July 16, 2024

The Growing Threat Of Chronic Diseases To Drive The Growth Of The Primary Care Physicians Market

The global Primary Care Physicians Market is estimated to be valued at Us$ 701.20 Bn in 2023 and is expected to exhibit a CAGR Of 4.5% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Primary care physicians play a crucial role in a healthcare system by providing initial and preventive care for acute illness as well as management of chronic diseases and health conditions. They act as the coordinators for any additional care required by patients, be it with a specialist or inpatient care. Primary care encompasses services across several medical fields including internal medicine, family medicine, pediatrics, obstetrics/gynecology, geriatrics etc. Primary care aims to deliver comprehensive, coordinated and continuous medical care to individuals over the course of their lives through quality services regardless of gender, disease or age.

Market key trends:

One of the key trends observed in the primary care physicians market is the increasing focus on integrated and team-based care models. This involves optimizing the roles of various healthcare professionals including nurses, pharmacists, health coaches etc. to work in collaboration with primary care physicians. This leads to better patient engagement and satisfaction as well as chronic disease management. The threat of rising chronic diseases due to changing lifestyle and demographic trends is also driving greater emphasis on preventive care and wellness through primary care services. Technological solutions aimed at enhancing access, care coordination and data exchange are further helping reshape primary care delivery.

Porter’s Analysis

Threat of new entrants: The primary care physician market poses moderate threat for new entrants due to established infrastructure and brand loyalty of existing providers. However, demand- supply gap presents opportunities.

Bargaining power of buyers: Individual consumers have high bargaining power due to convenient options like retail clinics. However, insurance companies have moderate power due to consolidated primary care networks.

Bargaining power of suppliers: Equipment and technology companies have moderate bargaining power due to differentiated offerings supporting complex care delivery models.

Threat of new substitutes: Retail clinics and telehealth pose threat; however, face-to-face consultation remains integral for preventive and chronic care management.

Competitive rivalry: Intense competition exists among large healthcare systems to enhance access through models integrating hospitals, outpatient facilities and digital health solutions.

Key Takeaways

The Global Primary Care Physicians Market Size is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of chronic diseases.

Regional analysis: North America dominates the market and is expected to continue its dominance in the forecast period as well, due to supportive reimbursement scenarios and rising healthcare expenditures in the US. However, Asia Pacific is expected to witness the fastest growth owing to universal healthcare initiatives and medical tourism.

Key players operating in the primary care physicians market are Mayo Clinic, Cleveland Clinic, Kaiser Permanente, Johns Hopkins Medicine, Massachusetts General Hospital, UCLA Health, Ascension, Providence St. Joseph Health, Rush University Medical Center, NewYork-Presbyterian, UCSF Health, Northwestern Medicine, Partners HealthCare, Mount Sinai Health System, University of Michigan Health System, University of Washington Medicine, Cedars-Sinai, Stanford Health Care, NYU Langone Health, Penn Medicine. Key players are focusing on collaborations with insurers, retail clinics and digital health platforms to enhance access and clinical integration.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it