Published Date : 30 May 2023
The global concierge medicine market size surpassed USD 13.93 billion in 2022 and is projected to rise to USD 22.7 billion by 2030, anticipated to grow at a strong CAGR of 6.3 percent during the projection period from 2022 to 2030.
The growing prevalence of chronic diseases, rising geriatric population, shortage of physicians, increased wait times for getting physicians’ appointment, and exponentially growing volume of patients are the prominent factors that are driving the growth of the concierge medicine market across the globe. Moreover, the rising adoption of the retainer model among the physicians owing to the benefits like less stress, less work, higher revenues, and maintenance of work-life balance is significantly boosting the growth of the concierge medicine market.
The increased pressure on the physicians owing to the increased volume of patients have resulted in the burn out of patients. As per the survey of the Medscape National Physician Burnout & Suicide Report, in 2020, around 42% of the physicians claimed to be burned out. Therefore, the physicians are opting for the subscription-based care model. As per the Physicians Foundation Survey of American Physicians 2016, around 6.9% of the specialist physicians are planning to switch to concierge medicine.
Report Highlights:
Concierge Medicine Market Report Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 14.8 Billion |
| Projected Forecast Revenue in 2030 | USD 22.7 Billion |
| Growth Rate from 2022 to 2030 | CAGR of 6.3% |
| Largest Market | North America |
| Base Year | 2022 |
| Forecast Period | 2022 to 2030 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Regional Snapshot:
North America was the leading concierge medicine market in 2022. This is attributable to the increasing adoption of the retainer model among the physicians in the US. The increased prevalence of diseases in the US has created a huge pressure on the physicians that leads to physician burnout, misdiagnosis, patient dissatisfaction, and restricted access to primary care facilities. It is estimated that around 60% of the US population is suffering from one or more chronic diseases. Moreover, the increased disposable income and increased health expenditure in the US are expected to have a prominent effect on the growth of the concierge medicine market in North America.
The increased adoption of healthcare insurance among the US population has forced the physicians to cater to the high volume of patients at lower profit margins. It has created a pressure on the physicians and resulted in increased stress and physician burn out. Therefore the physicians are adopting the retainer model to offer services to the smaller pool of high income consumers. This is boosting the physicians’ profits and is helping them to establish a work-life balance.
Europe is expected to be the fastest-growing market. The rising prevalence of diseases is fostering the growth in the volume of patients. The growing demand for the specialized, personalized, and quality care is boosting the growth of the concierge medicine market in Europe. Further, the rising awareness among the patients regarding the concierge medicine is expected to fuel the demand for concierge medicine in the foreseeable future.
Market Dynamics:
Driver:
Surging adoption of retainer model among the physicians
The physicians are increasingly adopting the retainer based model owing to its benefits such as lesser stress, less work load, and increased profit. As per the article published in the Journal of General Internal Medicine in 2005, there were around 152 retainer physicians in US, which is now estimated to be 5,000 to 20,000 retainer physicians in 2019. Therefore, the rapidly growing popularity of the concierge medicine and its increasing adoption among the physicians is expected to boost the growth of the market during the forecast period.
Restraint:
High costs of concierge medicine
The physicians mainly targets the high income consumers to provide concierge medicine services owing to their high affordability. Moreover, the personalized care services and VIP treatments are high in demand among the high income group. Therefore, the low and middle income consumers restrict themselves to opt for the retainer model. This may hamper the market growth in the forthcoming years.
Opportunity:
Developmental strategies adopted by the market players and increasing awareness among the consumers
The rising awareness among the consumers regarding the benefits of the concierge medicine is estimated to increase the demand. Moreover, the various developmental strategies like collaborations and mergers plays a crucial role in the market development and spreading the awareness regarding the concierge medicine. For instance, in April 2020, Paragon Private Health merged with the Signature MD to offer concierge medicine services to the patients in the field of telehealth.
There is a shortage of primary care physicians owing to the rising adoption of specialized courses by the fresh medical graduates. This results in a shortage of primary care service providers. As per the Association of American Medical Colleges, US may face a shortage of 21,000 to over 55,000 primary care physicians by the year 2032.
Major Key Players:
Market Segmentation:
By Application
By Ownership
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