Concierge Medicine Market in US to grow by USD 2,310.34 million from 2022 to 2027; Growing geriatric population boosts the market - Technavio
NEW YORK, Aug. 10, 2023 /PRNewswire/ -- The US concierge medicine market size is set to grow by USD 2,310.34 million between 2022 and 2027 and register an accelerating CAGR of 6.72%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Read our Sample Report
The report also covers the following areas:
Concierge Medicine Market in the US 2023-2027: Segmentation
The concierge medicine market in the US is segmented as follows:
Application
Ownership
The market share growth by the primary care segment in the US is significant during the forecast period. Primary care can be referred to as routine medical care offered by a healthcare provider. This healthcare provider plays a major role in the healthcare sector as they essentially serve as the first and primary point of contact for the ongoing care of the patient within the healthcare system, coordinating any additional specialized care the patient may require. The main advantage of concierge care is that patients are able to access a primary care physician at any time of the day or night via a visit or phone call. The geographic expansion of concierge medicine institutes providing primary care is expected to fuel the growth of this segment which in turn will drive the market growth.
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Concierge Medicine Market in US 2023-2027: Vendor Analysis and Scope
The market is concentrated, and the degree of concentration will accelerate during the forecast period. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ companies operating in the market. Some of the key companies of the concierge medicine market in the US include Cambell Family Medicine, Concierge Consultants and Cardiology, Crossover Health, Destination Health, MDVIP, PartnerMD, Peninsula Doctor, Priority Physicians Inc., Signature MD, and Specialdocs Consultants LLC.
Company Offerings
Cambell Family Medicine: The company offers concierge medicine solutions such as unconventional delivery and direct medical care.
Crossover Health: The company offers concierge medicine solutions such as membership of a single doctor.
Destination Health: The company offers concierge medicine solutions such as personal physicians.
Concierge Medicine Market in the US 2023-2027: Market Dynamics
Key Driver
The rising geriatric population drives the market growth during the forecast period. There is an increasing health concern across the world due to the lack of physical activity and improper diet, resulting in serious medical problems. Additionally, there is an increasing prevalence of diseases such as lung disease, cancer, and stroke among the geriatric population. One of the main reasons for these diseases in the geriatric population is the deterioration of the immune system with age. Additionally, the reduced functioning of organs can result in diseases including chronic liver disease, chronic kidney disease, hypertension, and diabetes. Additionally, the increase in the aging population has resulted in an escalation in healthcare, disease diagnosis, and treatment expenses. Hence, such factors are expected to drive market growth during the forecast period.
Major Trends
The rising demand for personalized medicine is a primary trend in the U.S. concierge medicine market during the forecast period. One of the emerging trends in the market is personalized medicine practices where an individual's genetic profile is used to make decisions about disease prevention, diagnosis, and treatment. Several concierges health organizations are launching personalized medicine in order to raise awareness among patients. The main advantage of the concierge doctor's office model, it accommodates smaller patient groups, enabling providers to spend increased time with the patient. Thus, the doctors are able to perform a comprehensive medical evaluation and design a customized, proactive health improvement plan and treatment approach for the patient. Hence such factors are expected to drive the market growth during the forecast period.
Significant Challenge
The limited insurance cooperation is a major challenge that can hinder the U.S. concierge medicine market growth during the forecast period. There are several commercial plans and government programs, including Medicare Part B, are accepted by the majority of concierge medical institutions such as Coastal Concierge Internal Medicine. But, each business has different uniqueness, services, and membership fees. Additionally, insurance is crucial in case of emergency situations but out-of-network benefits and deductibles differ by various insurance plans. Hence such factors can negatively impact the market growth which in turn can hinder the market growth during the forecast period.
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Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!
Concierge Medicine Market in the US 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist US Concierge Medicine Market growth during the next five years
Estimation of the US Concierge Medicine Market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the concierge medicine market across the US
Analysis of the market's competitive landscape and detailed information on companies
Comprehensive details of factors that will challenge the growth of US Concierge Medicine Market market players.
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Concierge Medicine Market Scope in US | |
Report Coverage | Details |
Base year | 2022 |
Historic period | 2017-2021 |
Forecast period | 2023-2027 |
Growth momentum & CAGR | Accelerate at a CAGR of 6.72% |
Market growth 2023-2027 | USD 2,310.34 million |
Market structure | Concentrated |
YoY growth 2022-2023(%) | 6.5 |
Competitive landscape | Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled | Cambell Family Medicine, Concierge Consultants and Cardiology, Crossover Health, Destination Health, MDVIP, PartnerMD, Peninsula Doctor, Priority Physicians Inc., Signature MD, and Specialdocs Consultants LLC |
Market dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Concierge medicine market in US 2017 - 2021
4.2 Application Segment Analysis 2017 - 2021
4.3 Ownership Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Application
6.1 Market segments
6.2 Comparison by Application
6.3 Primary care - Market size and forecast 2022-2027
6.4 Pediatrics - Market size and forecast 2022-2027
6.5 Cardiology - Market size and forecast 2022-2027
6.6 Internal medicine - Market size and forecast 2022-2027
6.7 Other - Market size and forecast 2022-2027
6.8 Market opportunity by Application
7 Market Segmentation by Ownership
7.1 Market segments
7.2 Comparison by Ownership
7.3 Group - Market size and forecast 2022-2027
7.4 Standalone - Market size and forecast 2022-2027
7.5 Market opportunity by Ownership
8 Customer Landscape
8.1 Customer landscape overview
9 Drivers, Challenges, and Trends
9.1 Market drivers
9.2 Market challenges
9.3 Impact of drivers and challenges
9.4 Market trends
10 Vendor Landscape
10.1 Overview
10.2 Vendor landscape
10.3 Landscape disruption
10.4 Industry risks
11 Vendor Analysis
11.1 Vendors covered
11.2 Market positioning of vendors
11.3 Cambell Family Medicine
11.4 Concierge Consultants and Cardiology
11.5 Crossover Health
11.6 Destination Health
11.7 MDVIP
11.8 PartnerMD
11.9 Peninsula Doctor
11.10 Priority Physicians Inc.
11.11 Signature MD
11.12 Specialdocs Consultants LLC
12 Appendix
12.1 Scope of the report
12.2 Inclusions and exclusions checklist
12.3 Currency conversion rates for US$
12.4 Research methodology
12.5 List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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