U.S. Concierge Medicine Market Size, Share, and Trends 2024 to 2034

The U.S. concierge medicine market size accounted for USD 6,306 million in 2022 and is expected to be worth around USD 10,925.29 million by 2032, poised to grow at a CAGR of 5.70% during the forecast period from 2023 to 2032.

Key Takeaways

• By application, the others segment dominated the U.S. concierge medicine market with the largest share in 2022.
• By application, the primary care segment is observed sustain as a second largest segment throughout the forecast period.
• By ownership, in 2022, the group segment held the dominating position in the market.

U.S. Concierge Medicine Market Overview

Concierge medicine, also known as personalized healthcare, refers to a healthcare model in which patients pay a fee, typically an annual or monthly retainer, to access enhanced medical services and personalized care from their primary care physicians. This model is an alternative to the traditional fee-for-service or insurance-based healthcare system. Concierge medicine fosters a closer, more direct relationship between physicians and patients. This can lead to better communication, improved patient satisfaction, and a more thorough understanding of individual health needs.

The integration of technology is reshaping the U.S. concierge medicine market. Many practices leverage telemedicine, mobile apps, and electronic health records to streamline communication between patients and their concierge physicians, enhancing overall healthcare delivery.

• The Gallup’s annual Health and Healthcare Survey stated, high-income households, women and young adults are top users for healthcare apps in the United States.
• A study done by Independa in 2022 revealed that almost 90% Americans used telehealth apps in the year for doctor appointments and tele dentistery.

Growth Factors

• The U.S. concierge medicine market is experiencing a surge in popularity as more individuals seek personalized and comprehensive healthcare services. Patients are increasingly drawn to the convenience and enhanced access offered by concierge medical practices.
• Corporate wellness programs are increasingly incorporating concierge medicine services for employees. Employers recognize the value of providing comprehensive healthcare to their workforce, leading to the growth of corporate-focused concierge medical offerings.
• The COVID-19 pandemic has accelerated the adoption of telehealth and remote healthcare services. Concierge medicine, with its focus on personalized care and technology integration, aligns well with the evolving trends in healthcare delivery post-pandemic.
• Concierge medicine provides quicker access to healthcare services, often including same-day or next-day appointments. Patients value the convenience and immediacy of access to their healthcare provider, contributing to the growth of this model.Concierge medicine enables physicians to develop customized healthcare plans tailored to individual patient needs. This personalized approach can lead to better health outcomes and patient satisfaction, driving the growth of this healthcare model.

U.S. Concierge Medicine Market Scope

U.S. Concierge Medicine Market Dynamics

Driver

Rising cases of diabetes in the United States

• As per the National Diabetes Statistics Report of the Centres for Disease Control, the number of cases of diabetes in the United States for the year 2022 was 37.3 million.
• The prediction done by Population Health Metrics states that the cases of diabetes in the United States would reach 39.7 million by 2030.
• The same report prediction stated that the number of cases of geriatric population (age 65+) having diabetes would reach up to 21 million by 2030.

Diabetes requires ongoing management and personalized care. Concierge medicine allows for a more individualized approach to patient care, enabling healthcare providers to tailor treatment plans, monitor patients closely, and provide proactive interventions, all of which are crucial for managing diabetes effectively. Patients with diabetes often require regular check-ups, monitoring of blood sugar levels, and access to healthcare professionals for timely advice. Concierge medicine typically offers extended and convenient access to physicians, ensuring that patients can receive prompt attention and guidance, which is particularly important in chronic conditions like diabetes.

Managing diabetes often involves coordination among various healthcare specialists. Concierge medicine services often provide better care coordination, with physicians closely monitoring patients' health and facilitating communication with other specialists as needed. This comprehensive and coordinated approach can be beneficial for individuals with complex health conditions like diabetes. Thereby, the prevalence of diabetes in the area is observed to act as a major driver for the growth of the U.S. concierge medicine market.

Restraint

Shortage of physicians

According to the CNBC report, approximately one-third of physicians working in the United States are observed to reach their retirement age by 2032. Meanwhile, the Association of American Medical Colleges also states that the country may witness a shortage of 122,000 primary care physicians by 2032.

With an overall shortage of physicians, there may be fewer doctors available to transition into concierge medicine practices. The model of concierge medicine typically involves a smaller patient panel to provide more personalized care, and the shortage may limit the number of physicians willing to adopt this model. Concierge medicine relies on providing a more accessible and personalized healthcare experience.

However, if there is a shortage of concierge physicians, it may lead to challenges in meeting the demand for such services, particularly in areas where the shortage is more acute. This can limit accessibility to concierge medical care for certain patient populations.

