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US Physician Groups Market Exhibits 3.7% CAGR to hit USD 360.47 ... - InvestorsObserver
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Thursday, February 23, 2023 04:06 AM | GlobeNewswire via QuoteMedia
US Physician Groups Market Exhibits 3.7% CAGR to hit USD 360.47 Billion by 2029
According to Fortune Business Insights, US Physician Groups Market to Reach USD 360.47 Billion by 2029; Prevalence of Various Medical Conditions and the Need For Early Diagnosis to Drive Market Growth
Pune, India, Feb. 23, 2023 (GLOBE NEWSWIRE) -- The US Physician Groups Market size was valued at USD 271.41 billion in 2021 and USD 279.65 billion in 2022. The market is expected to reach USD 360.47 billion by 2029 with a CAGR of 3.7% during the forecast period. Healthcare systems have primary care doctors, family physicians, and specialists such as pediatricians, gynecologists, and anesthesiologists. Growth of the market is attributed to the prevalence of various medical conditions and the need for early diagnosis. Fortune Business Insights™ shares this information in its report titled "US Physician Groups Market, 2022-2029."
Key Industry Development
Optum, Inc. acquired Atrius Health for providing primary and specialty care to patients with high-quality care through every life stage. With this acquisition, Atrius Health will have access to more resources such as innovative technology and a broader range of healthcare expertise, services, and programs.
Advocate Aurora Health collaborated with Atrium Health to improve safety and outcomes and advance health equity.
November 2022 - Northwell Health opened a USD 10 million multidisciplinary clinic in Bay Shore to focus on patients for musculoskeletal care and rehabilitative services.
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Report Scope & Segmentation
Report Coverage
Details
Forecast Period
2022 to 2029
Forecast Period 2022 to 2029 CAGR
3.7%
2029 Value Projection
USD 360.47 Billion
Base Year
2021
Market Size in 2022
USD 279.65 Billion
Historical Data
2018 to 2020
No. of Pages
152
Key Takeaways
According to the American Cancer Society, Inc., 1.9 million new cases of cancer are anticipated to be identified in the United States in 2022. Moreover
According to the American Cancer Society, 16.9 million cancer sufferers in the U.S. had sought medical attention.
In order to increase the scope of its cancer services in New York City, Northwell Health purchased Queens Medical Associates (QMA), a medical group practise and infusion facility.
According to statistics recently released by the American Medical Association (AMA), the percentage of small groups with 10 or fewer doctors has steadily decreased from 61.4% in 2012 to 53.7% in 2020.
Drivers and Restraints
Shift Toward Inorganic Strategies to Progress Market Development
Shift in the focus of market players for inorganic strategies is anticipated to drive the US Physician Groups Market growth. For the past few years, high workload, high administrative costs, and less financial stability are faced by physicians. Therefore, to reduce such challenges, small groups tend to merge with larger groups. In October 2022, Gastro Health partnered with Springfield Gastroenterology. Springfield Gastroenterology is combining three physicians and one advanced practice provider. The company aims to offer excellent care and personal attention through this partnership.
However, an increase in the employment of physicians in hospitals is expected to hamper the market growth.
Collaboration Strategies by Key Players to Progress Market Track
The US Physician Groups Market share is fragmented due to the presence of several players. Permanente Medical Group, Inc., Optum, Inc., and Ascension constituted about 60% of the total market in 2021 and Permanente Medical Group, Inc. contributed about 34.3%. Optum, Inc. is actively expanding and strengthening its brand presence through various collaborations, mergers & acquisitions, and others. In October 2022, Optum, Inc. collaborated with Change Healthcare to connect and simplify the core clinical, payment, and administrative processes that healthcare providers and payers depend on to serve patients. The collaboration aims to increase efficiency and reduce the cost of the services.
Segments
2 to 10 Segment to Lead Due to Preference to Work in Small Practices
Based on the number of physicians, the market is divided into 2 to 10, 11 to 24, 25 to 50, and more than 50. The 2 to 10 segment accounted for the dominant part as traditional physicians above the age of 40 prefer to work in small practices.
