July 13, 2024
Primary Care Physicians Market

Primary Care Physicians Market Estimated To Witness Growth Owing To Rising Healthcare Costs and Growing Geriatric Population

Market Overview:

Primary care physicians play a key role in disease prevention, health promotion, health maintenance, patient education, and diagnosis and treatment of injuries and illnesses that do not usually require hospitalization. They help patients navigate the healthcare system and coordinate or direct care across various medical specialties. Common services provided by primary care physicians include annual physical exams, immunizations and vaccines, treatment of acute conditions like flu or infections, screenings for diseases like cancer, and management of chronic conditions like diabetes or asthma.

Market Dynamics:

Rising healthcare costs: There has been a steady rise in healthcare costs over the past few decades worldwide. This can partly be attributed to the increasing use of medical technologies and medications. Primary care physicians help lower overall healthcare spending by reducing emergency room visits and hospitalizations through preventive screening and chronic disease management.

Growing geriatric population: Globally, the elderly population aged 65 years and above is growing at an unprecedented rate. This age group has higher healthcare needs and is more susceptible to chronic conditions that require long-term care. Primary care physicians will play a pivotal role in managing the healthcare of this population segment.

The global Primary Care Physicians Market Growth is estimated to be valued at US$ 701.20 Billion 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.

Segment Analysis

The primary care physicians market can be segmented into general practitioners, pediatricians, internists, and family physicians. Family physicians account for the largest market share as they serve as the first point of contact for patients and offer comprehensive and continuous medical care. Family physicians treat patients of all ages, sexes, diseases, and organs. They play a vital role in managing chronic illnesses, coordinating with various specialists, and helping patients navigate healthcare services efficiently.

PEST Analysis

Political: Governments of many countries are offering financial incentives and scholarships to attract more students to primary care specialties in order to overcome shortages. Economic: The primary care physicians market is expected to grow steadily due to the increasing demand for affordable healthcare services and focus on preventive care to manage chronic diseases better. Social: With growing health awareness, people are increasingly opting for annual health checkups and treatment of minor ailments from primary care physicians to avoid hospital visits. Technological: The adoption of electronic health records and telehealth are allowing primary care physicians to offer convenient care and better manage patients remotely.

Key Takeaways

The global primary care physicians market is expected to witness high growth, exhibiting a CAGR of 4.5% over the forecast period, due to increasing focus on preventive healthcare and the growing prevalence of chronic diseases.

The US is the largest and fastest-growing regional market for primary care physicians due to strong demand for accessible healthcare services and abundant opportunities for general practitioners and family physicians.

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. These hospitals and healthcare systems emphasize high-quality primary care training programs to fulfill the staffing needs of clinics and meet growing patient demand.

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