New York, April 05, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “US Concierge Medicine Market Size, Share & Trends Analysis Report By Application, By Ownership And Segment Forecasts, 2022 – 2030” – https://www.reportlinker.com/p06251013/?utm_source=GNW
US Concierge Medicine Market Growth and Trends
The US concierge medicine market size is expected to reach USD 13.3 billion by 2030. The market is expected to grow at a CAGR of 10.27% during the forecast period. Increasing wait times for a doctor’s appointment, shortage of physicians, and increasing prevalence of chronic diseases are pushing patients from conventional settings to non-traditional care settings. This, coupled with more time with doctors, fewer hospitalizations, and an emphasis on preventive care, is driving the growth of the market. The US healthcare system currently faces a critical shortage of PCPs, as the majority of medical graduates take specialty courses.
According to the Association of American Medical Colleges, the United States is expected to experience a shortage of 21,000 to 55,200 primary care physicians by 2032. This is expected to widen the gap between the demand for health care and the supply of doctors. As a result, many patients are turning to subscription care to ensure easy access to quality care even in the face of doctor shortages. Physician burnout is the primary reason for the growing adoption of the restraint care model. According to the Medscape National Physician Burnout & Suicide Report 2020, 42% of physicians acknowledged that they were burnt out. The survey was made up of more than 15,000 doctors in more than 29 specialties.
Female doctors experience more exhaustion and stress. In the restraint model, physicians manage to earn more despite small patient panels and achieve work-life balance.
The idea of controlling their work, setting dues equal to their male counterparts, allocating more time to family, and pursuing personal and professional interests provides an attractive choice for female practitioners. As a result, a large number of female physicians are turning to mandate or membership-based practice.
A growing number of specialists are adopting the restraint care model in recent years. Specialties, such as endocrinology, podiatry, pediatrics, OB-GYN, rheumatology, psychiatry, dermatology, nephrology, oncology, and others, are seeing a gradual increase in concierge care.
According to the Physicians Foundation 2016 Survey of Americas Physicians, in 2016, 6.9% of specialists planned to move into the treasury or janitorial practice. The growing participation and interest of medical specialists in the membership model is expected to drive the growth of the market. The COVID-19 pandemic has increased the demand for adherence-based practices. Many people have embraced the opt-in model to ensure better access to COVID-19 tests, vaccines and treatments. Additionally, many physicians facing financial crises due to reduced patient volume have switched to the practice of retention, thus propelling the growth of the market.
US Concierge Medicine Market Report Highlights
• Primary care segment led the market in 2021 owing to high demand for primary care services and significant aging of the population, which increased the workload of existing physicians
• So, to reduce their stress and maintain work-life balance, many physicians are reducing their staff to membership-based medicine where they retain fewer patients. This is expected to fuel the growth of the segment in the coming years
• Group segment held maximum share of overall market revenue share in 2021 due to VIP services provided in membership model
• Because the transition to the retainer model requires legal compliance, strong publicity, and communication with patients, many physicians are merging their practice with concierge medicine companies. This propels the growth of the segment
• In April 2020, Paragon Private Health announced its merger with Signature MD to provide world-class concierge medicine programs and innovative service offerings in areas such as remote monitoring and telehealth. This will establish the company as a leading provider of membership-based support services
Read the full report: https://www.reportlinker.com/p06251013/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
Clare: [email protected] US: (339)-368-6001 Intl: +1 339-368-6001