by In recent years, the healthcare landscape has witnessed a significant shift, with patients increasingly seeking personalized and high-quality care. Neglect of personal well-being has led to a surge in health issues, prompting individuals to explore alternative healthcare options. According to the 2018 Survey of Physician Appointment Wait Times by Merritt Hawkins, appointment wait times for new patients in the largest U.S. cities have increased by 30 percent since 2014, reaching an average of 24 days. However, the concierge medicine sector is offering a refreshing departure from this trend.
Concierge medicine, characterized by its focus on delivering tailored, patient-centric care, is on the rise. The limited number of patients seen by retainer medicine physicians allows for extended consultation times, with an average of 45-90 minutes per patient, as reported by Concierge Medicine Today (CMT), LLC. This extended interaction fosters strong patient-physician relationships, instilling trust and confidence in healthcare practitioners, and remains a primary driver behind the growth of the concierge medicine market.
Primary Care: The Engine of Growth Among the various segments within the concierge medicine market, primary care is emerging as the fastest-growing. Primary care serves as the foundation of the healthcare system, acting as the starting point for all medical journeys, from acute to chronic diseases. As patient awareness grows, so do their expectations for quality healthcare services and convenience. Traditional primary care settings often struggle to meet these expectations due to high patient volumes. Consequently, an increasing number of patients are turning to membership-based primary care for more personalized and attentive healthcare services. Notably, internal medicine is one of the leading specializations within concierge care, accounting for 25% of experts in the concierge model in 2016-2017, according to CMT, LLC.
The growth of the internal medicine segment can be attributed to the rising prevalence of digestive maladies, diabetes, hypertension, cardiovascular disorders, and the long wait times for cardiology appointments. According to the American Heart Association, cardiovascular diseases affected 126.9 million individuals in the United States between 2018 and 2021, with projections of over 130 million by 2035. Collaborations like the one between Lown Cardiology Group and Specialdocs Consultants, LLC in December 2020 are expected to further fuel industry expansion.
Rising Awareness in North America North America is poised to play a pivotal role in driving the global concierge medicine market. The region benefits from a growing awareness of the advantages of concierge healthcare among a significant portion of the population. Additionally, the rising incidence of diseases and the demand for personalized health plans contribute to the markets growth. An increasing number of healthcare specialists are opting for membership-based practices, driven by factors such as higher income potential, professional satisfaction, and reduced job pressure.
Concierge medicine practices operate on a retainer fee basis, allowing patients access to a range of services, including office visits, 24/7 physician availability, lab testing, house calls, referrals to specialists, preventive care, health assessments, and more. These practices often circumvent traditional insurance-based models, providing specialized healthcare services through monthly or annual flat fees. Many physicians find this approach liberating compared to conventional care plans, heavily influenced by insurance companies and government regulations. Consequently, the concierge medicine market is experiencing significant growth in the United States.
Key Players in the Concierge Medicine Market Several prominent players are shaping the concierge medicine market, each contributing to its expansion and evolution. In January 2022, the creators of Heal, Dr. Renee Dua and Nick Desai, announced a successful $4.4 million Seed II fundraising round, supported by a consortium of investors, including Quiet Capital, City Light Capital, Fika Ventures, and others. This funding follows the companys rapid growth, with HeyRenee raising a total of $8.2 million in just five months and tripling its valuation. Furthermore, Signature MDs merger with Cypress Membership Medicine in March 2021, in collaboration with Blue Sea Capital, strengthened SignatureMDs position as one of the largest providers of concierge medicine services.
Key players in the concierge medicine market include MDVIP, Signature MD, Crossover Health, Specialdocs Consultants, LLC, PartnerMD, Concierge Consultants & Cardiology, Castle Connolly Private Health Partners, Peninsula Doctor, Destination Health, Priority Physicians, Inc., Cambell Family Medicine, and U.S. San Diego Health.
As the demand for personalized healthcare continues to grow, the concierge medicine market is set to play an increasingly vital role in meeting the evolving healthcare needs of patients, with North America leading the charge in this transformative journey.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/concierge-medicine-market
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COMTEX_441973370/2840/2023-10-16T10:44:51
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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