U.S. Physician Groups Market To Reach $461.11 Billion By 2030

U.S. Physician Groups Market Growth & Trends

The U.S. physician groups market size is anticipated to reach USD 461.11 billion by 2030, growing at a CAGR of 5.14% from 2024 to 2030, according to a new report by Grand View Research, Inc. This growth can be attributed to the shift of practitioners from solo practices to group practices. In a group practice, a physician has the capacity to manage advanced, essential, and expensive medical equipment. Group practices can expand their reach to cover a broader geographic area, operate across multiple locations, serve a larger patient base, and achieve greater profitability. In addition, practitioners can receive valuable feedback and insights from colleagues and co-workers when working within a group.

In the U.S. market for physician groups, value-added services encompass various offerings beyond traditional medical care, such as telemedicine, chronic disease management programs, patient education resources, wellness programs, and preventive care initiatives. By offering these services, physician groups differentiate themselves in the market, attract new patients, and improve patient outcomes. For instance, in August 2023, The Northwestern Medical Group launched the Northwestern Medicine Canning Thoracic Institute Hispanic Program, offering personalized care to Hispanic patients in their native language.

The growing government initiatives to promote physicians' revenue in the U.S. are expected to propel the market's growth over the forecast period. Government bodies have realized the importance of 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. For instance, in January 2024, Commons Clinic, a value-based physician group offering musculoskeletal care to patients in Los Angeles, launched the Center for Spine Economics, Outcomes, & Research with plans to invest USD 100 million over the next decade. The center aims to test and research new models that move spinal care into community-based accountable care networks and out to hospitals.

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U.S. Physician Groups Market Report Highlights

• Based on practice type, the single-specialty segment held the largest revenue share in 2023. This can be attributed to the increasing patient preference due to its comprehensive healthcare services.

• Based on practice size, the fewer than five physicians segment dominated held the largest revenue share in 2023, owing to the high quality of services available at such locations and the high number of physicians operating in such practices in the U.S.

• Based on ownership, the physician-owned segment dominated the market in 2023. However, the private equity segment is predicted to have fastest growth during the forecast period owing to the rising acquisition of small physician groups by such firms.

• Southeast U.S. dominated the country’s physician groups market in 2023. This can be attributed to the presence of many physician groups in the region

• Some prominent market players include Cleveland Clinic; The Permanente Medical Group; Optum, Inc.; Select Physical Therapy; HCA Florida Healthcare Physicians (HCA, Inc.); University of Pittsburgh Physicians (UPMC Physicians); NYU Langone Health Physicians (NYC University Physicians Network)

• In November 2023, Cleveland Clinic entered into a partnership with Canon Inc. to advance global innovation in medical imaging solutions

U.S. Physician Groups Market Segmentation

Grand View Research has segmented the U.S. physician groups market based on practice type, practice size, ownership, and region:

U.S. Physician Groups Practice Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Single Specialty Group

  • Primary Care

  • OB/GYN

  • Ophthalmology

  • Surgical

  • Psychiatry

  • Cardiology

  • Anesthesiology

  • Dermatology

  • Radiology

  • Emergency Medicine

  • Others

• Multi-Specialty Group

  • Primary Care

  • OB/GYN

  • Ophthalmology

  • Surgical

  • Psychiatry

  • Cardiology

  • Anesthesiology

  • Dermatology

  • Radiology

  • Emergency Medicine

  • Others

U.S. Physician Groups Practice Size Outlook (Revenue, USD Billion, 2018 - 2030)

• Fewer than 5 Physicians

• 5 to 10

• 11 to 24

• 25 to 49

• 50+ Physicians

U.S. Physician Groups Ownership Outlook (Revenue, USD Billion, 2018 - 2030)

• Physician-owned

• Hospital-owned

• Private Equity-owned

• Others

U.S. Physician Groups Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• Northeast

• Southeast

• Southwest

• Midwest

• West

List of Key Players in the U.S. Physician Groups Market

• Cleveland Clinic

• The Permanente Medical Group, Inc.

• Optum, Inc.

• Select Physical Therapy (Division of Select Medical)

• C-HCA, Inc. (HCA Florida Healthcare Physicians (HCA, Inc.))

• University of Pittsburgh Physicians (UPMC Physicians)

• NYU Langone Hospitals

• Northwestern Medical Group (Northwestern Medicine)

• HealthCare Partners IPA (HealthCare Partners, MSO)

• Northwell Health Physician Partners (Northwell Health)

• RWJ Barnabas Health Medical Group

• Ascension

• Penn Medicine Physicians (The Trustees of the University of Pennsylvania)