BURLINGAME, Calif., May 28, 2024 /PRNewswire/ -- According to Coherent Market Insights, the global concierge medicine market size is calculated at USD 19.86 billion in 2024 and is expected to be worth around USD 37.87 billion by 2031, growing at a CAGR of 9.7% from 2024 to 2031. The growth of the concierge medicine market is driven by increasing demand for personalized healthcare services and physicians' preference for this alternative to traditional healthcare models.
Concierge Medicine Market Report Coverage
Report Coverage | Details |
Market Revenue in 2024 | $19.86 billion |
Estimated Value by 2031 | $37.87 billion |
Growth Rate | Poised to grow at a CAGR of 9.7% |
Historical Data | 2019-2023 |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Ownership, By Application, By End User |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Growth Drivers |
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Restraints & Challenges |
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Market Dynamics:
The concierge medicine market is driven by rising disposable incomes coupled with improving standards of living across the globe. As disposable incomes rise, people are able to afford better healthcare facilities such as concierge medicine. In addition, increasing burden of chronic diseases due to sedentary lifestyles and unhealthy diet is also fueling market growth. According to WHO, chronic diseases accounted for approximately 60% of all deaths worldwide in 2016. Easy access to personalized healthcare services through concierge medicine is expected to further drive its demand over the forecast period.
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Market Trends:
To improve accessibility, some concierge doctors have started adopting hybrid models where they see both concierge and non-concierge patients. Under the hybrid model, concierge patients pay annual fees to get direct access to the doctor while non-concierge patients pay appointments based on insurance. The hybrid model allows doctors to spend more time with concierge patients along with expanding their customer base.
Rising health consciousness among geriatric population coupled with growing prevalence of chronic diseases is increasing demand for personalized healthcare services. As per the US Census Bureau, number of adults aged 65 years or above in the US is projected to double from 52 million in 2018 to 95 million by 2060. Concierge medicine offers greater convenience and better healthcare management to the elderly, thereby gaining widespread acceptance within this patient segment.
Market Opportunities:
With rising healthcare costs, many corporate organizations are focusing on implementing wellness programs that encourage preventive care and healthy lifestyles among employees. Concierge medicine offers personalized primary care services tailored to the needs of individual employees as well as corporate teams. This emerging trend is expected to drive increased demand for concierge medicine services from corporate clients.
The COVID-19 pandemic has accelerated the adoption of telehealth and virtual care solutions globally. Many concierge medicine practices have introduced telemedicine consultations to continue offering personalized care while maintaining social distancing. This allows them to expand their client base beyond geographic limitations. The growing preference for virtual healthcare is poised to open new avenues for concierge medicine providers.
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Recent Developments:
In March 2024, Sollis Health and Prenuvo announced their partnership to offer new Sollis Health members an opportunity for early detection and coordinated care for conditions like cancer, aneurysms, and other diaseases.
In May 2023, eClinicalWorks, announced that New Life Health & Concierge, selected eClinicalWorks and healow to improve efficiency drive patient acquisition, enhance patient engagement and lower costs.
Key Market Takeaways:
The global concierge medicine market is anticipated to witness a CAGR of 9.7% during the forecast period 2024-2031, owing to the rising demand for personalized primary care services. On the basis of ownership, the groups segment is expected to hold a dominant position, owing to their ability to offer a wider range of specialist services under one roof.
On the basis of application, the cardiology segment is expected to hold a dominant position over the forecast period, due to the increasing prevalence of cardiovascular diseases. On the basis of end user, the individuals segment is expected to hold a dominant position over the forecast period, due to the rising disposable income and health consciousness among individuals.
By region, North America is expected to hold a dominant position over the forecast period, due to the presence of major market players and higher willingness to pay for personalized care in the region. Some of the key players operating in the concierge medicine market include PartnerMD, Specialdocs Consultants, LLC, Peninsula Doctor, One Medical, Cambell Family Medicine, MDVIP, Paladina Health, Castle Connolly Private Health Partners, and PinnacleCare. Strategic collaborations and new service launches are some of the key strategies adopted by major players.
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Detailed Segmentation-
By Ownership:
- Group
- Standalone
By Application:
- Cardiology
- Primary Care
- Psychiatry
- Pediatrics
- Osteopathy
- Neurology
- Others
By End User:
- Individuals
- Corporate Organizations
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
- North America
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