Concierge Medicine Market

Concierge medicine is a form of private healthcare practice, where the patients are charged retainer fees for healthcare consultation services. These services provide 24x7 physician access, lab tests, specialist consultation, travel care, and regular checkups. Concierge medicine services bypass insurance companies and charge consulting fees on annual or monthly subscription basis. The popularity of these services is rising among the global population. This is expected to boost the growth of the global concierge medicine market in the near future.

Market players are adopting strategies, which could be beneficial for the consumers. Several players are involved in strategic collaborations that help in the overall expansion of the global concierge medicine market. Leading players are launching new membership plans that are both affordable and accessible for the common man. Additionally, marketing strategies by key players also propel the global concierge medicine market.

The number of patients visiting clinics decreased during the COVID-19 pandemic, thereby impacting the financial stability of the physicians. However, the impact on concierge medicine practitioners was quite low. This boosted the adoption of membership-based practices among physicians. Thus, the adoption of concierge care is anticipated to be high post-COVID as well owing to the financial stability and work-life balance.

Key Drivers and Restrains of Global Concierge Medicine Market

• Increase in customized services in the disease service segment is augmenting the global concierge medicine market. Usage of customized models in concierge medicine is expected to drive the global market. Practitioners and specialists have introduced customized services related to a single disorder or multiple diseases.
• Rise in awareness among the population about the benefits of concierge medicine is driving the global market. Concierge medicine has a number of advantages over traditional healthcare services such as easy access to concierge doctors compared to traditional healthcare service providers. Additionally, concierge medicine addresses a major concern of the people that traditional physicians cannot, which is 24x7 care to the patients, unlike traditional physicians, who are available only for fixed hours.
• Rise in usage of concierge medicine in applications, such as internal medicine, cardiology, primary care, psychiatry, osteopathy, and pediatrics, is expected to propel the global concierge medicine market in the next few years. Membership-based plans could create a lucrative opportunity in the market. Recently, a number of individuals have been opting for subscription-based membership plans for personalized healthcare. This factor is likely to augment the global concierge medicine market in the next few years.

North America to Capture Major Share of Global Market

In terms of region, the global concierge medicine market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

According to Physician Foundation Survey conducted in 2020, more than 70% of doctors in the U.S. have experienced a reduction in income due to the COVID-19 pandemic. However, physicians who had adopted concierge care practice were financially stable despite the economic crisis. Thus, increase in the number of doctors switching to retainer medicine fueled market growth.

North America is projected to emerge as a prominent contributor to the expansion of the concierge medicine market in the next few years. Increase in awareness about the benefits associated with concierge medicine among a considerable chunk of the population is expected to drive the market in the region. Moreover, increase in incidence of diseases, surge in geriatric population, and the need for customized health plans are driving the concierge medicine market in North America.

Europe was the second largest market for concierge market in 2021. The COVID-19 pandemic has changed the treatment ways in many regions globally. Several regions adapted to the concierge-based medicine system.

Key Players Operating in Global Concierge Medicine Market:

• 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
• U.S. San Diego Health
• Other Prominent Players

Global Concierge Medicine Market Research Scope:

Global Concierge Medicine Market, by Application

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

Global Concierge Medicine Market, by Ownership

• Standalone
• Group

Global Concierge Medicine Market, by Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • Italy
  • U.K.
  • Spain
  • France
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia & New Zealand
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East & Africa