U.S. Concierge Medicine Market Size, Share & Trends Analysis Report By Specialty (Primary Care, Pediatrics, Osteopathy, Internal Medicine, Cardiology, Psychiatry), By Ownership (Standalone, Group), And Segment Forecasts, 2023 - 2030

Report Overview

The U.S. concierge medicine market size was valued at USD 6.1 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 10.32% from 2023 to 2030. Concierge medical practice refers to a private form of practice where the patients are charged an out-of-pocket retainer fee for accessing the doctor’s services. This will include services such as office visits, round-the-clock access to physicians, lab tests, house calls, care while traveling, referrals to specialists, preventive care, regular health assessment, and others. Some of the advantages of concierge medicine are less waiting time, high compensation, and career satisfaction, which are expected to boost the market growth. Furthermore, the growing geriatric population and increasing demand for healthcare services are anticipated to drive the market.

The high volume of people visiting hospitals daily and the shortage of primary care physicians have increased the waiting time. Patients are required to wait for hours for their consultations in traditional care settings. According to the 2022 Survey of Physician Appointment Wait Times published by Merritt Hawkins, the average waiting time was 26 days for a new patient to schedule an appointment with a physician in 15 major U.S. cities, an 8% increase since 2017. In addition, due to the high patient load, physicians tend to spend less time with patients. This is not the case in concierge medicine. As concierge physicians limit the number of patients, they spend more time in each encounter to know the patient completely.

Concierge medicine promotes a better patient-doctor relationship, which is crucial for fast recovery. It focuses more on preventive care, which can reduce the risk of serious chronic diseases. In addition, concierge doctors make themselves available for patients and coordinate care by making appointments with specialists on their behalf. Furthermore, the whole family can visit one doctor. These benefits offered by concierge medicine to patients are expected to boost the demand in the coming years.

During the COVID-19 pandemic, population demand for healthcare services increased drastically. People were required to wait for long hours in queues for COVID-19 testing or other consultations. As doctor appointments and elective procedures were canceled, patients were looking for easy access to trusted care. This boosted the demand for a membership-based care model. According to Kona Medical Consulting, a firm providing services for the expansion of medical facilities, concierge doctors reported an increase of 21% in new patient volumes in the U.S. in 2020.

On the other hand, a significant portion of physician offices and clinics were incurring losses owing to government restrictions. According to the 2020 Physician Foundation Survey, around 72 % of doctors in the U.S. have experienced a reduction in income due to COVID-19. Moreover, 55% of these have experienced income losses of nearly 26% or more. Concierge care provided financial stability to physicians during economic crises.

According to a practitioner survey conducted by OvationLab in the U.S., those under membership-based practices had a 0% closure rate and around 24% of the physicians within the cohort reported higher revenues in 2020 than the previous year. Thus, an increased number of doctors switching to retainer medicine favored the market growth.

Specialty Insights

The primary care segment with a 25.6% market share accounted for the largest share of the market in 2022. With rising patient awareness, the expectations of patients for quality healthcare services and convenient care are increasing. Primary Care Physicians (PCPs) in traditional healthcare settings are unable to match those expectations due to the high patient load. Hence, many patients are shifting to membership-based care for personalized primary care.

Concierge medicine is witnessing considerable growth in internal and family medicine. Internal medicine is among the top 5 specialties in concierge care. An increasing number of visits for digestive diseases and the rising prevalence of diabetes & hypertension are expected to drive the segment. According to the National Ambulatory Medical Care Survey, in 2018, 37.23 million physician office visits took place for digestive problems in the U.S. As per CDC, in 2018, 14.8 million adults in the U.S. were diagnosed with ulcers.

An increasing number of specialists are embracing concierge medicine over the recent years. Specialties, such as endocrinology, podiatry, pediatrics, OB-GYN, rheumatology, psychiatry, dermatology, nephrology, oncology, and others, are witnessing a gradual increase in concierge medicine. According to Concierge Medicine Today, LLC, the number of specialists in concierge practice has increased by 6%-7% between 2014 and 2018.

Ownership Insights

The group segment dominated the market with a share of 64.1% in 2022. The group segment includes companies with affiliated physicians as well as groups of doctors with their own membership care model. The strategic presence of concierge medicine providers such as MDVIP, Specialdocs Consultants, Partner MD, Signature MD, and others with a strong network of physicians across the U.S. is the primary factor for the prominent share of the segment.

High compensation and profitability, career satisfaction, and reduced work burden are the prime factors owing to which many solo practitioners are adopting membership-based practices. Additionally, due to various Medicare and Medicaid regulations, physicians spend more time on EHR rather than with their patients. The reduced patient panel provides the physicians ample time with each patient and a work-life balance. This is propelling the growth of the standalone segment.

Growth of the standalone segment is likely to propel owing to the increasing number of solo practices entering the hybrid concierge model. In the U.S., many physicians are old and hence they want to switch to the concierge model to reduce their work burden.

Key Companies & Market Share Insights

The market is fragmented with the presence of various solo and group concierge physicians. Concierge care providers are continuously focusing on bringing renowned clinical experts to increase membership volume. Partnership and collaboration with physicians are the common growth strategies followed by the key market players.

For instance, in February 2022, Castle Connolly Private Health Partners (CCPHP) announced a partnership with Banner Health to start the Banner Beyond Program. The program will provide a personalized and convenient member experience in a cutting-edge concierge setting.

Apart from this, companies such as Crossover Health and Signature MD are increasingly focusing on acquisition and funding. In March 2021, Signature MD announced a merger with Cypress Membership Medicine in partnership with Blue Sea Capital. The merger will strengthen SignatureMD’s position as one of the largest providers of concierge medicine services. Some prominent players in the U.S. concierge medicine market include:

• 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.

• U.S. San Diego Health

U.S. Concierge Medicine Market Report Scope

U.S. Concierge Medicine Market Segmentation

This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the U.S. concierge medicine market report based on specialty and ownership:

• Specialty Outlook (Revenue, USD Million, 2018 - 2030)

  • Primary Care

  • Pediatrics

  • Osteopathy

  • Internal Medicine

  • Cardiology

  • Psychiatry

  • Others

• Ownership Outlook (Revenue, USD Million, 2018 - 2030)

  • Standalone

  • Group