Market Size by 2032 |
USD 34.27 Billion |
| Growth Rate from 2023 to 2032 | CAGR of 6.7% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Application, Ownership, and Geography |
| Companies Mentioned | PartnerMD, Crossover Health, MDVIP, CONCIERGE CONSULTANTS & CARDIOLOGY, Signature MD, Peninsula Doctor, Winstead PC, Castle Connolly Private Health Partners, Specialdocs Consultants, LLC., Priority Physicians, Inc. |
The rising prevalence of chronic diseases, growing geriatric population, shortage of physicians, rapidly increasing volume of patients, and increasing waiting time for getting physicians’ appointments are the major factors that boost the growth of the global concierge medicine market. The benefits of concierge medicine involve increased consultation time with physicians, personalized care, preventive care, and lesser hospitalizations are significantly driving the demand for concierge medicine among the population. The increasing awareness among the high-income groups regarding concierge medicine is expected to augment the growth of the global concierge medicine market. Additionally, physician stress is one of the primary reasons that help the acceptance of the retainer care model. As per the survey of the Medscape National Physician Burnout & Suicide Report, in 2020, around 42% of the physicians claimed to be burned out. As per the Physicians Foundation Survey of American Physicians 2016, around 6.9% of specialist physicians are planning to switch to concierge medicine. Therefore, physicians are increasingly adopting the retainer model as they can earn a little extra from it and can easily maintain a work-life balance.
Moreover, the presence of a low patient group and high membership fees supports physicians to earn more despite having a smaller client base. Therefore, the rising adoption of the retainer model among physicians that witnessing positive growth for the concierge medicine model across the globe.
Although, low awareness regarding concierge medicine in developing and underdeveloped countries is the major restraining factor for the growth of the concierge medicine market. Shifting towards concierge medicine needs legal and regulatory compliance, increased cost of advertisements, and less patient awareness are the major factors that may hinder the growth of the concierge medicine market across the globe. Likewise, the shortage of primary care physicians is a major challenge that may constrain market growth. According to the Association of American Medical Colleges, the US may face a shortage of 21,000 to over 55,000 primary care physicians by the year 2032.
However, the increased number of patients and the shortage of physicians is resulting in problematic and low-quality services due to the increased pressure on the physicians to cater to a huge volume of patients. Therefore, consumers are encouraged to have personal and convenient consultations with physicians by adopting the subscription-based care model.
Lastly, female doctors have a higher rate of stress as compared to male doctors which results in females changing their preference for concierge medicine. Therefore, they got more control over their job, creating equal membership fees for their male colleagues, devoting more family time, and pursuing personal and professional interests appealing. As a result, many female doctors are converting to a retainer or membership-based practice is driving the growth of the market across the globe.
Based on the application, the primary care segment dominated the global concierge medicine market in 2022. This is primarily attributed to the increasing adoption of the retainer model among physicians to reduce stress, maintain work-life balance, and more from a smaller pool of patients. The mental and financial benefits to the physicians associated with the adoption of the concierge medicine model have encouraged the growth of the primary care segment. Moreover, the shortage of primary care physicians is stimulating high-income consumers to increasingly adopt concierge medicine to acquire enhanced and convenient primary care services.
The pediatrics segment is expected to grow strongly during the forecast period. This is mainly due to the increasing number of specialist pediatrics professionals adopting the retainer model across the globe.
Based on the ownership, the group segment dominated the global concierge medicine market in 2022 due to the companies with linked physicians, and groups of doctors with their own membership care model creating significant opportunities for this market. Additionally, several physicians integrate their practices with major prominent concierge care companies owing to the transition to a membership model needing extensive advertising, patient communication, and legal compliance is driving the growth of the market. Moreover, in such practices, patients receive with elegant and premium services such as care for visitors, travel care, care coordination, wellness & life coaching programs, VIP medicine with private rooms, enhanced physical examination, and others that result in propelling the growth of the market. Furthermore, increasing patient maintenance, membership renewal rates and rising demand among patients throughout the pandemic are key major factors that boost the segment growth.
Additionally, the segment's expansion is helping to increase the number of concierge medicine experts is one of the major driving factors for this market. Lastly, several individual practitioners turn to membership-based practices owing to increased job satisfaction, high salary and profitability and reduced workload is significantly witnessing positive growth in this segment.
Concierge Medicine Market Share, By Region, 2022 (%)
| Regions | Revenue Share in 2022 (%) |
| North America | 42.30% |
| Asia Pacific | 21% |
| Europe | 26% |
| Latin America | 6% |
| MEA | 4.70% |
Based on the region, North America dominated the global concierge medicine market in 2022. According to the Journal of General Internal Medicine in 2005, there were around 152 retainer physicians in the US, which accounted value of 5,000 to 20,000 retainer physicians in 2019. The rapid surge in the number of retainer physicians in the US has significantly driven the growth of concierge medicine in North America. Moreover, the rising prevalence of obesity, diabetes, cancer and various other psychological disorders in the US is stimulating patients to acquire more personalized services. The increased health consciousness among consumers and increasing demand for personalized healthcare services are boosting the demand for concierge medicine in North America. Further, the presence of several major prominent vendors in the region such as PartnerMD, Crossover Health, and MDVIP are helping to expand their business in this market.
Concierge Consultants & Cardiology, and Signature MD are expected to have a significant contribution to the growth of the North American concierge medicine market in the forthcoming years.
On the other hand, Europe is leading in the market after North America during the forecast period. Europe is expected to witness a rising demand for concierge medicine in the forthcoming years owing to the rising adoption of retainer services among physicians. The rising prevalence of chronic diseases has surged the volume of patients in Europe. The rising adoption of subscription-based healthcare models in Europe due to access to quality healthcare is expected to drive the growth of the Europe concierge medicine market in the forthcoming years.
Covid-19 Impact on the Global Concierge Medicine Market
The need for healthcare services rising during the COVID-19 pandemic. People had to line up for COVID-19 testing or other consultations for a long period of time. Patients were searching for convenient access to trustworthy care when medical appointments and elective treatments were being canceled, therefore demand for retainer medication has increased during a covid-19 pandemic. According to Kona Medical Consulting, Concierge doctors in the United States reported a 21 % growth in new patient volumes in 2020. Furthermore, numerous physicians were experiencing financial difficulties due to the reduced patient volume during the pandemic is restraining the growth of the market. On the other hand, government regulations were affecting a huge number of medical organizations and clinics to lose huge money resulting, in these factors restraining the market growth during the forecasted period.
According to the Physician Foundation Survey, in 2020, a number of doctors in the United States have seen a reduction in their income due to the widespread of covid-19 which accounted for nearly 72 %. Lastly, increasing interest and engaging specialist physicians in the membership model are estimated to grow during the forecast period. However, several people chose the membership approach for COVID-19 testing, vaccinations, and treatment were available to them.
Company Profiles and Competitive Intelligence
The market is moderately fragmented with the presence of several local companies. The major prominent vendors are attempting to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. The major prominent vendors are investing on the development of improved products or product lunch. Moreover, they are also focusing on maintaining competitive pricing.
In April 2020, Paragon Private Health merged with Signature MD to offer concierge medicine services to patients in the field of telehealth.
The various developmental strategies like new product launches and mergers are expected to foster market growth and offer lucrative growth opportunities to the market players.
Segments Covered in the Report
By Application
By Ownership
By Geography
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