The concierge medicine market provides personalized healthcare services to patients on a subscription or fee basis. Under concierge medicine models, physicians offer longer and more in-depth consultations, expedited appointments and testing, telehealth capabilities, house calls and 24/7 access to their doctor. The advantages include prevention-focused care, personalized treatment plans and coordinated care with specialists. With increasing awareness about preventive care and focus on well-being, patients are willing to pay an annual or monthly retainer fees to their doctors for personalized healthcare services and amenities.
Key Takeaways
Key players operating in the concierge medicine are PartnerMD, Signature MD, Specialdocs Consultants, LLC, Peninsula Doctor, One Medical, PartnerMD, Cambell Family Medicine, MDVIP, Paladina Health, Castle Connolly Private Health Partners, HealthLynked, PinnacleCare, VIPcare, Access Health Care Physicians, Diamond Physicians, The Doctors Clinic Group, and Crossover Health.
Key players are focusing on strategic partnerships and collaborations to expand their service offerings and geographical presence. For instance, in 2021, MDVIP partnered with American Addiction Centers to integrate addiction treatment plans into whole-person care for its patients.
North America accounts for the largest share in the Concierge Medicine Market Growth due to increasing healthcare costs and growing preference for personalized healthcare services. However, Asia Pacific region is expected to exhibit fastest growth over the forecast period driven by improving healthcare infrastructure and rising medical tourism in countries like India, Thailand and Singapore.
Key players are expanding in international markets through partnerships, franchising models and company owned clinics. For example, in 2022, OneMedical expanded into Europe with new clinics planned in London and Paris. They aim to offer digital technologies and advanced primary care solutions to customers abroad.
Market Drivers
Increasing healthcare costs: Out of pocket spending on medical services continues to rise making healthcare unaffordable for many. This is increasing the demand for concierge medicine models offering affordable annual or monthly subscription packages.
Personalization: Patients especially seniors demand personalized care plans, coordinated care with specialists and access to their doctors anytime. Concierge medicine fulfills the need for personalized healthcare services.
Market Restrains
High Subscription Costs: While annual fees are lower than out of pocket costs for medical services, concierge medicine may still be out of budget for lower income individuals.
Limited Insurer Coverage: Subscription costs are not covered by most health insurance plans limiting the uptake of concierge medicine models.
Segment Analysis
Concierge medicine has multiple subsegments such as e-visits, primary care, specialty care, multi-specialty, etc. Primary care is currently the dominating subsegment and accounts for over 50% of the market share. This is because the majority of patients initially consult primary care doctors for common ailments. However, the specialty care segment is projected to witness the fastest growth during the forecast period due to the increasing prevalence of chronic and lifestyle diseases that require specialized treatment.
Global Analysis
Regionally, North America dominates the concierge medicine market and holds the largest market share currently. This is primarily due to changing dynamics in the healthcare sector and greater affordability among customers in the US for premium health services. However, Asia Pacific is estimated to grow at the fastest rate during the forecast period. This can be attributed to factors such as the rising healthcare expenditure, growing medical tourism industry, and increasing focus of key players on expanding their presence in emerging APAC countries.
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