The global market size for concierge medicine is anticipated to grow to USD 17.6 billion by 2028 from USD 12.76 billion in 2023, registering at a CAGR of 6.64% from 2023 to 2028.
Concierge medicine refers to a system of healthcare appointments that are easier to make and are accessible 24/7. A standard appointment with a doctor can take up to 24 hours due to the long list of booked patients for a doctor's visit, and the visit to a clinic costs extra for the patients on their bills, including charges like copays and deductibles. A concierge is an easy way to make instant appointments with a doctor and receive personal care from a professional. Concierge is a subscription system wherein the patient pays a monthly fee for a concierge medicine subscription to receive advantages like same-day or next-day appointments, no extra charges, personalized doctor care, and availability of the doctor for queries on the phone 24/7 with a personal line connection to the doctor. Therefore, a concierge is a premium service called retainer-based medicine and boutique medicine.
Impact of COVID-19 on the global concierge medicine market:
The COVID-19 epidemic has several serious problems that spread around the world. First, businesses suffered significant financial losses due to the pandemic's disruption of supply and demand networks, which resulted in lockdown restrictions. The healthcare industry was also severely impacted by an increase in cases and patients and a lack of beds, medical supplies, and healthcare experts to care for the patients. As a result, attention was diverted to the COVID patients, delaying the less critical surgeries and physicals.
The COVID-19 pandemic, however, had a positive impact on the concierge medicine market. As the number of patients for covid testing kept increasing, there was more need for doctor appointments. However, getting hospital appointments became problematic due to high demands and a shortage of professionals. As a result, subscription-based premium medicine was rising due to access to doctors. Additionally, physicians faced a financial crisis due to a sudden downfall in patient volumes and salaries, leading to further encouragement for concierge medicine. Finally, the pandemic resulted in an advantage for the concierge market.
MARKET DRIVERS:
Rising demand for instant appointments and the shortage in the availability of physicians in traditional healthcare settings are key factors propelling the concierge medicine market.
Using proper concierge systems helps reduce the influx of patients and prevents burnout for the hospital staff. The companies for concierge services sometimes also assist the patient with applying for insurance services and provide them with 24/7 assistance. The rise in the demand for personalized treatment and care, along with the additional dietary and nutritional benefits provided by concierge medicine, is establishing market revenue.
The growing adoption of telehealth and telemedicine in the healthcare sector is expected to favor the concierge medicine market.
The growing technological advancements and digitalization of the world have led to the use of devices like smartphones and laptops, along with internet convenience. The healthcare sector is now introducing applications and functions like EHRs to keep track of the patient, which helps provide remote care services. The adoption of telemedicine and online care services has proven to be an advantage to the market due to the concierge services provided by these methods.
Additionally, several market players are now investing in the concierge system. The governments are supporting the systems advancements, and hospitals are rapidly adopting the practice due to increased healthcare expenditure and consumer disposable incomes.
MARKET RESTRAINTS:
On the other hand, high costs associated with the premium monthly payments for concierge services and the unavailability of insurance services with concierge services are expected to hinder the expansion of the concierge medicine market.
This research report on the global concierge medicine market has been segmented and sub-segmented based on application, ownership & region.
Global Concierge Medicine Market - By Application:
Based on the application, the primary care segment is expected to dominate the market during the forecast period. This dominance is due to the growing adoption of the retainer model in the healthcare sector resulting from increased consumer demand. In addition, the concierge medicine system is helping physicians maintain proper work-life balance and reduce the stress levels associated with their job, thus leading to the segment's growth. Additionally, there is an ongoing shortage of primary care physicians in healthcare settings, and appointments are getting busier, further supporting the segment.
The pediatrics segment is also expected to grow at a healthy pace during the forecast period due to increasing specialists in the pediatric segment and the widespread acceptance of the retainer model.
Global Concierge Medicine Market - By Ownership:
Based on the ownership, the group segment accounted for the largest share of the concierge medicine market worldwide in 2022. This revenue growth of the segment is due to the collaboration of Companies with physicians in groups to provide a variety of services to the consumers; The companies take care of advertising, patient communication, and delivering elegant and premium services, VIP medicine, and membership renewals to the patients. Therefore, there is a high demand for group services among consumers.
Global Concierge Medicine Market - By Region:
The North American region accounted for the major portion of the global concierge medicine market in 2022. The dominance of this region in the worldwide market can be attributed to the availability of dependable healthcare infrastructure, Increasing public awareness of the advantages of concierge medicine, a sharp increase in the number of retainer doctors in the U.S., and the presence of many important players. Furthermore, the rise in disorders, the demand for personalized healthcare, favorable government regulations, and the rapid aging of the population are helping the region's progress. Additionally, rising consumer health consciousness, the need for high-quality medical services, and the high pay and profitability of membership-based practices are helping the shift toward the market in the region.
The European market is also expected to accelerate due to the need for unique, effective, and practical treatment options. In addition, the rising use of retainer services by doctors, cooperation and funding between big corporations and hospitals, and increasing preventative care demand, along with the adoption of healthcare subscription models and access to high-quality care, is helping the market expansion in the region.
The rapid growth of the healthcare industry, growing disposable incomes, chronic diseases, and rising awareness regarding concierge medicine are helping the market in Asia-Pacific grow.
KEY MARKET PARTICIPANTS:
Castle Connolly Private Health Partners, Specialdocs Consultants LLC., Priority Physicians Inc., PartnerMD, Crossover Health, MDVIP, CONCIERGE, CONSULTANTS & CARDIOLOGY, Signature MD, Peninsula Doctor, and Winstead PC are some of the noteworthy players in the global concierge medicine market.
RECENT HAPPENINGS IN THIS MARKET:
In September 2022, Personalized healthcare market leader MDVIP, which has a nationwide network of more than 1,100 primary care doctors, announced that it had been awarded one of Fortune and Great Place to Work's "2022 Best Workplaces in Healthcare." In addition, the renowned list of the top 50 small and medium healthcare employers in the nation has included MDVIP for the second year.
Based on a study of the responses to a confidential survey from more than 161,000 workers working for healthcare organizations in the U.S., MDVIP was ranked as one of the top workplaces in the healthcare industry. Over 60 questions about important performance metrics, including employee perceptions of trust, corporate values, and leadership efficacy, were answered anonymously by employees.
In March 2022, the most recent news from Longeviti Health, LLC, supports its rising position as a national leader in the membership and concierge healthcare services industry. Longevity Health ranked as the 82nd fastest-growing private firm nationwide and the 13th fastest-growing private company in the Southeast, with a remarkable two-year growth rate of 1051%. In addition, the business was ranked even higher in the health category, reaching the second-fastest growth rate among private companies in the Southeast and the seventh-fastest growth rate overall.
Frequently Asked Questions
The global concierge medicine market size was valued at USD 11.22 billion in 2021.
Geographically, APAC is forecasted to grow the fastest in the global concierge medicine market.
The concierge medicine market in Europe is estimated to grow by USD 4.78 billion by 2027.
The concierge medicine market in North America is expected to be growing at a CAGR of 6.06% from 2022 to 2027.
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