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Advantages of concierge medicine to patients & rising adoption of concierge medicine among physicians are some of the key factors driving market revenue growth

VANCOUVER, BC, CANADA, June 14, 2023/EINPresswire.com/ -- The U.S. Concierge Medicine Market size reached USD 5,760.00 Million in 2021 and is expected to register a revenue CAGR of 10.4% during the forecast period, according to latest analysis by Emergen Research. Advantages of concierge medicine to patients and rising adoption of concierge medicine among physicians are some key factors projected to support market revenue growth between 2022 and 2030.

Concierge medicine is a type of membership-based healthcare that combines exclusive, tailored care with ease of access and convenience. Patients gain access to unlimited office and telehealth visits that last for the duration of the fee, as well as direct care from a doctor without having to worry about copays or other payments for a monthly, bi-annual, or annual subscription. Patients also receive access to the doctor's direct phone line in their office for medical questions and simple diagnostic and blood testing. In the event of a significant health issue, such as a chronic disease, the doctor will coordinate expert referrals or hospital care as needed. There is no insurance or corporate health system influence on concierge medicine—just doctors and patients. This is increasing the preference of patients to undertake concierge medicinal services, thereby driving revenue growth of the market between 2022 and 2030.

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However, lack of health insurance coverage is a key factor expected to restrain concierge medicine market revenue growth to a certain extent. Most concierge medical practices do not accept health insurance. Costs for most concierge medicine practices range between USD 1,200 and USD 3,000 per year. However, some high-end concierge medicine practices that provide services to wealthy patients can cost tens of thousands of dollars per year, according to experts. Cash is the most-widely accepted form of payment among concierge medicine practices. Even for companies providing concierge medicine services that accept Medicare or other health insurance, the membership fee has to be paid out-of-pocket by the patient. Also, Health Maintenance Organization (HMO) and Pension Payment Order (PPO) plans are more focused on primary care physicians and specialists, therefore, concierge medicine may not be the best fit for patients with an HMO. This is expected to considerably restrain revenue growth of the market over the forecast period.

Major Companies and Competitive Landscape:

PartnerMD

Concierge Consultants & Cardiology

Castle Connolly Private Health Partners

Crossover Health

SpecialDocs Consultants, LLC.

Peninsula Doctor

Campbell Family Medicine

Destination Health

Priority Physicians, Inc.

UC San Diego Health

Others

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Some Key Highlights from the Report

The primary care segment accounted for a significant revenue share in 2021. Primary care in concierge medicine consists of a membership-based practice model that provides patients with access to their healthcare provider for routine care and chronic care check-ups. Patients pay a monthly or yearly subscription fee ranging from a few hundred dollars a month to thousands of dollars a month, but in turn, get greater and faster access to their concierge doctor. From acute to chronic illness, all hospital visits are first made to Primary Care Physicians (PCPs). With rising patient awareness, the expectations of patients for quality healthcare services and convenient care are increasing. PCPs in traditional healthcare settings are unable to match those expectations due to the high patient load. Hence, many patients are shifting to membership-based care for personalized primary care. This is expected to significantly drive revenue growth of the market between 2022 and 2030.

The hospital-based segment dominated the market, accounting for a large revenue share in 2021. The significant Primary Care Physician (PCP) shortage is believed to be resolved by the use of concierge healthcare services, which are seen as a way for healthcare professionals and providers. In the U.S., hospitals such as Inova Health System, Cleveland Clinic, and Massachusetts General Hospital, provide numerous prototype concierge programs. The introduction of telemedicine and telehealth technologies is a significant emerging trend in global concierge medicine, which allows doctors to virtually visit patients anywhere across the globe. This is increasing patient preference to adopt concierge medicine, which is expected to support revenue growth of the market.

On 10 November 2022, Crossover Health announced a collaboration with Aetna to launch a new health plan benefit for Seattle-area employers and their employees. This new plan benefit, Aetna Advanced Primary Health, was integrated into a health plan and paired a trusted interdisciplinary care team with a fixed-fee, value-based payment model designed to achieve optimal health outcomes.

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Emergen Research has segmented the U.S. concierge medicine market on the basis of type, application, ownership, and service type:

Type Outlook (Revenue, USD Million, 2019 - 2030)

Fee-for-Care

Fee-for-Extra Care

Hybrid

Application Outlook (Revenue, USD Million, 2019 - 2030)

Primary Care

Cardiology

Osteopathy

Psychiatry

Others

Ownership Outlook (Revenue, USD Million, 2019 - 2030)

Standalone

Group

Service Type Outlook (Revenue, USD Million, 2019 - 2030)

Hospital-based

Home Care

Major Geographies Analyzed in the Report:

North America (U.S., Canada)

Europe (U.K., Italy, Germany, France, Rest of EU)

Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

Latin America (Chile, Brazil, Argentina, Rest of Latin America)

Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

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Additional information offered by the report:

Along with a complete overview of the global U.S. Concierge Medicine market, the report provides detailed scrutiny of the diverse market trends observed on both regional and global levels. 

The report elaborates on the global U.S. Concierge Medicine market size and share governed by the major geographies.

 It performs a precise market growth forecast analysis, cost analysis, and a study of the micro- and macro-economic indicators.

It further presents a detailed description of the company profiles of the key market contenders.

Thank you for reading our report. Customization of the report is available according to the requirements of our clients. Kindly get in touch with us to know more about the customization options, and our team will ensure the report is tailored according to your needs. 

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