Opportunity

Emergence of health and wellness programs

The United States government recently issued a wellness program to promote the well-being of government employees. The newly issued program by the U.S. government aims to reduce the stigma associated with seeking treatment for mental and behavioral health problems. Such health and wellness programs are observed to offer a significant opportunity for the U.S. concierge medicine market.

Health and wellness programs often emphasize a holistic approach to well-being, encompassing not only medical care but also lifestyle factors such as nutrition, fitness, and stress management. Concierge medicine, with its focus on personalized and comprehensive care, aligns well with this holistic perspective. The increasing emphasis on patient-centric care in health and wellness initiatives aligns with the core principles of concierge medicine. The model prioritizes longer appointment times, enhanced physician-patient relationships, and a focus on patient satisfaction, which resonates with individuals seeking a more personalized healthcare experience.

Health and wellness programs often include a range of services beyond traditional medical care, such as nutrition counselling, fitness programs, and stress management. Concierge medicine providers can collaborate with wellness programs to offer a more comprehensive suite of services, providing patients with a one-stop-shop for their health needs.

Application Insights

The other segment dominated the market in 2022, the segment is observed to sustain the position during the forecast period. The others segment includes urology, ophthalmology, neurology, orthopedic surgery and gynaecology. Urology and gynaecology often involve sensitive and personal health issues. Patients may prefer a more personalized and private healthcare experience, which concierge medicine can offer. Patients in concierge medicine practices often enjoy greater access to their healthcare providers. This can be particularly beneficial for conditions that require prompt attention, such as certain urological and gynaecological issues.

In 2022, the primary care segment stood as the second largest segment in the U.S. concierge medicine market. Primary care concierge models allow for the creation of customized healthcare plans tailored to individual patient needs. This personalized approach can contribute to better health outcomes and patient satisfaction. Concierge primary care often includes enhanced accessibility to healthcare services. Patients may have 24/7 access to their primary care physicians through phone, email, or virtual consultations, ensuring timely and convenient healthcare support.

On the other hand, the cardiology segment will witness a significant rate of growth during the forecast period. Cardiovascular diseases are a leading cause of morbidity and mortality in the United States. The high prevalence of heart-related conditions creates a significant demand for specialized and personalized healthcare services, making cardiology a prominent segment within concierge medicine.

• The America Health Association released a report in 2022 stating that there are more than 356,000 out-of-hospital cases of cardiac arrests in the United States annually. The association has also stated that 90% of these cases were fatal.

Concierge medicine emphasizes preventive care and a proactive approach to health management. Cardiology services align well with this approach, as they can offer preventive screenings, lifestyle counselling, and early detection of cardiovascular risk factors.

The pediatric segment is another lucrative segment growing at a robust pace in the U.S. concierge medicine market. Concierge medicine often includes a focus on preventive care and wellness. For pediatric patients, this could mean comprehensive well-child visits, vaccinations, and proactive health monitoring. Parents who prioritize preventive care for their children may find concierge medicine aligns with these values.

Ownership Insights

The group segment held the dominating share of the market in 2022; the segment is expected to sustain its position throughout the forecast period. The regulatory environment, including state-specific healthcare laws in the United States influence the group ownership structures of concierge medicine practices. Group practices often include a diverse range of healthcare professionals with different specialties. This can provide patients with a comprehensive healthcare experience, as they can access a variety of services within the same practice.

Group ownership can provide economies of scale, allowing practices to pool resources and share expenses. This can lead to cost efficiencies in terms of administrative support, marketing, technology, and other operational aspects.

On the other hand, the independent ownership segment is expected to witness growth at a robust pace during the predicted timeframe. Independent ownership allows physicians to have direct relationships with their patients without the interference of large healthcare organizations. This direct connection can contribute to increased patient satisfaction.

Recent Developments

• In May 2023, the women-led telemedicine startup FemGevity has formally started, with the goal of providing women with menopause symptoms with individualised, cost-effective, and continuous care. Unlike the "one size fits all" approach that has been the standard for far too long, this digital platform provides women a comprehensive and holistic approach to menopause care. FemGevity aims to create advanced precision medicine services for women at affordable prices, by levelling the high-quality healthcare services accessible to more people. 
• In December 2022, Tampa General Hospital announced the launch of concierge medicine facility for its patients in Florida. The initiative will focus on preventive care and metabolic health in adolescents.

U.S. Concierge Medicine Market Players

• Priority Physicians, Inc
• Castle Connolly Private Health Partners
• Partner MD
• Concierge Consultants and Cardiology

Segments Covered in the Report

By Application

• Primary Care
• Cardiology
• Pediatrics
• Psychiatry
• Internal Care
• Others

By Ownership

• Independent
• Group