Market Overview The global
market for concierge medicine reached a total value of USD 11.55
billion in 2022 and is poised to exhibit a robust compound annual growth rate
(CAGR) of 5.8% throughout the forecast period. Key drivers of this market
expansion include a growing demand for personalized healthcare, increased
investments from government authorities, and the adoption of concierge medicine
in cancer treatment.
Concierge medicine represents an attractive model for both
primary care physicians and their patients, fostering stronger connections
between healthcare providers and patients. Furthermore, government investments
play a significant role in boosting market growth. For example, on May 10,
2022, the U.S. Department of Health and Human Services announced its allocation
of USD 16.3 million from the American Rescue Plan (ARP) to enhance Telehealth
services in the Title X Family Planning Program. These grants support existing
Title X family planning grantees over a 12-month project period starting on May
15, 2022, aligning with the Biden-Harris Administration's commitment to strengthen
the family planning safety net and improve access to preventive care for women
and families.
Get a sample copy of theConcierge Medicine Market report: https://www.reportsanddata.com/download-free-sample/6342
Additionally, the introduction of new products aimed at
women's primary care and wellness is expected to contribute to market growth.
For instance, on May 1, 2023, FemGevity, a concierge telemedicine company
founded and led by women, was launched. The company focuses on delivering
personalized, cost-effective, and continuous care for managing menopause
symptoms through its digital platform, challenging the conventional
one-size-fits-all approach to menopause care.
Market Dynamics: Drivers: The prevalence of chronic diseases
and a shift towards virtual personal care are driving market growth. Notably,
the rising incidence of breast cancer in the U.S., with approximately 264,000
women and 2,400 men diagnosed annually, has prompted more cancer patients to
receive therapy at home and use oral oncolytic treatments. Innovative solutions
like GoMo Health's "Personal Concierge" enable ongoing communication
with patients in their homes, relieving the burden on nursing staff. This
program is designed to engage patients, gather patient data, conduct real-time
conversations, and collect electronic Patient-Reported Outcomes (ePRO).
Personal Concierge provides patients with personalized content and support
tailored to their unique clinical care needs, improving the patient experience
and enabling effective home-based cancer care at institutions like the Rutgers
Cancer Institute of New Jersey.
Restraints: Concerns regarding affordability and the
variability of insurance plans can hinder market growth. Traditional insurance
operates on a fee-for-service model, reimbursing providers based on the
services provided to patients. In contrast, concierge medicine emphasizes
preventive care, wellness services, and personalized attention. This difference
in care approach and payment structure poses challenges for concierge practices
to integrate with conventional insurance systems. The cost of concierge care
can be high, with average monthly fees around USD 200 and potential maximum
fees reaching up to USD 30,000 per month. These fees vary widely among
practices, impacting the level of access granted to patients.
Key Insights: Ownership Outlook: In terms of ownership, the
global concierge medicine market is segmented into standalone and group
practices. The standalone segment is expected to dominate the market, driven by
increasing demand for care coordination, individualized care, and higher
service quality. Standalone practices allow concierge physicians to
differentiate themselves and cater to specific patient needs and preferences,
attracting those seeking a higher level of personalized care not commonly found
in traditional healthcare settings.
Application Outlook: The primary care segment is anticipated
to exhibit rapid revenue growth within the global concierge medicine market.
Factors contributing to this growth include a focus on personalized care,
longer appointment durations, and increased health consciousness.
Collaborations and partnerships are also expected to fuel the growth of this
segment. For instance, New Life Health & Concierge, a primary care practice
specializing in concierge medicine, partnered with eClinicalWorks and healow to
enhance its services. The collaboration provides access to integrated
Electronic Medical Records (EMR), online appointment booking, and more.
Regional Outlook: North America is projected to hold the
largest revenue share in the global concierge medicine market, driven by the
prevalence of chronic diseases, the demand for personalized care, and
supportive government regulations. Europe is expected to be the second-largest
market, with rising healthcare expenditure, government investments, and the use
of concierge medicine in cancer therapy. The Asia Pacific region is likely to
witness significant revenue growth due to the availability of insurance plans
for complex surgeries, the increasing burden of chronic diseases, and
technological advancements in concierge medicine.
Competitive Landscape: The competitive landscape of the
global concierge medicine market is highly competitive, with numerous global
and regional players. Key industry participants focus on portfolio expansion,
research and development, and strategic alliances to expand their market presence.
Start-ups are also making significant contributions, aiming to differentiate
their products and establish a foothold in the market. Major companies include
MDVIP, Campbell Family Medicine, Concierge Medical Services Advisors, Peninsula
Doctor, Priority Physicians, Inc., SignatureMD, Castle Connolly Medical, Ltd.,
Crossover Health, Specialdocs Consultants, LLC., and PartnerMD, among others.
Recent Developments: On July 21, 2022, Amazon acquired One
Medical to enhance the affordability, accessibility, and overall quality of
healthcare. This acquisition aims to integrate in-person, digital, and virtual
care services, making them readily available in locations where people work,
shop, and reside.
Segmentation: This report provides historical data and
forecasts revenue growth at the global, regional, and country levels, with an
analysis of market trends in various sub-segments from 2019 to 2032. The global
concierge medicine market is segmented based on ownership, application, and
region.
Concierge Medicine Market Report Scope:
Explore Trending Reports:
High-Temperature
Coatings Market-https://www.globenewswire.com/news-release/2020/09/03/2088867/0/en/High-Temperature-Coatings-Market-To-Reach-USD-5-24-Billion-By-2027-Reports-and-Data.html
Composites
Market-https://www.globenewswire.com/news-release/2019/04/09/1799898/0/en/Composites-Market-To-Reach-USD-146-14-Billion-By-2026-Reports-And-Data.html
Industrial
Wastewater Treatment Market-https://www.globenewswire.com/news-release/2019/06/06/1865536/0/en/Industrial-Wastewater-Treatment-Market-To-Reach-USD-16-60-Billion-By-2026-Reports-And-Data.html
Polycarbonate
Films Market-https://www.globenewswire.com/news-release/2019/08/05/1897014/0/en/Polycarbonate-Films-Market-To-Reach-USD-2-11-Billion-By-2026-Reports-And-Data.html
Request a customization of the report:https://www.reportsanddata.com/request-customization-form/6342
Thank
you for reading our report. To know more about the customization or any query
about the report contents, please connect with us and our team will ensure the
report is tailored to meet your requirements.
About Reports and Data
Reports
and Data is a market research and consulting company that provides syndicated
research reports, customized research reports, and consulting services. Our
solutions purely focus on your purpose to locate, target, and analyse consumer
behaviour shifts across demographics, across industries, and help clients to
make smarter business decisions. We offer market intelligence studies ensuring
relevant and fact-based research across multiple industries, including
Healthcare, Touch Points, Chemicals, Products, and Energy. We consistently
update our research offerings to ensure our clients are aware of the latest
trends existent in the market. Reports and Data has a strong base of
experienced analysts from varied areas of expertise. Our industry experience
and ability to develop a concrete solution to any research problems provides
our clients with the ability to secure an edge over their respective
competitors.
Contact Us:
John W
(Head of Business Development)
Reports and Data | Web: www.reportsanddata.com
Direct Line: +1-212-710-1370
E-mail: [email protected]
Blogs | Press Release | Industry News | Our competencies
Browse More Upcoming Reports @ https://www.reportsanddata.com/upcoming-reports
Browse More Latest Reports @ https://www.reportsanddata.com/report
Browse Latest Blogs: https://www.reportsanddata.com/blogs
Browse Latest Press
Release: https://www.reportsanddata.com/press-release
The Wall