By 2033, the United States concierge medicine market is predicted to be worth US$ 17.97 billion. The concierge medicine industry is expected to thrive at a CAGR of 10.32% between 2023 and 2033. The United States concierge medicine sales are poised to progress to US$ 6.73 billion by 2023.
Concierge medical practice is a private practice where the patients are charged an out-of-pocket retainer fee for accessing the doctor’s services. Office visits, round-the-clock access to physicians, lab tests, house calls, care while traveling, referrals to specialists, preventive care, regular health assessments, and other services can be included.
A few of the benefits of concierge medicine include shorter wait times, higher pay, and job satisfaction, all of which are expected to strengthen market growth. The growing geriatric population and rising concierge medicine demand for healthcare services may spur the market.
Crucial Concierge Medicine Industry Determinants and Limits
Growth in customized services in the disease segment bolsters the United States concierge medicine market. The market may be driven by customized models in concierge medicine in the United States. Moreover, practitioners and experts have introduced tailored services for a single disorder or numerous diseases.
The rising trend in public knowledge about the perks of concierge medicine is spurring the market forward. Concierge medicine has advantages over typical healthcare services, such as simple access to concierge doctors compared to conventional healthcare service providers. Concierge medicine solves a key public concern that traditional physicians cannot address, namely the lack of 24-hour care for patients provided by traditional physicians, who are only available during set hours.
Upsurge in the application of concierge medicine in applications such as internal medicine, cardiology, primary care, psychiatry, osteopathy, and pediatrics, is projected to accelerate the concierge medicine market in the United States. Subscription plans may create a lucrative market opportunity. This element is anticipated to strengthen the concierge medicine industry in the United States.
Attributes
Details
United States Concierge Medicine Market CAGR (2023 to 2033)
10.32%
United States Concierge Medicine Market Size (2018)
US$ 4.12 billion
United States Concierge Medicine Market Size (2022)
US$ 6.1 billion
United States Concierge Medicine Market Size (2023)
US$ 6.73 billion
United States Concierge Medicine Market Size (2033)
US$ 17.97 billion
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Market Outlook: Previous (2018 to 2022) vs. Future (2023 to 2033)
In the early days of concierge medicine, the services offered were relatively basic, such as extended office hours and more time with the physician during appointments. However, as the market has matured, concierge medicine providers have started offering a wider range of services, such as personalized health and wellness plans, telemedicine consultations, and access to a network of specialists.
The concierge medicine market has also been influenced by changes in the broader healthcare landscape, such as rising healthcare costs, increased concierge medicine demand for personalized care, and a growing focus on preventative medicine. These trends have created a favorable environment for concierge medicine providers, who are well-positioned to offer high-quality, personalized care to patients willing to pay for it.
Despite the relatively small size of the market, the concierge medicine market has attracted a growing number of providers in recent years. According to a report by Future Market Insights, the concierge medicine market in the United States was valued at US$ 4.12 billion in 2018.
Market Dynamics
Vital Determinants of Concierge Medical Market's Evolution
The market growth drivers are rising chronic diseases, expanding elderly population, physician shortage, and waiting times for doctor visits. The advantages of concierge medicine, such as longer doctor consultations, customized care, preventive care, and fewer hospitalizations, boost concierge medicine demand.
The concierge medicine market is to grow due to high-income groups becoming more aware of concierge medicine. One of the main factors contributing to the retainer care model's acceptance is physician stress.
According to the Medscape National Physician Burnout & Suicide Report study, in 2020, 42% of doctors reported being burned out.
According to the 2016 Physicians Foundation Survey of American Doctors, 6.9% of specialists intend to transition to concierge medicine.
The retainer model is becoming more popular among doctors to supplement their income and strike a work-life balance.
Despite having a smaller clientele, physicians are nevertheless able to make more money due to the low patient population and high membership costs. The growing use of the retainer model by doctors is a sign of the concierge medical business model's success in the United States.
Main Impediments to the Market Growth
The main factor impeding the growth of the concierge medicine market is the low knowledge of concierge care in rural areas of the nation. The challenges that impede the expansion include legal and regulatory compliance necessities, increasing advertising costs, and lower patient awareness. A significant issue that could limit market expansion is the lack of primary care doctors.
By 2032, the United States may have a shortage of 21,000 to over 55,000 primary care doctors, according to the Association of American Medical Colleges.
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Comparative View of Adjacent United States Concierge Medicine Market
United States Concierge Medicine Market:
Attributes
United States Concierge Medicine Market
CAGR (2023 to 2033)
10.32%
Market Value (2023)
US$ 6.73 billion
Growth Factor
The growing popularity of tailored and effective care services motivates market expansion.
