GVR Report cover U.S. Primary Care Physicians Market Size, Share & Trends Report

U.S. Primary Care Physicians Market Size, Share & Trends Analysis Report By Type (General Practice, Family Physician & Geriatrics, General Internal Medicine, General Pediatrics), And Segment Forecasts, 2021 - 2028

  • Published Date: Dec, 2021
  • Base Year for Estimate: 2020
  • Report ID: GVR-4-68038-675-2
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 107

Report Overview

The U.S. primary care physicians market size was valued at USD 254.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 3.02% from 2021 to 2028. Access to primary care providers can curb the growing rate of hospitalization, usage of prescription drugs, and prevalence of chronic diseases. General physicians practicing internal medicine, family medicine, and pediatrics provide early detection of diseases with immediate treatment, management of chronic conditions, and preventive measures.

U.S. primary care physicians market size, 2018 - 2028 (USD Billion)

Primary care is the center of the U.S. healthcare system, reforms in the healthcare coverage will reenergize the infrastructure and aid the rebuilding of the primary care payment and delivery model. The comprehensive care provided by Primary Care Physicians (PCPs) and the continuous patient and physician relationship are essential to improve the quality of care which will lead to positive patient outcomes in the long run.

The U.S. healthcare system majorly relies on primary care doctors to lower the overall Medicare spending. Government bodies have realized the importance of primary care physicians in developing a value-based healthcare system in the U.S. and have undertaken various initiatives to bridge these gaps between revenues of different specialties. These initiatives are anticipated to empower primary care physicians to spend more time with patients rather than performing other administrative work.

The Centers for Medicare & Medicaid Services (CMS) have developed several models such as Comprehensive Primary Care Plus (CPC+) and Primary Care First Model to strengthen primary care at the regional and national levels. These models offer innovative payment structure that enhances the delivery of primary care. This enables primary care physicians to focus on prioritizing the doctor-patient relationship, patients with chronic diseases, and improving healthcare outcomes.

 

COVID-19 U.S. Primary Care Physicians Market Impact: 3.9 % increase from 2019 to 2020

Pandemic Impact

Post COVID Outlook

The COVID-19 pandemic revealed a huge gap in the U.S. healthcare infrastructure due to a shortage of physicians, lack of PPE kits for private practices, and limited nursing & supporting staff.

After re-opening post lockdowns and reduction of movement restrictions, patients preferred virtual consultations to avoid the disease. As telehealth became a more preferred mode of consultation for patients, primary care practices witnessed reduced patient influx during the second half of 2020.

Majority of the private physician practices reported a significant loss of revenue, physician burnout, shutting down of practices, and furloughed staff. In a survey conducted by the Medical Group Management Association, in May 2020, around 95% of small private practices reported a negative impact of COVID-19 on their financials.

Several initiatives, such as financial relief funds and improving accessibility & availability of primary care physicians, are expected to relieve the U.S. healthcare system from financial and other burdens created by the pandemic.

 

The COVID-19 pandemic has created a high demand for primary care physicians in the U.S. Primary care practitioners are being approached for vaccination, and telehealth & virtual care services have created new opportunities for physicians to increase access to primary care across the country. General pediatric physicians’ segment is expected to witness the fastest growth during the forecast period, owing to increasing awareness about preventive care among parents. Moreover, many physicians are focusing on pediatrics and internal medicine as subspecialties, which is expected to improve primary care visits with improved access in the coming years.

Type Insights

In 2020, the general practice, family physician, and geriatrics physicians segment generated the highest revenue share of over 40.0% due to increasing dependence on family physicians and general practitioners from Medicare beneficiaries. However, the general pediatric physician segment is projected to witness the fastest growth during the forecast period due to rising awareness among parents and the increasing prevalence of chronic diseases in children.

In the U.S., family physicians are front-line caregivers to people from different socioeconomic backgrounds in urban and rural areas across the 50 states. One in every five office physician visits is made to a family physician which accounts for around 192 million visits annually. Family physicians are an integral part of the rural primary care system.

U.S. primary care physicians market share, by type, 2020 (%)

General Practice (GP) physicians have similar practices and patients as family physicians; however, they do not receive training on other subspecialties. General practitioners are skilled to treat all medical conditions and identify cases where patients require continuous care from a specialist. GPs are skilled to provide diagnosis and treatment of acute ailments to children and adults and initial treatment for chronic conditions

General internal medicine practitioners play an important role in controlling the expanding healthcare cost and implementing reforms in the primary healthcare system. In 2017, internal medicine physicians accounted for 34.5% of the total PCPs according to AMA physician masterfile and around 24 general internists were available per 100,000 Americans.

Key Companies & Market Share Insights

In the U.S., primary care physicians mostly practiced in independent or small practices, however in recent years, many have been working in large physician groups or hospitals. Thus, competitive rivalry predominantly exists between various primary care provider models such as managed care, concierge care, Fee-for-Service (FFS), community care centers, employer care, hospitals, and other settings. Traditional patient-centered medical homes for primary care are being replaced by walk-in/retail and urgent care clinics that provide faster and more economic alternatives. Moreover, the shortage of physicians has also turned patients towards Nursing Practitioners (NP) and Physician Assistants (PA) for their primary care needs. However, new delivery models via telehealth and home-based physician visits are expected to fuel market growth. Some of the prominent players in the U.S. primary care physicians market include:

  • MDVIP

  • 1Life Healthcare (One Medical Group, Inc.)

  • Rhode Island Primary Care Physicians Corporation (RIPCPC)

  • ChenMed LLC

  • Colonial Healthcare

  • Duly Health and Care

  • HealthCare Partners Medical Group

  • New West Physician

  • Crossover Health Medical Group

U.S. Primary Care Physicians Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 260.1 billion

Revenue forecast in 2028

USD 320.3 billion

Growth Rate

CAGR of 3.02% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Type

Country scope

U.S.

Key companies profiled

MDVIP; 1Life Healthcare (One Medical Group, Inc.); Rhode Island Primary Care Physicians Corporation (RIPCPC); ChenMed LLC; Colonial Healthcare; Duly Health and Care; HealthCare Partners Medical Group; New West Physician; Crossover Health Medical Group

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

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Segments Covered in the Report

This report forecasts revenue growth at the country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the U.S. primary care physicians market report on the basis of type:

  • U.S. Primary Care Physicians Type Outlook (Revenue, USD Million, 2016 - 2028)

    • General Practice, Family Physician and Geriatrics

    • General Internal Medicine

    • General Pediatrics

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