Market Trends of Concierge Medicine Industry
Primary Care Segment is Expected to Witness Healthy Growth Over The Forecast Period
- Primary care includes preventive care, routine check-ups, screenings, vaccinations, diagnosis and treatment of common illnesses, management of chronic conditions, and coordination of specialized care.
- However, in concierge medicine, primary care services are enhanced and differentiated from traditional primary care in several ways. Primary care physicians (PCPs) or general practitioners schedule longer appointments, allowing for more in-depth discussions with patients, thorough examinations, and a comprehensive understanding of their health concerns.
- The segment is expected to grow due to the expansion and increasing adoption of primary care concierge medicine services. For instance, in December 2022, Tampa General Hospital (TGH) launched a concierge primary health care practice on Florida's East Coast to expand the Palm Beach County and Treasure Coast communities to world-class care.
- Also, in October 2021, Specialdocs partnered with Internist Maryann Shea, MD, to launch a concierge medicine offering at Boston-area Wellesley Primary Care Medicine (WPCM) to meet the rising patient demand for personalized care. Patients can benefit from same-day appointments when ill, in-depth visits without waiting, and personally customized plans for long-term wellness.
- Furthermore, as per World Health Organization (WHO), 2021, scaling up primary health care (PHC) interventions in low and middle-income countries could save 60 million lives and boost average life expectancy by 3.7 years by 2030. Also, per the same source, to fulfill the targets for PHC, an investment of around USD 200 - USD 370 billion per year for a more comprehensive package of health services is required. Such initiatives and investments are expected to augment the segment's growth during the forecast period.
- Therefore, owing to the expansion of personalized primary care services and an emerging need to scale up primary care solutions, the segment is expected to grow during the forecast period.
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North America is Expected to Hold a Significant Market Share Over The Forecast Period
- North America is expected to witness significant growth during the forecast period owing to the high presence of market players as well as strategic initiatives undertaken by them, and the growing adoption of concierge medicine. In addition, the digitization and adoption of telehealth services in the United States and Canada are also significant drivers for the studied market growth.
- According to an October 2022 press release by Specialdocs Consultants, concierge medicine practices are experiencing high demand among physicians specializing in significant subspecialties. Many physicians have reported experiencing professional and personal satisfaction after transitioning to the concierge medicine model.
- In March 2023, Concierge Choice Physicians (CCP), a full-service concierge medical service provider in the United States, welcomed an endocrinologist from the Endocrine Associates of Dallas to their Hybrid Choice program. This program offers enhanced services that provide patients with more time and support to help them achieve their health goals.
- Furthermore, the market is witnessing an increase in launches and partnerships by various players to expand concierge medicine services for different diseases, contributing to the overall market growth. For example, in September 2022, Concierge Medical Consultants Inc., a subsidiary of ScreenPro Security Inc., introduced personalized home care services in the Greater Toronto Area. This innovative healthcare solution is tailored for seniors or individuals in need of at-home care. The company also has plans to expand its services to Vancouver in the coming year. Such launches are expected to further accelerate the growth of the concierge medicine market.
- Therefore, owing to the factors such as the rising demand for concierge medicine practice and growing adoption of personalized healthcare, along with the high presence of market players engaged in launches of concierge medicine solutions, the studied market is projected to witness growth during the forecast period.
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