U.S. Concierge Medicine Market – By Ownership (Standalone, Group), Specialty (Primary Care, Pediatrics, Osteopathy, Internal Medicine, Cardiology, Psychiatry), Forecast, 2024 – 2032

U.S. Concierge Medicine Market – By Ownership (Standalone, Group), Specialty (Primary Care, Pediatrics, Osteopathy, Internal Medicine, Cardiology, Psychiatry), Forecast, 2024 – 2032

U.S. Concierge Medicine Market Size

U.S. Concierge Medicine Market size was valued at USD 6.7 billion in 2023 and is expected to reach USD 15.1 billion by 2032, growing at a CAGR of 9.3% over the analysis period. The U.S. market is experiencing dynamic growth driven by factors such as the growing public awareness regarding perks of concierge medicine, increased affordability to obtain such expensive and private medical care, and digitization and adoption of telehealth services in the U.S.

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Also, the rising adoption of concierge medicine among physicians contribute significantly to the growth of the U.S. market. Concierge medical practice is a private type of practice in which patients pay an out-of-pocket retainer fee to receive the doctor's services. This will include services such as office visits, care while traveling, 24-hour access to physicians, house calls, lab tests, referrals to specialists, frequent health assessments, preventive care, and more.

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U.S. Concierge Medicine Market Trends

• Growing demand for personalized healthcare experiences among patients is driving the adoption of concierge medicine. Patients seek enhanced access to physicians, longer appointment times, and more personalized care, leading to increased interest in concierge medicine practices.
• Furthermore, the long waiting times experienced by patients due to the high volume of people visiting hospitals and the shortage of primary care physicians create a demand for more timely access to healthcare services. Patients are willing to pay for concierge medicine services to avoid lengthy wait times and receive prompt medical attention from a dedicated physician.
• For instance, as per Merritt Hawkins' 2022 Survey of Physician Appointment Wait Times, the average wait time for a new patient to secure an appointment with a physician in 15 major U.S. cities was 26 days, reflecting an 8% increase compared to the data from 2017. Thus, to reduce the longer appointment times the adoption of concierge medicine is increasing among population in the U.S., thereby supplementing the market expansion.

U.S. Concierge Medicine Market Analysis

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Based on the ownership, the U.S. market is classified into standalone and group. The group dominated the market with revenue of USD 4.4 billion in 2023.

• The segmental growth is majorly attributable to the numerous advantages associated with group concierge medicine ownership. Group ownership allows for a larger network of physicians within the concierge medicine practice, thereby providing patients with increased access to healthcare providers. This can lead to shorter wait times for appointments and improved continuity of care.
• Furthermore, strategic presence of concierge medicine providers such as Specialdocs Consultants, Signature MD, MDVIP, Partner MD, and others with a strong network of physicians across the U.S. is one of the major factors accountable for a prominent share in the market.

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Based on specialty, the U.S. concierge medicine market is classified into primary care, pediatrics, osteopathy, internal medicine, cardiology, psychiatry, and other specialties. The primary care segment held the highest market share of 25.5% in 2023.

• Primary care includes routine check-ups, preventive care, screenings, diagnosis and treatment of common illnesses, vaccinations, management of chronic conditions, and coordination of specialized care. Thus, owing to such aforementioned factors, the segment is projected to experience substantial growth in the forecast period.
• Additionally, as per the World Health Organization (WHO) report 2021, that achieving the targets for PHC necessitates an investment ranging from USD 200 to USD 370 billion annually for a more comprehensive range of health services. These initiatives and investments are anticipated to bolster the growth of this segment.

U.S. Concierge Medicine Market Share

The competitive landscape of the market is characterized by the presence of established companies vying for market share. Key players are engaging in strategic initiatives such as mergers, acquisitions, and partnerships to strengthen their product portfolios. The companies are actively adopting a multi-pronged approaches to address the rising demand for effective concierge medicine.

U.S. Concierge Medicine Market Companies

Prominent players operating in the U.S. concierge medicine industry are as mentioned below

• Castle Connolly Private Health Partners, LLC
• Concierge Choice Physicians
• Crossover Health
• MDVIP
• One Medical services
• PartnerMD
• Peninsula Doctor
• Privia Health
• Priority Physicians, Inc.
• SignatureMD
• Specialdocs Consultants, LLC.
• UC San Diego Health

U.S. Concierge Medicine Industry News

• In July 2023, Specialdocs Consultants, LLC partnered with 10 physicians to introduce personalized care practices nationwide. This collaboration aimed to enhance Specialdocs Consultants' position in response to the increasing demand for concierge medicine. This strategy is expected to enhance their business relationships as well as outreach to untapped states in the U.S. market.
• In April 2021, SignatureMD, a leading provider of initial conversion and ongoing support services for concierge medicine physicians, completed a merger of Cypress Membership Medicine in partnership with Blue Sea Capital. This strategic initiative helped SignatureMD in strengthening its position as one of the nation's largest providers of concierge medicine services.

The U.S. concierge medicine market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 - 2032 for the following segments

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Market, By Ownership

• Standalone
• Group

Market, By Specialty

• Primary care
• Pediatrics
• Osteopathy
• Internal medicine
• Cardiology
• Psychiatry
• Other specialties