Opportunity
Concierge medicine is gaining popularity among high-income populations, which may help fuel market expansion.
Key Trends
Due to their increased affordability to obtain such expensive and private medical care, high-income clients are gaining significant traction, boosting market expansion.
Concierge Services Market:
Attributes
Concierge Services Market
CAGR (2023 to 2033)
5.3%
Market Value (2023)
US$ 695.99 million
Growth Factor
Work-life balance issues and demanding work schedules are expected to increase demand for concierge services.
Opportunity
Concierge services are in high demand due to the growing trend of on-demand personalized services.
Key Trends
Increasing disposable income and economies are the primary drivers of market expansion.
United States Virtual care Market:
Attributes
United States Virtual care Market
CAGR (2023 to 2033)
30.75%
Market Value (2023)
US$ 7.18 billion
Growth Factor
The key factors driving market expansion are the continuous development of new technologies and regulatory reforms.
Opportunity
To encourage market expansion, the United States government is investing heavily in digital health and increasing healthcare IT usage.
Key Trends
The anticipated physician shortage in the United States is expected to drive market expansion in the future years.
Segmentation Outlook
Which Specialty Sector is Successful in Earning Revenue?
Top Speciality Segment
Primary care
Market Share
25.6%
Primary care accounted for the leading United States concierge medicine market share in 2023, with a 25.6% market share. Patients' expectations for outstanding medical treatment and reliable care increase as patient awareness grows. Due to the heavy patient load, primary care physicians (PCPs) in traditional healthcare settings cannot meet those expectations. As a result, for tailored primary care, many patients are migrating to membership-based care.
Concierge medicine is becoming increasingly popular in internal and family care. Internal medicine is one of the top five specializations in concierge medicine. The category is likely to be driven by an increase in visits for digestive illnesses and the increased prevalence of diabetes and hypertension.
According to the National Ambulatory Medical care Survey, 37.23 million physician office visits for digestive disorders occurred in the United States in 2018.
In 2018, 14.8 million Americans were diagnosed with ulcers, as the Centers for Disease Control and Prevention reported.
Over the last few years, a rise in medical experts has embraced concierge medicine. Endocrinology, podiatry, pediatrics, OB-GYN, rheumatology, psychiatry, dermatology, nephrology, oncology, and other specialties are seeing a progressive increase in concierge medicine.
Which Ownership Segment is Forecast to Gain a Leading Position in the Market?
In 2023, the group sector took the market by storm with a 64.1% share. Companies with linked physicians and groups of doctors with their membership care model are included in the group section.
Top Ownership Segment
Group Sector
Market Share
64.1%
The strategic presence of concierge care providers with a broad network of physicians across the United States, such as MDVIP, Specialdocs Consultants, Partner MD, Signature MD, and others, is the main determinant for the segment's prominent share.
The prime reasons many solo practitioners embrace membership-based practices are high remuneration and profitability, professional happiness, and reduced work burden. Physicians tend to spend more time on EHR than with their patients because of numerous Medicare and Medicaid restrictions.
The smaller patient roster allows the doctors to spend enough time with each patient and maintain a healthy work-life balance. This is fueling the standalone segment's rise.
As more solo practices adopt the hybrid concierge model, the standalone segment's growth is anticipated to accelerate. Many physicians in the United States are elderly. Thus they wish to transition to the concierge model to lighten their workload.
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Regional Outlook
Why are Manufacturers Lured to the United States as a Leading Market?
The healthcare industry in the United States is massive and only grows in importance as the population expands. Several businesses and healthcare institutions work together to increase patient satisfaction and treatment quality. Companies have been expanding their sites by improving existing facilities to have a foothold in the constantly developing sector.
Concierge medicine has expanded tremendously due to the sudden rise in retainer doctors in the United States. Patients are encouraged to seek more specialized services due to the increased frequency of obesity, diabetes, cancer, and several other psychological diseases in the country.
The concierge medicine demand in the United States is also rising due to rising consumer health consciousness and rising concierge medicine demand for individualized healthcare services.
How Does Competition Impact the Concierge Medicine Industry in the United States?
Growth Sparked by Arrival of Concierge Medicine Experts
The market is moderately fragmented, with various concierge medicine market manufacturers present. The top concierge medicine market manufacturers in the country strive to increase their market share through investments, acquisitions, and mergers. The significant suppliers are spending on product development and launch.
Concierge care providers are constantly working to attract famous healthcare professionals to enhance membership volume. The leading United States concierge medicine market manufacturers' common growth strategies are partnership and physician engagement.