Hospital-Owned Segment to Exhibit the Fastest Growth Owing to Rising Acquisitions of Physician Practices
Based on ownership, the market is categorized into hospital-owned, physician-owned, and others. The hospital-owned is anticipated to witness the highest CAGR during the forecast period due to increase in the acquisition of physician groups by hospitals and a rising shift in physicians' preferences toward employment in hospitals.
Primary Care to Govern Owing to Rising Cases of Chronic and Acute Diseases
According to specialty, the market is segmented into primary care, pediatrics, OB/GYN, ophthalmology, orthopedics, psychiatry, cardiology, dermatology, and others. Primary care segment is projected to govern the rising burden of chronic and acute diseases, demand among patient for various primary care facilities such as family medicine, general internal medicine, and early detection, and proper management of the disorders.
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Private Health Insurance/Out-of-Pocket to Govern Due to Comprehensive Health Plans
According to payor, the market is segmented into public health insurance and private health insurance/out-of-pocket. Private health insurance/out-of-pocket segment is projected to dominate and have highest the CAGR due to comprehensive health plans.
Multi-Specialty to Govern Due to High-Quality Care at Lower Cost
According to type, the market is bifurcated into single-specialty and multi-specialty. Multi-specialty is projected to dominate and have the highest CAGR due to high-quality care at lower cost offered by groups with multi-specialty facilities and a preferential shift among solo practitioners due to distinct advantages in multi-specialty services such as providing greater financial stability.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the key players of physician groups.
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List of Key Players Profiled in the Report
The Permanente Medical Group (U.S.)
Optum, Inc. (U.S.)
Brigham and Women's Hospital (U.S.)
Cleveland Clinic (U.S.)
HealthCare Partners IPA (U.S.)
Ascension (U.S.)
Northwell Health (U.S.)
Mayo Foundation for Medical Education and Research (MFMER) (U.S.)
Beaumont Health (U.S.)
Advocate Aurora Health (U.S.)
NYU Langone Hospitals (U.S.)
FAQs:
How big is the US Physician Groups Market?
The market is projected to grow from USD 279.65 billion in 2022 to USD 360.47 billion by 2029, exhibiting a CAGR of 3.7% during the forecast period.
Which companies dominate the US Physician Groups Market?
The Permanente Medical Group, Optum, Inc., Brigham and Women's Hospital, Cleveland Clinic, HealthCare Partners IPA , Ascension, Northwell Health, Mayo Foundation for Medical Education and Research (MFMER), Beaumont Health, Advocate Aurora Health and NYU Langone Hospitals Are the top players in the market
Detailed Table of Content:
US Physician Groups Market Analysis, Insights and Forecast, 2018-2029
Market Analysis, Insights and Forecast – By Number of Physicians
2 to 10
11 to 24
25 to 50
More than 50
Market Analysis, Insights and Forecast – By Ownership
Physician-Owned
Hospital-Owned
Others
Market Analysis, Insights and Forecast – By Specialty
Primary Care
Pediatrics
OB/GYN
Ophthalmology
Orthopedics
Psychiatry
Cardiology
Dermatology
Others
Market Analysis, Insights and Forecast – By Payor
Public Health Insurance
Private Health Insurance/Out-of-pocket
Market Analysis, Insights and Forecast – By Type
Single-Specialty
Multi-Specialty
Competitive Analysis
U.S. Market Share Analysis (2021)
Company Profiles (Overview, Product, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability))
Northwell Health
Cleveland Clinic
Mayo Foundation for Medical Education and Research (MFMER)
Beaumont Health
NYU Langone Hospitals
Brigham and Women's Hospital
Advocate Aurora Health
HealthCare Partners, MSO
Ascension
The Permanente Medical Group, Inc.
Optum, Inc.
agilon health
Hill Physicians
Geisinger Health
Select Physical Therapy
Continued...
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