The United States concierge medicine market is on track for remarkable growth, with market value projected to reach USD 17.97 billion by 2033. This sector is expected to expand at an impressive compound annual growth rate (CAGR) of 10.32% between 2023 and 2033. In 2023, the concierge medicine market in the U.S. is estimated to be valued at USD 6.73 billion.
Concierge medicine, also known as boutique or personalized healthcare, offers patients enhanced access to medical services through a subscription or retainer model. This approach provides a higher level of personalized care, allowing patients to spend more time with their physicians, receive tailored healthcare plans, and enjoy comprehensive wellness management.
Concierge medicine, a model offering personalized and accessible healthcare services, is gaining traction as more individuals seek high-quality, patient-centered care. The significant growth forecast reflects increasing demand for customized healthcare solutions and the ongoing shift towards premium, accessible medical services.
Concierge Medicine is Ideal for Both Patients and Doctors
Both patients and medical professionals win from concierge medicine. As a result, many concierge doctors are converting to this method. The United States has between 10,000 and 25,000 clinicians or subscription-based services, claims Concierge Medical Today, LLC.
Several female doctors are converting to concierge practice. Female physicians experience greater stress and burnout. Concierge medicine’s growing popularity is primarily due to physician burnout.
Enhancing patient awareness, improving disposable income, and expanding demand for quality healthcare services are projected to stimulate concierge medicine demand in the United States. Due to these perks, millennials are becoming more interested in concierge practice, strengthening the demand for concierge medicine in the United States.
Hybrid Concierge Approach Resolves Issue of Paucity of Primary Care Physicians
The hybrid concierge approach satisfactorily addresses primary care physician shortages. In the hybrid model, the primary care physician offers patients the option to select either subscription-based treatment or conventional care covered by insurance.
Access to healthcare may be challenging due to the physician shortage, leading many patients to concierge physicians for more accessible care. Even in a physician shortage, the subscription-based model may guarantee simple access to care. The United States concierge medicine market is believed to be powered by it.
Key Takeaways:
- The primary care segment in the specialty category accounts for a considerable United States concierge medicine market share of 25.6% in 2023.
- Physicians downgrade membership-based medicine to reduce stress and improve the overall patient experience. This is likely to amplify specialty category growth in the coming years.
- In 2023, the group sector in the ownership category had 64.1% of the market.
- Doctors combine offices with concierge medical organizations because converting to a retainer model demands legal compliance, advertising, and patient communication. This is positively influencing the ownership segment’s expansion.
Competitive Analysis
With many solo and group concierge physicians, the United States concierge medicine industry is fragmented. Concierge care providers are constantly working to attract famous healthcare professionals to increase membership volume. The leading United States concierge medicine market manufacturers’ common growth strategies are partnership and physician engagement.
Modern Developments
Partnership
Castle Connolly Private Health Partners (CCPHP) and Banner Health announced a partnership to launch the Banner Beyond Program in February 2022. The program offers members a customized and practical experience in a state-of-the-art concierge setting.
Acquisition
Businesses like Crossover Health and Signature MD in the United States concierge medicine industry concentrate on funding and acquisition.
Collaboration
By March 2021, Cypress Membership Medicine and Signature MD announced their planned merger in association with Blue Sea Capital. The merger helped SignatureMD maintain its leading position as a provider of concierge medical services.
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Key Players:
- MDVIP
- Signature MD
- Crossover Health
- Specialdocs Consultants, LLC
- PartnerMD
- Concierge Consultants & Cardiology
- Castle Connolly Private Health Partners
- Peninsula Doctor
- Cambell Family Medicine
- Destination Health
- Priority Physicians, Inc.
- USA San Diego Health
Key Segments
By Specialty:
- Primary Care
- Pediatrics
- Osteopathy
- Internal Medicine
- Cardiology
- Psychiatry
- Others
By Ownership:
- Standalone
- Group
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
- Europe
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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