Concierge Medicine Market to grow by USD 7.86 billion between 2024-2028
According to a research report “ Concierge Medicine Market” by Application (Primary care, Pediatric, Cardiology, Internal medicine, Others) Ownership (Group, Standalone) Geography (North America, Europe, Asia, Rest of World (ROW))- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 7.86 billion at a CAGR of 7.15% during the forecast period. In the global health landscape, Cardiovascular Diseases (CVDs) represent a significant challenge, accounting for approximately one-third of annual deaths worldwide, as reported by the World Health Organization. In the US market, this issue assumes great importance with an estimated 610,000 deaths and 790,000 heart attacks each year, according to the CDC. Of these, nearly 580,000 heart attacks represent first-time occurrences, and 210,000 are recurrent. The geriatric demographic is particularly vulnerable to CVDs due to weakened heart functionality, making this a pressing concern for the concierge medicine market..
Browse market data tables, figures, and in-depth TOC on “Concierge Medicine Market” by Application (Primary care, Pediatric, Cardiology, Internal medicine, Others) Ownership (Group, Standalone) Geography (North America, Europe, Asia, Rest of World (ROW)) Global Forecast to 2028.
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By Application, the Primary care segment is projected to dominate the market size in 2024.
In the corporate realm of the global concierge medicine market, businesses partner with medical practices that cater to large groups, typically through employer-sponsored or organizational memberships. These group concierge practices prioritize customized healthcare solutions for their corporate clientele, focusing on preventive care, wellness initiatives, and streamlined access to healthcare services. Collaborating with employers, professional associations, and membership organizations, they integrate comprehensive healthcare offerings into employee benefits or membership perks.
By Ownership, Group segment is expected to hold the largest market size for the year 2024.
In the global concierge medicine market, the primary care segment assumes a pivotal role, delivering customized healthcare solutions to individuals and families via membership fees or retainers. This segment encompasses preventive care and health maintenance, which prioritizes proactive strategies, including routine health assessments, wellness exams, immunization plans, and lifestyle coaching, to foster optimal health and forestall the emergence of chronic conditions.
North America is forecasted to hold the largest market size by region in 2024.
The North American concierge medicine market holds a prominent position in the global industry, driven primarily by the US and Canada. This region is projected to experience consistent growth due to the substantial burden of chronic conditions, including diabetes and cardiovascular diseases (CVD), which collectively account for over 670,000 annual deaths in the US. Additionally, blood disorders such as deep vein thrombosis (DVT) and pulmonary embolism (PE) contribute to approximately 70,000-110,000 fatalities each year in the US, according to the Centers for Disease Control and Prevention (CDC). As a result, the US dominates the regional market due to heightened disease prevention awareness and the adoption of advanced diagnostic technologies.
The Concierge Medicine Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the dynamic landscape of healthcare, the Concierge Medicine Market continues to gain traction, offering customized solutions for career satisfaction and work-life balance for healthcare providers. This model prioritizes care while traveling, ensuring round-the-clock access to specialist consultations for patients, including those in the elderly population and those dealing with chronic diseases like cardiology. Retainer-based medicine, a key feature of Concierge Care, allows for tailored services and ease of access, addressing the physician stress and shortage concerns. Hospitalizations and patient volume are managed effectively through this model, ensuring personalized attention and customized care. Healthcare insurance firms and consultation services have recognized the value of Concierge Medicine, offering advertising costs coverage for Female doctors and other specialists to expand their reach. The Boutique Medicine approach, with its focus on concierge services, has proven effective in managing the increasing demands of patients, particularly those with complex medical needs.
Market Research Overview
In the current healthcare landscape, there is a growing demand for personalized and tailored medical services, leading to the expansion of the Concierge Medicine market. This model, which includes retainer-based medicine, concierge physicians, and round-the-clock care, offers numerous benefits such as longer doctor consultations, customized care, ease of access, and coordination of specialist consultations for various chronic diseases like hypertension, diabetes, and digestive diseases. Patients, particularly the geriatric population and those with income reduction, seek financial stability and high compensation doctor's services, which Concierge Medicine provides. Key players in this market include Platinum practices offering family healthcare services, internal medicine, pediatrics, psychiatry, endocrinology, and even osteopathy. Concierge Medicine also caters to career satisfaction for physicians, addressing the issue of physician stress and shortage. Additionally, it offers care while traveling and advertising costs are often covered in the retainer fees. However, government restrictions and incorrect diagnoses leading to hospitalizations remain challenges for this market.
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