Published Date : 22 Feb 2023
The global primary care physicians market size was reached at USD 1,062.40 billion in 2022 and is expected to hit around USD 1,511.7 billion by 2030 with a noteworthy CAGR of 4.5% from 2022 to 2030.
A primary care physician (PCP) is a medical professional who practices general medicine. They are the first stop for medical care. Most primary care physicians are doctors, but sometimes nurse practitioners and physician assistants can also be primary care physicians. You take your child to a physical care physician for a routine checkup or non-emergency medical care. A physical care physician can find the cause if your kid has a mild fever, cough, rash, nausea, or shortness of breath. A PCP decides what to do about it.
They can treat conditions in their own offices. They can refer you and your child to a trusted specialist if they cannot treat you. A PCP may oversee the care if your kid needs ongoing treatment or is admitted to a hospital. It helps you make decisions related to treatment. They refer you to other specialists if required. They provide preventive care.
There are different types of physical care physicians, like family physicians, Pediatricians, internal medicine doctors, Adolescent medicine specialists, Combined internal medicine and pediatric specialists, Obstetrician-gynecologists (OB-GYNs), and Nurse practitioners or physician assistants. They provide comprehensive care and can address chronic, long-term Illnesses like diabetes mellitus and acute problems like bronchitis, allergic reactions, or colds and flu.
Primary care physicians can practice in medical clinics, private or group practices, long-term care facilities, and outpatient and inpatient hospital settings. Primary care physicians check signs of domestic violence, depression, sexually transmitted diseases, immunizations status to prevent illness, developmental disorders, diabetes mellitus, breast, cervical, prostate, and colorectal cancers, and other risk factors for heart disease, high cholesterol, and high blood pressure.
If you have an acute illness, a primary care physician will perform lab tests to diagnose your condition, conduct an EKG (electrocardiogram), prescribe appropriate medications, do spirometry tests, treat acute conditions like asthma attacks, migraine attacks, or urinary tract infections, treat minor skin infections, bites, rashes, or muscle strains or sprains, provide wound care, and assess your need to see a specialist.
If you have a chronic condition, your PCP will prescribe medications, coordinate care with specialists, monitor drug interactions, perform necessary lab tests, and connect you with resources related to your condition.
The increasing geriatric population and the rising prevalence of communicable and non-communicable diseases majorly drive the global market. In line with this, the surging cases of infectious and non-communicable diseases stimulate market growth. Furthermore, the growing number of terminal illnesses cases catalyze market growth. Primary care physicians help in disease detection, particularly terminal illnesses. With the increasing prevalence of chronic disorders, the need for preventive care has increased. Primary care physicians provide acute care, chronic, and preventative care. They deal with healthcare concerns in inpatient as well as outpatient settings.
The growth in MRIs, CT scans, colonoscopies, minor surgeries, mammograms, routine physical tests, chemotherapy, and lab tests favors the industry's growth. The growing requirement for inpatient and outpatient healthcare and the surging cases of new disease outbreaks boost the demand for primary care physician consultations. Increasing government initiatives creates a positive outlook for the market. The increasing cases of diabetes and cancer propel the market growth.
The development of sophisticated medical equipment and rapid technological advancements favors market growth. The COVID-19 pandemic led to disruptions in the primary care physicians market. The decline in hospital visits led to a decrease in the healthcare workforce. However, the introduction of telephonic and online consultations compensates for the pandemic's negative impacts. The increasing rate of hospitalizations, the rising consumption of drugs, and the growing demand for quality patient care foster the growth of the global primary care physician market.
Primary Care Physicians Market Report Scope
|Market Size in 2023
|USD 1,109.20 Billion
|Projected Forecast Value in 2030
|USD 1,511.7 Billion
|4.5% from 2022 to 2030
|Fastest Growing Market
|2022 To 2030
|North America, Europe, Asia-Pacific, Latin America and Middle East & Africa
Based on the region, North America dominated the primary care physician market due to the increasing number of primary care physicians in North America and the rising need for primary care services. The aging population, the growing prevalence of various chronic diseases, the escalating number of family physicians, the increased healthcare expenditure, and the demand for the early detection of diseases catalyze market growth.
The favorable reimbursement policies and the rising prevalence of diabetes propel the market growth. On the other hand, Asia Pacific is expected to witness a promising CAGR due to the presence of a huge population, a rapidly growing geriatric population, increasing healthcare expenditure, and a rising prevalence of chronic diseases. The surging number of general physicians in China and India favors market growth.
Driver: Increasing prevalence of chronic diseases
Various governments are looking forward to expanding their healthcare sector. The increasing prevalence of chronic diseases is significantly contributing to the demand for primary care physician consultations. In line with this, the new initiatives of governments across various countries on enhancing healthcare infrastructure and the rising number of novel disease outbreaks and infections positively influence market growth. Increasing incidences of acute diseases catalyze market growth.
The growing geriatric population and the trend of teleconsultation create a positive outlook for the market. The need for early detection of diseases with immediate treatment strengthens market growth. The need to manage chronic conditions and preventive measures favors market growth.
Opportunity: Rapid adoption of point-of-care testing (POCT)
The advancements in Point-of-Care Testing (POCT) in primary care settings catalyze market growth. The rapid adoption of Point-of-Care Testing (POCT) in primary care settings offers numerous opportunities for market growth.
The rising cancer incidence and early and improved disease detection bolster market growth. The increasing healthcare expenditure and the prevalence of chronic disorders accentuate the market growth.
Restraint: High costs of treatment
The high cost of getting treatment from primary care physicians restricts the market growth. This factor hampers market growth, especially in developing and underdeveloped countries. People with low and middle income find it difficult to afford the services of primary care physicians, which impedes market growth.
Challenge: Lack of primary care physicians
There is a lack of primary care physicians in developing and underdeveloped countries. This factor challenges the primary care physicians' market growth. Not many people are aware of Primary care physicians and their work. In addition, the shortage of experienced and skilled primary care physicians hampers the market growth.
Major Key Players:
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