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, 2024 - 2030

Market Size & Trends

The U.S. concierge medicine market size was estimated at USD 6.7 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 10.37% from 2024 to 2030. Concierge medical practice refers to a private form of practice where patients are charged an out-of-pocket retainer fee for accessing 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 advantages of concierge medicine are less waiting time, high compensation, and career satisfaction, which are expected to boost market growth. Furthermore, a growing geriatric population and increasing demand for healthcare services are anticipated to drive market growth.

Market Dynamics

High volume of people visiting hospitals daily, and a 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, average waiting time was 26 days for a new patient to schedule an appointment with a physician in 15 major U.S. cities, with an 8% increase since 2017. In addition, due to the high patient load, physicians tend to spend less time with patients; however, this is not the case with 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 better patient-doctor relationships, 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 over the forecast period.

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

In addition, 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 physicians within the cohort reported higher revenues in 2020 than previous year. Thus, an increased number of doctors switching to retainer medicine favored market growth.

Ownership Insights

Based on ownership, group segment dominated the market with a revenue share of 64.5% in 2023. The group segment includes companies with affiliated physicians as well as a group of doctors with their own membership care model. 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 accountable for a prominent share in 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. In addition, due to various Medicare and Medicaid regulations, physicians spend more time on electronic health record (EHR) rather than with their patients. The reduced patient panel provided the physicians ample time with each patient and a work-life balance. This is propelling the growth of the standalone segment.

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

Specialty Insights

Based on specialty, primary care segment held the largest market share of 26.6% in 2023. With rising patient awareness, 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 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. Increasing number of visits for digestive diseases and rising prevalence of diabetes and hypertension are expected to drive the segment growth. As per 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 have embraced 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.

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 common growth strategies followed by key market players.

Recent Developments

• In July 2023, Specialdocs Consultants, LLC announced a partnership with 10 physicians to launch its unique personalized care practices across the country. The partnership will strengthen Specialdocs Consultants’s position due to growing demand for concierge medicine.

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

U.S. Concierge Medicine Market Report Scope

U.S. Concierge Medicine Market Report Segmentation

This report forecasts revenue growth at 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