New York, April 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "U.S. Concierge Medicine Market Size, Share & Trends Analysis Report By Application, By Ownership And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06251013/?utm_source=GNW
U.S. Concierge Medicine Market Growth & Trends
The U.S. concierge medicine market size is expected to reach USD 13.3 billion by 2030. The market is expected to expand at a CAGR of 10.27% over the forecast period. Rising waiting time for a physician appointment, shortage of physicians and rising prevalence of chronic diseases are driving the patients from conventional settings to non-traditional care settings. This, coupled with more time with physicians, fewer hospitalizations, and focus on preventive care are driving the growth of the market. The U.S. healthcare system is currently dealing with a critical shortage of PCPs, as the majority of medical graduates are taking specialization courses.
According to the Association of American Medical Colleges, the U.S. is anticipated to witness a shortage of 21,000 to 55,200 primary care doctors by 2032. This is expected to widen the gap between healthcare demand and the supply of doctors. Hence, many patients are moving towards subscription-based care to ensure easy access to quality care even if there is a physician shortage. Physician burnout is the prime reason for the increasing adoption of the retainer care model. According to the Medscape National Physician Burnout & Suicide Report 2020, 42% of the physicians accepted that they are burned out. The survey consisted of over 15,000 physicians in over 29 specialties.
Female doctors are experienced more burnout and stress.In the retainer model, the physicians manage to earn more despite small patient panels and establish a work-life balance.
The idea of controlling their work, setting equal membership fees compared to male counterparts, allocating more family time, and pursuing personal and professional interests is offering an attractive choice to the women practitioners.As a result, a large number of female doctors are switching to a retainer or membership-based practice.
An increasing number of specialists are embracing the retainer care model in recent years. Specialties, such as endocrinology, podiatry, pediatrics, OB-GYN, rheumatology, psychiatry, dermatology, nephrology, oncology, and others, are witnessing a gradual increase in concierge care.
According to the Physicians Foundation 2016 Survey of Americas Physicians, in 2016, 6.9% of the specialists were planning to switch to cash or concierge practice. The rising participation and interest of specialty physicians in the membership model is expected to boost the market growth. The COVID-19 pandemic has increased the demand for membership-based practices. Many people adopted the membership model to ensure better access to COVID-19 testing, vaccines, and treatment. Furthermore, many physicians facing financial crises due to reduced patient volume switched to retainer practice, thereby propelling the market growth.
U.S. Concierge Medicine Market Report Highlights
• The primary care segment dominated the market in 2021 due to the high demand for primary care services and sizeable aging population, which has increased the work burden on existing physicians
• Thus, to reduce their stress and maintain work-life balance, many physicians are downsizing to membership-based medicine where they keep less patient volume. This is expected to fuel the segment growth in the coming years
• The group segment held the maximum portion of the overall market revenue share in 2021 owing to the VIP services provided in the membership model
• As transitioning to the retainer model requires legal compliance, high advertisement, and patient communication, many physicians merge their practice with concierge medicine companies. This is propelling the segment’s growth
• In April 2020, Paragon Private Health announced its merger with Signature MD to provide world-class concierge medicine programs and an innovative service offering in areas, such as remote monitoring and telehealth. This will establish the company as a premier provider of membership-based support services
Read the full report: https://www.reportlinker.com/p06251013/?utm_source=GNW
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