by 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 provide initial and ongoing healthcare to patients. They play a pivotal role in managing overall health by treating common illnesses, injuries and medical conditions. They conduct annual physicals, screenings and checkups. They diagnose and treat acute and chronic illnesses like diabetes, heart disease etc. They also provide preventive care like vaccination.
Market Dynamics:
The growing prevalence of chronic diseases is one of the major drivers of the primary care physicians market. Chronic diseases like diabetes, heart disease and cancer have been on the rise globally due to increased consumption of junk food and sedentary lifestyles. As per forecasts, chronic diseases would account for almost three-quarters of all deaths worldwide. This has increased the demand for primary physicians for ongoing treatment and management of chronic conditions. Another driver is the rapidly aging population worldwide. As life expectancy increases, the geriatric population susceptible to age-related illnesses is growing rapidly creating more demand for primary care.
Segment Analysis
The primary care physicians market is dominated by the general physician segment. This segment accounts for over 60% of the market share owing to the high frequency of patient visits to general physicians for general checkups and minor illnesses like cold, cough, fever etc. General physicians act as the first point of contact for patients and also refer them to specialist doctors if required.
PEST Analysis
Political: Government initiatives to increase healthcare access and investments in primary healthcare infrastructure are boosting market growth. Various schemes and programs related to telemedicine are also supporting market expansion.
Economic: Rising disposable incomes, growing health awareness and increasing burden of lifestyle diseases are increasing demand for primary healthcare services. However, high inflation may negatively impact growth of the out-of-pocket spending segment.
Social: Rapid adoption of sedentary lifestyles combined with changing dietary patterns has led to increased prevalence of chronic diseases. This is propelling demand from the elderly population segment.
Technological: Advancements in telemedicine and adoption of EHR and online consultation systems by physicians are enhancing access, patient experience and driving process efficiencies. This is promoting market revenues.
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 and infectious diseases.
North America dominates the market owing to well developed healthcare infrastructure and increasing healthcare spending in the region. The U.S. accounts for the largest share in the North American as well as global market due to presence of major players and rising awareness about preventive healthcare.
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.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
