Concierge medicine is a healthcare model in which patients pay a membership fee or retainer to receive enhanced care and personalized attention from their primary care physician. This approach helps alleviate physician burnout by lowering patient loads and administrative burdens, fostering a more sustainable practice environment.
Sizing and Forecast
The concierge medicine market size has grown rapidly in recent years. It will grow from $18.38 billion in 2023 to $20.43 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increasing demand for personalized healthcare, physician burnout, rising healthcare costs, a shift in consumer preference, and corporate wellness initiatives.
The concierge medicine market size is expected to see rapid growth in the next few years. It will grow to $31.39 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to the integration of alternative therapies, urbanization, and lifestyle changes, healthcare disparities, regulatory changes, and health consciousness among millennials. Major trends in the forecast period include virtual concierge services, collaborative care networks, technological advancement, artificial intelligence, and predictive analytics.
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Segmentation & Regional Insights
The concierge medicine market covered in this report is segmented –
1) By Ownership: Group, Standalone
2) By Application: Cardiology, Primary Care, Psychiatry, Pediatrics, Osteopathy, Neurology, Other Applications
3) By End User: Individual, Corporate Organization
Europe was the largest region in the concierge medicine market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the concierge medicine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing healthcare expenditure is expected to propel the growth of the concierge medicine market going forward. Healthcare expenditure refers to the total amount of resources spent on healthcare services and products within a given period, including costs for hospital care, physician services, medications, and other health-related services. Healthcare expenditure is rising due to advancements in medical technology and the increasing prevalence of chronic diseases. Concierge medicine utilizes healthcare expenditures for personalized, premium medical services, offering patients enhanced access and tailored care. For instance, in November 2023, according to the Canadian Institute for Health Information (CIHI), a Canada-based not-for-profit organization that specializes in collecting and analyzing health data, the total health expenditure in Canada reached $329 billion in 2021, which was $23 billion higher compared to 2020. Therefore, the increasing healthcare expenditure is driving the growth of the concierge medicine market.
Key Industry Players
Major companies operating in the concierge medicine market are Duke Health, Privia Health Group Inc., One Medical Group Inc., Crossover Health, MedScape, MDVIP LLC, Sollis Health, Medix global, PinnacleCare, PartnerMD LLC, Paragon Private Health, SignatureMD, Castle Connolly Private Health Partners LLC, Concierge Choice Physicians, EliteHealth, Specialdocs Consultants LLC, Access Healthcare Direct, Dedication Health, Plus Humain, Diamond Physicians, Atlas MD, Red Carpet Concierge Medicine, HealthPulse Concierge Medicine, Lake Oconee Concierge Medicine, NOVA Concierge Medicine & Aesthetics
The concierge medicine market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
………..
27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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