Importance of Providing High-quality Patient Care to Fuel Growth of Concierge Medicine Market
The rapid increase in health issues due to negligence to one’s personal well-being is becoming big issue nowadays. According to Merritt Hawkins' 2018 Survey of Physician Appointment Wait Times, it took an average of 24 days for a new patient in the 15 largest U.S. cities to take an appointment with a physician, a 30 percent increase from 2014. In concierge care, however, this is not the case. Because the number of patients seen by retainer medicine physicians is limited, they devote extra time to each session to get to know the patient completely. This remains the key factor driving the growth of concierge medicine market. Concierge physicians spend an average of 45-90 minutes with each patient, according to Concierge Medicine Today (CMT), LLC. This contributes to the development of a solid patient-physician relationship in which patients have complete faith in their healthcare practitioner.
Increased Demand for Concierge Medicine in Primary Care to Drive Concierge Medicine Market Growth
Primary care is expected to be the fastest-growing segment of the concierge medicine market over the forecast period. Primary care is an important aspect of the healthcare system. All hospital trips, from acute to chronic disease, begin with a visit to a primary care physician (PCPs). Patients' expectations for quality healthcare services and convenient care are rising as patient awareness grows. Due to the heavy patient load, PCPs in traditional healthcare settings are unable to meet those expectations. As a result, more patients are opting for membership-based primary care for more individualised care. Internal medicine is one of the top five concierge care specialisations. Internal medicine accounted for 25% of the experts working in the concierge model in 2016-2017, according to CMT, LLC.
Many internal medicine experts are adopting a hybrid model because of the benefits of concierge medicine. The category is predicted to develop due to an increase in visits for digestive maladies, and the increased prevalence of diabetes, and hypertension. The segment's rise is being fuelled by the increased prevalence of cardiovascular disorders and the long wait times for cardiology appointments. According to the American Heart Association, 126.9 million people in the United States had cardiovascular disease between 2018 and 2021. More than 130 million persons in the United States are expected to suffer cardiovascular disease by 2035. Lown Cardiology Group partnered with Specialdocs Consultants, LLC to launch a concierge medicine practice in December 2020. This is anticipated to fuel the industry's expansion.
Growing Awareness of Concierge Medicine to Drive North America Concierge Medicine Market Growth
North America is expected to be a major regional contributor to the concierge medicine market's growth. The growing knowledge of the benefits of concierge treatment among a significant portion of the population in the region could be a major growth factor. Furthermore, the rising number of disorders and the demand for personalized health plans are propelling the concierge medicine market in North America forward. Furthermore, the segment's expansion is aided by an increasing number of concierge medicine specialists. Many solo practitioners are choosing membership-based practices because of high salary and profitability, professional happiness, and reduced job pressure.
A concierge medical practice is a type of private practice in which patients pay an out-of-pocket retainer fee to use the doctor's services. Office visits, round-the-clock access to physicians, lab testing, house calls, treatment while abroad, referrals to specialists, preventive care, regular health assessments, and other services are included. In these practices, doctors often avoid insurance companies to deliver specialised healthcare services and charge a monthly or annual flat cost (membership, and consulting). Several doctors are finding that these methods are a welcome reprieve from typical care plans, which are largely dictated by insurance companies, and government laws. With these advantages, concierge medicine market is growing in the US.
Global Concierge Medicine Market: Competitive Landscape
In January 2022, Dr. Renee Dua and Nick Desai, the creators of Heal, announced today an oversubscribed $4.4 million Seed II fundraising round led by Quiet Capital, with participation from City Light Capital, Fika Ventures, Global Founders Capital, Mucker Capital, SaaS Ventures, and Tau Ventures. In just five months, HeyRenee has raised $8.2 million and tripled its valuation. The company was also chosen as a health-tech finalist in the Mass Challenge, which involves a pilot with PandemicX, the US Department of Health and Human Services' new health equity effort (HHS). On the other hand, in March 2021 collaboration with Blue Sea Capital, Signature MD announced a merger with Cypress Membership Medicine. SignatureMD's position as one of the largest suppliers of concierge medicine services will be strengthened as a result of the combination.
A few of the players in the concierge medicine market include MDVIP, Signature MD, Crossover Health, Specialdocs Consultants, LLC, PartnerMD, Concierge Consultants & Cardiology, Castle Connolly Private Health Partners, Peninsula Doctor, Destination Health, Priority Physicians, Inc., Cambell Family Medicine, and U.S. San Diego Health.
Global Concierge Medicine Market is Segmented as Below:
Key Elements Included In The Study: Global Concierge Medicine Market
Post Sale Support, Research Updates & Offerings
We value the trust shown by our customers in Fairfield Market Research. We support our clients through our post sale support, research updates and offerings.
Under uncertainty, traditional approaches to strategic planning can be downright dangerous. True ambiguity is no basis to forecast the future – degree of risk, the magnitude of circumstances, conditions and consequences are not known or unpredictable. To avoid dangerous binary views of uncertainty; strategic posture, moves and actions through market research is the best bet.Read more