Primary Care Physicians Market Is Estimated To Witness High Growth Owing To Trends Of Rising Incidences Of Chronic Diseases
The 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 pivotal role in healthcare delivery systems by providing initial access to patients and coordinating their care. They provide comprehensive and continuing care including treating acute and chronic illnesses, providing preventive care and health education to all ages and sexes. They act as a partner for patients’ entire healthcare needs from pediatrics to geriatrics.
Market key trends:
Rising prevalence of chronic diseases such as diabetes, cancer, cardiovascular disorders etc. is driving the growth of primary care physicians market. As per WHO, chronic diseases are the leading causes of mortality worldwide, responsible for over 70% of all deaths globally. Increased healthcare spending to curb this disease burden is increasing the demand for primary care physicians. As per data, more than 50% of the total global healthcare spending is on chronic diseases. Preventive care practices adopted by primary care physicians can effectively reduce the cost of healthcare. This coupled with rising health awareness among people is expected to favor growth of the market over the forecast period.
Porter's Analysis
Threat of new entrants: The primary care physicians market has relatively high barriers to entry due to high licensing and certification requirements to become a physician.
Bargaining power of buyers: Individual patients have low bargaining power as they are price takers. However, large organizations such as insurance companies and HMOs have significant bargaining power over primary care physicians.
Bargaining power of suppliers: Suppliers such as pharmaceutical companies and medical device manufacturers have some bargaining power due to their specialized offerings. However, primary care physicians have alternatives if the relationship with any supplier breaks down.
Threat of new substitutes: While a few services may substitute primary care to some degree, such as urgent care facilities or telehealth, there are limited direct substitutes for in-person primary care services.
Competitive rivalry: Competition in this market is high due to a large number of physicians and practices vying for patients.
SWOT Analysis
Strengths: Access to preventive care, chronic disease management, and referrals to specialists. Trusting long-term doctor-patient relationships.
Weaknesses: Long patient wait times due to physician shortage. Heavy patient caseloads leading to burnout.
Opportunities: Growing geriatric population requiring more primary care. Advancements in telehealth expanding access.
Threats: Rising healthcare costs putting pressure on reimbursement rates. Consolidation leading to loss of control and autonomy for physicians.
Key Takeaways
The global Global Primary Care Physicians Market Size is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to an aging population driving increased demand for healthcare services. In the US alone, the population over 65 is projected to more than double from 52 million to over 95 million by 2060.
Regionally, North America dominates the primary care physicians market currently and is expected to continue its dominance over the forecast period. This can be attributed to factors such as higher healthcare expenditure and the presence of advanced healthcare infrastructure in countries like the US. However, the Asia Pacific region is anticipated to witness the highest growth rate during the forecast period owing to rapidly growing economies, growing medical tourism, and increasing focus of key market players on emerging Asian countries.
Key players operating in the primary care physicians market include 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. These players are focusing on organic and inorganic growth strategies like collaborations, partnerships, service extensions and geographical expansions to gain a competitive