May 29, 2024
Primary Care Physicians Market

Primary Care Physicians Market is Estimated to Witness High Growth Owing to the Shortage of Physicians

Primary care physicians play a crucial role in patient care. They are the point of first contact within the healthcare system and provide ongoing care for patients’ general health issues. They diagnose, treat, and manage common medical conditions such as diabetes, respiratory infections, skin diseases, malnutrition, mental health conditions, and injuries. Moreover, primary care helps in disease prevention through health education and screening for various conditions. In recent years, there has been an increase in demand for primary care services due to the growing aging population and the rising prevalence of chronic diseases.

The global Primary Care Physicians Market is estimated to be valued at US$ 807.79 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity

The shortage of primary care physicians has emerged as a major market opportunity. Many countries face an acute shortage of primary care doctors due to various factors such as low pay, heavy workload, aging physician population, and lack of aspiring medical students. This shortage impedes access to basic healthcare services. For instance, according to data from the Association of American Medical Colleges, the United States may face a shortage of up to 120,000 physicians by 2033. This short supply creates opportunities for existing and new primary care physicians to play a bigger role in filling this gap and meeting the increasing healthcare needs. Investing in programs to educate and recruit more primary physicians can help address this issue to a large extent.

Porter’s Analysis

Threat of new entrants: The threat of new entrants entering the primary care physicians market is moderate. While barriers to entry such as specialized skills and long training are high, government incentives for new physicians can encourage new competitors.

Bargaining power of buyers: The bargaining power of buyers in the primary care physicians market is high. Patients have many options to choose from and can switch easily between providers.

Bargaining power of suppliers: The bargaining power of suppliers in this market is moderate. While physicians have specialized skills, there are many healthcare suppliers that provide resources needed by practices.

Threat of new substitutes: The threat of new substitutes is low in this market. No other services can fully replace the role of primary care physicians.

Competitive rivalry: Competition in this market is high due to the large number of physicians. Physicians compete based on quality of care, location, and prices.

SWOT Analysis

Strengths: Primary care physicians play a vital role in preventive healthcare and management of chronic conditions. They offer personalized treatment and comprehensive wellness programs.

Weaknesses: Shortage of primary care physicians has led to overcrowding. Physicians also face heavy documentation requirements and risks of burnout.

Opportunities: Growing elderly population requiring quality primary care presents an opportunity. Virtual healthcare using telemedicine can expand patient reach.

Threats: Consolidation of practices poses integration challenges for physicians. High costs of medical education can deter new physicians from entering this sector.

Key Takeaways

The Global Primary Care Physicians Market Demand is expected to witness high growth over the forecast period of 2024 to 2031 supported by increasing prevalence of chronic diseases. The global Primary Care Physicians Market is estimated to be valued at US$ 807.79 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024-2031.

Regional analysis: North America currently dominates the primary care physicians market owing to supportive government policies and focus on preventive healthcare in the region. The Asia Pacific region is anticipated to grow at the fastest pace during the forecast period due to rapidly aging populations in countries like India and Japan seeking access to quality primary healthcare services.

Key players: Key players operating in the primary care physicians market are Roche, Johnson & Johnson, Novartis, and Amgen. Roche offers extensive diagnostic services and medical information support to physicians. Johnson & Johnson provides education and reference materials to help physicians improve patient engagement and health outcomes.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it