PUBLISHER: The Business Research Company | PRODUCT CODE: 1527106
PUBLISHER: The Business Research Company | PRODUCT CODE: 1527106
Primary care physicians (PCPs) are healthcare providers who act as the initial point of contact for patients within the healthcare system. They deliver comprehensive and continuous care for a range of health issues, with a focus on health maintenance and disease prevention. PCPs typically handle both acute and chronic illnesses, coordinate specialist care, and stress the importance of preventive care and health education.
The services provided by primary care physicians include preventive care, chronic disease management, acute care, maternal and child health, among other types. Preventive care involves services designed to prevent illnesses or injuries before they occur, focusing on vaccinations, screenings, counseling, and lifestyle interventions to maintain overall health. The various types of physicians include general practitioners (GPs), family medicine physicians, internal medicine physicians, pediatricians, and others, with patient types ranging from pediatric to adult and geriatric. The practice settings include solo practices, group practices, hospital-based practices, and other settings, serving end-users such as medical clinics, point-of-care settings, hospitals, long-term care facilities, outpatient departments, teleconsultation, and other end-users.
The primary care physicians market research report is one of a series of new reports from The Business Research Company that provides primary care physicians market statistics, including primary care physicians industry global market size, regional shares, competitors with a primary care physicians market share, detailed primary care physicians market segments, market trends, and opportunities, and any further data you may need to thrive in the primary care physicians industry. This primary care physician research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The primary care physicians market size has grown strongly in recent years. It will grow from $868.22 billion in 2023 to $913.28 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. In the historical period, expansion can be credited to advancements in medical education and training, the promotion of research and evidence-based medicine, the establishment of professional organizations and advocacy efforts, the evolution of workforce and practice models, and the fostering of patient empowerment and engagement.
The primary care physicians market size is expected to see strong growth in the next few years. It will grow to $1,126.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The projected growth in the upcoming period can be attributed to a transition towards value-based care, the evolving preferences and expectations of patients, the impact of public health events, the rise of consumerism in healthcare, and the integration of behavioral health services. Notable trends anticipated in this period encompass the utilization of virtual reality for pain management and therapy, the implementation of blockchain for data security, the integration of robotic assistance in surgery and rehabilitation, the application of natural language processing for clinical documentation, and the adoption of gamification for promoting patient engagement and enhancing health.
The anticipated increase in hospitalizations is poised to drive growth in the primary care physician market. Hospitalization involves patients being admitted for medical treatment or observation. This rise in hospitalizations is attributed to the escalation of chronic diseases, the demand for complex treatments necessitating hospital care, and shifts in healthcare policies affecting primary care accessibility. Primary care physicians play a crucial role in diminishing both the frequency and duration of hospital stays by promptly addressing health concerns, effectively managing chronic ailments, and delivering continuous and coordinated care. Such an approach not only enhances patient outcomes but also reduces healthcare expenditures. As illustrated by a report released by the Australian Institute of Health and Welfare, a government agency based in Australia, in May 2024, there were 12.1 million hospitalizations in 2022-23, representing a 4.6% increase from 11.6 million in 2021-22. Consequently, the escalating rate of hospitalizations is propelling the expansion of the primary care physician market.
Leading companies in the primary care physician market are prioritizing the development of innovative solutions, such as virtual curbside consults, to gain a competitive advantage. Virtual curbside consults involve consultations between healthcare providers, typically primary care physicians and specialists, conducted remotely through digital communication tools. For example, in July 2023, Summus Global Inc., a US-based virtual specialty care company, introduced the peer-to-peer platform, a novel tool connecting providers with specialists for eConsults. This platform offers instantaneous access to specialist advice, enabling primary care physicians to consult with experts and make well-informed decisions promptly. Moreover, its user-friendly interface ensures seamless communication via secure messaging, video calls, or phone consultations.
In February 2023, Amazon.com Inc., a US-based e-commerce company, acquired One Medical for $3.9 billion. Through this acquisition, Amazon aims to bolster its foothold in the healthcare industry by expanding its primary care services and enriching the patient care experience. One Medical is a US-based primary care service provider offering both in-person and online resources.
Major companies operating in the primary care physicians market are 3M Company, Medtronic Inc., Siemens Healthineers AG, General Electric Healthcare, Cleveland Clinic Foundation, New York University Langone Hospitals, The Trustees of the University of Pennsylvania, Duke University Health System Inc., Mayo Clinic, Northwestern Memorial HealthCare, Cedars-Sinai Medical Center, 1Life Healthcare Inc., ChenMed LLC, MDVIP Inc., Crossover Health Medical Group APC, New West Physicians P.C., Duly Health and Care S.C., Colonial Healthcare LLC, HealthCare Partners Medical Group Inc., Rhode Island Primary Care Physicians Corporation
North America was the largest region in the primary care physicians market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the primary care physicians market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the primary care physicians market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary care physicians service market includes revenues earned by entities for services such as diagnosis and treatment, health education and counseling, coordination of care, and diagnostic testing and screening. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Primary Care Physicians Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on primary care physicians market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for primary care physicians ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The primary care physicians market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.