Yahoo Finance Primary Care Physicians Market Size is Expanding at USD 1,511.7 BN by 2030
The global primary care physicians market size was estimated at USD 1062.40 billion in 2022 and it is projected to hit around US$ 1511.7 billion by 2030 with a CAGR of 4.5% between 2021 to 2030.
Ottawa, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Precedence Research, Recently Published Report on “Primary Care Physicians Market (By Type: General Practice, Family Physician, & Geriatrics, General Pediatrics, and General Internal Medicine) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022 – 2030”.
The increasing prevalence of diseases, increasing geriatric population, and increasing demand for the early diagnosis and preventive measures among the patients to prevent the hospitalization are the prominent factors that boosts the demand for the primary care services across the globe. The growing awareness among the population regarding the benefits and the importance of primary care physicians’ services is expected to significantly drive the growth of the market.
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The primary care physicians are the first point of contact for the patients and the healthcare systems. The specialized knowledge of the physicians to cater to all the types of health conditions and provide effective diagnosis at the initial stage can help the patient to cure the diseases at the early stage and thus prevent hospitalization and reduce the healthcare expenditure. Therefore, the demand for the primary care services is estimated to elevate at a significant rate during the forecast period.
Regional Snapshot
North America dominated the global primary care physicians market in 2022, owing to the increased demand for the primary care services in US. As per the American Medical Association, around 39.5% of the primary care physicians were family physicians in US in 2017. In US, over 60% of the population is suffering from one or more chronic diseases and the number of new chronic patients is increasing day by day. Moreover, the rapidly aging population in the region is resulting in the increased healthcare expenditure. According to the CMS, the healthcare spending accounted for 39.5% of the GDP in US in 2019. Furthermore, the increased adoption of the healthcare insurances and the favorable reimbursement policies boosts the demand for the primary care services in the region. The increased awareness among the population regarding the benefits of primary care has boosted the demand in the region. According to the US CDC, over 51% of the physician visits were made for the primary care in US in 2019.
Asia Pacific is estimated to be the most opportunistic market during the forecast period. This is attributed to the rising demand for the primary care services owing to the growing prevalence of diseases. The increasing disposable income, rising health consciousness, rising adoption of health insurances, and improved access to the health care facilities has fostered the demand for the primary care services in the region. Moreover, the presence of huge youth population and the increasing number of physicians in the region is expected to drive the market growth in the forthcoming future.
Report Highlights
Based on the type, the general practice, family physician, & geriatrics segment accounted for around 40% of the market share and dominated the global primary care physicians market in 2022. The increased adoption of the services of the family physicians and the general physicians has significantly driven the growth. It is estimated that around 20% of the physician visits in US is family physician visit.
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Scope of the Report
Report Attributes | Details |
Market Size in 2022 | USD 1062.40 Billion |
Revenue Forecast by 2030 | USD 1511.70 Billion |
CAGR | 4.5% from 2022 to 2030 |
Largest Revenue Holder | North America |
Base Year | 2022 |
Forecast Year | 2022 to 2030 |
Key Players | 1Life Healthcare (One Medical Group, Inc.), Rhode Island Primary Care Physicians Corporation, Duly Health and Care, HealthCare Partners Medical Group, Colonial Healthcare, MDVIP, Crossover Health Medical Group, New West Physician, ChenMed LLC. And Others |
Market Dynamics
Driver
Increasing demand for the early diagnosis and treatment
The primary care physicians play a crucial role in the early diagnosis and treatment of any diseases and medical ailments. This prevents hospitalization, reduction in the usage of drugs, and hence saves the healthcare costs on the patients. These benefits are the major reasons that fuels the demand for the primary care services among the population across the globe.
Restraints
Shortage of primary care physicians
There is a lack of primary care physicians across the globe. This lack of primary care physicians can result in the increased number of hospitalizations. Moreover, less physicians caters to the low volume of patients and the potential growth of the primary care physicians market is hampered. As per the Association of American Medical Colleges, US may face a shortage of 21,000 to over 55,000 primary care physicians by the year 2032.
Opportunity
Increasing adoption of telehealth
During the pandemic in 2020, the people were increasingly consulting with the primary care physicians regarding the use of telehealth and telemedicine platforms. The increasing adoption of the telehealth platforms among the patients and the physicians is expected to offer lucrative growth opportunities to the market players in the foreseeable future.
Challenge
Lack of basic medical facilities
There is a lack of access to the basic healthcare facilities especially in the rural areas of the developing and underdeveloped nations. Further, the lack of qualified physicians is a major challenge that restricts the growth of the primary care physicians market.
Related Reports
Browse more healthcare industry report@ https://www.precedenceresearch.com/industry/healthcare
By Type
General Practice, Family Physician, & Geriatrics
General Pediatrics
General Internal Medicine
By Geography
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
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