Recent Development
Partnership:
Date
February 2022
Company
Castle Connolly Private Health Partners (CCPHP)
Details
Castle Connolly Private Health Partners (CCPHP) and Banner Health collaborated to unveil the Banner Beyond Program. In a cutting-edge concierge setting, the initiative may give a tailored and easy member experience.
Merger:
Date
March 2021
Company
Signature MD
Details
Signature MD announced a merger with Cypress Membership Medicine, in collaboration with Blue Sea Capital. The acquisition may improve SignatureMD's position among the main producers of concierge medicine services.
Funding:
Date
January 2022
Company
HeyRenee
Details
HeyRenee, a personalized health concierge service, has obtained US$ 4.4 million in funding to give clients a comprehensive care service that involves patient personal care assistants. For HeyRenee and other investors such as Fika Ventures, City Light Capital, Global Founders Capital, SaaS Ventures, Mucker Capital, and Tau Ventures, Quiet Capital managed the second seed round.
The business aims to serve as an open platform that flawlessly assembles the ideal set of services for each patient and assists in leading patients through a straightforward, interactive daily schedule.
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
Frequently Asked Questions
What is the United States Concierge Medicine Market Size in 2023?
The market is valued at US$ 6.7 billion in 2023.
Which are the Key Market players?
MDVIP, Signature MD, and Crossover Health are key market players.
What will the Market Size in 2033?
The market is expected to reach US$ 17.9 billion by 2033.
What Drives the United States Concierge Medicine Market Growth?
Increasing popularity of tailored and effective care services to fuel the market prospects.
Which Key Segment is Raising the Bar by Specialty?
Primary care segment is likely to remain preferred through 2033.
Table of Content
1. Executive Summary | United States Concierge Medicine Market
1.1. United States Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Specialty
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Specialty, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Specialty, 2023 to 2033
5.3.1. Primary Care
5.3.2. Paediatrics
5.3.3. Osteopathy
5.3.4. Internal Medicine
5.3.5. Cardiology
5.3.6. Psychiatry
5.3.7. Others
5.4. Y-o-Y Growth Trend Analysis By Specialty, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Specialty, 2023 to 2033
6. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Ownership
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By Ownership, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Ownership, 2023 to 2033
6.3.1. Standalone
6.3.2. Group
6.4. Y-o-Y Growth Trend Analysis By Ownership, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Ownership, 2023 to 2033
7. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. United States
7.4. Market Attractiveness Analysis By Region
8. Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. United States
8.2.2. By Specialty
8.2.3. By Ownership
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Specialty
8.3.3. By Ownership
8.4. Key Takeaways
9. Key Countries Concierge Medicine Market Analysis
9.1. United States
9.1.1. Pricing Analysis
9.1.2. Market Share Analysis, 2022
9.1.2.1. By Specialty
9.1.2.2. By Ownership
10. Market Structure Analysis
10.1. Competition Dashboard
10.2. Competition Benchmarking
10.3. Market Share Analysis of Top Players
10.3.1. By Regional
10.3.2. By Specialty
10.3.3. By Ownership
11. Competition Analysis
11.1. Competition Deep Dive
11.1.1. USA San Diego Health
11.1.1.1. Overview
11.1.1.2. Product Portfolio
11.1.1.3. Profitability by Market Segments
11.1.1.4. Sales Footprint
11.1.1.5. Strategy Overview
11.1.1.5.1. Marketing Strategy
11.1.2. Crossover Health
11.1.2.1. Overview
11.1.2.2. Product Portfolio
11.1.2.3. Profitability by Market Segments
11.1.2.4. Sales Footprint
11.1.2.5. Strategy Overview
11.1.2.5.1. Marketing Strategy
11.1.3. Specialdocs Consultants, LLC
11.1.3.1. Overview
11.1.3.2. Product Portfolio
11.1.3.3. Profitability by Market Segments
11.1.3.4. Sales Footprint
11.1.3.5. Strategy Overview
11.1.3.5.1. Marketing Strategy
11.1.4. PartnerMD
11.1.4.1. Overview
11.1.4.2. Product Portfolio
11.1.4.3. Profitability by Market Segments
11.1.4.4. Sales Footprint
11.1.4.5. Strategy Overview
11.1.4.5.1. Marketing Strategy
11.1.5. Concierge Consultants & Cardiology
11.1.5.1. Overview
11.1.5.2. Product Portfolio
11.1.5.3. Profitability by Market Segments
11.1.5.4. Sales Footprint
11.1.5.5. Strategy Overview
11.1.5.5.1. Marketing Strategy
11.1.6. Castle Connolly Private Health Partners
11.1.6.1. Overview
11.1.6.2. Product Portfolio
11.1.6.3. Profitability by Market Segments
11.1.6.4. Sales Footprint
11.1.6.5. Strategy Overview
11.1.6.5.1. Marketing Strategy
11.1.7. Peninsula Doctor
11.1.7.1. Overview
11.1.7.2. Product Portfolio
11.1.7.3. Profitability by Market Segments
11.1.7.4. Sales Footprint
11.1.7.5. Strategy Overview
11.1.7.5.1. Marketing Strategy
11.1.8. Cambell Family Medicine
11.1.8.1. Overview
11.1.8.2. Product Portfolio
11.1.8.3. Profitability by Market Segments
11.1.8.4. Sales Footprint
11.1.8.5. Strategy Overview
11.1.8.5.1. Marketing Strategy
11.1.9. Destination Health
11.1.9.1. Overview
11.1.9.2. Product Portfolio
11.1.9.3. Profitability by Market Segments
11.1.9.4. Sales Footprint
11.1.9.5. Strategy Overview
11.1.9.5.1. Marketing Strategy
11.1.10. Priority Physicians, Inc.
11.1.10.1. Overview
11.1.10.2. Product Portfolio
11.1.10.3. Profitability by Market Segments
11.1.10.4. Sales Footprint
11.1.10.5. Strategy Overview
11.1.10.5.1. Marketing Strategy
12. Assumptions & Acronyms Used13. Research Methodolog
List of Tables
Table 1: Market Value (US$ Million) Forecast by Region, 2018 to 2033
Table 2: Market Value (US$ Million) Forecast by Specialty, 2018 to 2033
Table 3: Market Value (US$ Million) Forecast by Ownership, 2018 to 2033
Table 4: Market Value (US$ Million) Forecast by Country, 2018 to 2033
Table 5: Market Value (US$ Million) Forecast by Specialty, 2018 to 2033
Table 6: Market Value (US$ Million) Forecast by Ownership, 2018 to 2033
List of Charts
Figure 1: Market Value (US$ Million) by Specialty, 2023 to 2033
Figure 2: Market Value (US$ Million) by Ownership, 2023 to 2033
Figure 3: Market Value (US$ Million) by Region, 2023 to 2033
Figure 4: Market Value (US$ Million) Analysis by Region, 2018 to 2033
Figure 5: Market Value Share (%) and BPS Analysis by Region, 2023 to 2033
Figure 6: Market Y-o-Y Growth (%) Projections by Region, 2023 to 2033
Figure 7: Market Value (US$ Million) Analysis by Specialty, 2018 to 2033
Figure 8: Market Value Share (%) and BPS Analysis by Specialty, 2023 to 2033
Figure 9: Market Y-o-Y Growth (%) Projections by Specialty, 2023 to 2033
Figure 10: Market Value (US$ Million) Analysis by Ownership, 2018 to 2033
Figure 11: Market Value Share (%) and BPS Analysis by Ownership, 2023 to 2033
Figure 12: Market Y-o-Y Growth (%) Projections by Ownership, 2023 to 2033
Figure 13: Market Attractiveness by Specialty, 2023 to 2033
Figure 14: Market Attractiveness by Ownership, 2023 to 2033
Figure 15: Market Attractiveness by Region, 2023 to 2033
Figure 16: Market Value (US$ Million) by Specialty, 2023 to 2033
Figure 17: Market Value (US$ Million) by Ownership, 2023 to 2033
Figure 18: Market Value (US$ Million) by Country, 2023 to 2033
Figure 19: Market Value (US$ Million) Analysis by Country, 2018 to 2033
Figure 20: Market Value Share (%) and BPS Analysis by Country, 2023 to 2033
Figure 21: Market Y-o-Y Growth (%) Projections by Country, 2023 to 2033
Figure 22: Market Value (US$ Million) Analysis by Specialty, 2018 to 2033
Figure 23: Market Value Share (%) and BPS Analysis by Specialty, 2023 to 2033
Figure 24: Market Y-o-Y Growth (%) Projections by Specialty, 2023 to 2033
Figure 25: Market Value (US$ Million) Analysis by Ownership, 2018 to 2033
Figure 26: Market Value Share (%) and BPS Analysis by Ownership, 2023 to 2033
Figure 27: Market Y-o-Y Growth (%) Projections by Ownership, 2023 to 2033
Figure 28: Market Attractiveness by Specialty, 2023 to 2033
Figure 29: Market Attractiveness by Ownership, 2023 to 2033
Figure 30: Market Attractiveness by Country, 2023 to 2033
