The global primary care physicians market was valued at US$ 1 trillion in 2022 and is expected to reach US$ 1.46 trillion by 2032, poised to grow at a CAGR of 3.90% from 2023 to 2032.
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The U.S. primary care physicians market reached US$ 0.23 trillion in 2022 and is projected to be worth US$ 0.33 trillion by 2032, at a CAGR of 3.80% from 2023 to 2032.
North America was the leading primary care physician market in 2022. The increased penetration of the primary care physicians in North America and increased demand for the primary care services has fueled the growth of the market. Moreover, the presence of huge aging population coupled with the growing prevalence of various chronic diseases has resulted in the increased demand for the primary care services. Moreover, the increased adoption of t6he family physicians has significantly contributed towards the market growth. As per the American Medical Association, around 39.5% of the primary care physicians were family physicians in US in 2017. Furthermore, the increased healthcare expenditure in US has supported the growth of the market. As per the CMS, in 2019, around 17.7% of the GDP was contributed by the healthcare spending in US and this is expected to reach at 19.7% by 2032. The increased health consciousness and the demand for the early detection of diseases has boosted the physician office visits. According to the US CDC, over 51% of the physician visits were made for the primary care in US in 2019. Therefore, the primary care services are the significant contributors to the North America healthcare industry. Moreover, the favorable reimbursement policies in the US has greatly contributed towards the growth of the primary care physicians market in North America. The rising prevalence of diabetes and surging number of new cancer cases in US is expected to further drive the demand for the primary care services and North America is expected to sustain its dominance throughout the forecast period.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. The presence of huge population, rising prevalence of chronic diseases, rapidly growing geriatric population, and increasing healthcare expenditure are the major factors that are expected to foster the demand for primary care services in the region. According to the United Nations, around 80% of the global old age population will be living in the low and middle income countries by 2050. Moreover, the growing penetration of the general physicians in the countries like China and India is expected to have a positive impact of the growth of the Asia Pacific primary care physicians market in the upcoming future.
The primary care physician services can help to restrict the growing rate of hospitalizations, growing prevalence of chronic diseases, and growing consumption of drugs. The primary care physicians are considered to be the pillars of the healthcare systems. The primary care physicians are the first and the key point of contact for the patients. The key role of the primary care physicians is to prevent chronic illnesses. The growing demand for the quality patient care services is estimated to foster the growth of the global primary care physician market. Moreover, the primary care physicians play a crucial role in the early detection of the chronic diseases, which fuels the demand across the globe. The comprehensive and preventive care offered by the primary care physicians establishes a strong bond and relationship between the patients and the physicians. Moreover, the government plays a crucial role in the growth of the primary care physicians market. For instance, the Centers for Medicare & Medicaid Services developed Primary Care First Model and Comprehensive Primary Care Plus that contributes in the development of primary care services at local and regional levels. Moreover, these models enhance the payment structure and delivery of primary care services that propels the market growth.
The rising prevalence of chronic diseases among the global population and the rapidly growing geriatric population are estimated to foster the growth of the global primary care physician market. The globe is witnessing a rapid surge in the number of new cancer cases, pre-diabetic conditions, and various other diseases owing to the various factors such as growing prevalence of smoking, rising consumption of tobacco, unhealthy food habits, and physical inactivity. The primary care physicians helps to diagnose various chronic conditions at the initial stage and provides care services that can significantly reduce the hospitalization. Moreover, the geriatric people are more prone to various diseases which requires them to frequently go to the physicians. The geriatric people spends more on the health care services and contributes towards the growth of the primary care physicians market. According to the United Nations, the global geriatric population is estimated to reach at 2 billion by 2050.
The outbreak of the COVID-19 pandemic in 2020 had positively impacted the market growth. The patients had approached the physicians for their suggestions regarding the COVID symptoms, vaccination, and telehealth services. The increased adoption of the telehealth platforms had presented a lucrative growth opportunities for the primary care physicians across the globe. The telehealth is expected to significantly drive the growth of the primary care physicians market in the forthcoming years.
| Report Coverage | Details |
| Market Size | USD 1.46 Trillion by 2032 |
| Growth Rate | CAGR of 3.90% from 2023 to 2032 |
| Largest Market | North America |
| Fastes Growing Region | Asia Pacific |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Type, Region |
| Companies Mentioned | 1Life Healthcare (One Medical Group, Inc.), Rhode Island Primary Care Physicians Corporation, Duly Health and Care, HealthCare Partners Medical Group, Colonial Healthcare, MDVIP, Crossover Health Medical Group, New West Physician, ChenMed LLC. |
Based on the type, general practice, family physician, & geriatrics segment dominated the global primary care physicians market, garnering a market share of around 40% in 2020. This is attributed to the higher dependence general physicians and the family doctors from the Medicare beneficiaries. The family doctors are the first point of contact for the patients. It is estimated that around 20% of the physician visits in US is family physician visit. The family physician is the most important part of the primary care. Furthermore, this segment is expected to grow at a significant rate owing to the growing geriatric population and rising prevalence of chronic diseases among the population. The general physicians have specialized skills and knowledge that can help the physician to treat the patients for all medical conditions. The general physicians can also provide effective diagnosis of various medical ailments at the initial stage.
Key Market Developments
The primary care physicians market is highly unorganized and the market is moderately fragmented due to the presence of very few players across the globe. The growing number of participants in the global primary care physicians market is expected to boost the investments in the growth of the market across the globe. Moreover, various developmental strategies adopted by these market players such as new product launches, partnerships, collaborations, ad mergers are expected to drive the market growth in the foreseeable future. The market players are constantly seeking for establishing their dominance in the market, gaining competitive edge over others, and exploit the prevailing market opportunities.
Segments Covered in the Report
By Type
By Geography
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