U.S. Physician Groups Market Size to Surpass USD 397.16 Billion by 2030, at a CAGR of 4.5 %
As per the report by Fortune Business Insights, The U.S. Physician Groups Market size is projected to reach USD 397.16 Billion by 2030, at a CAGR of 4.5 % during the forecast period.
Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) — The U.S. physician groups market size was valued at USD 281.45 billion in 2022 and it is anticipated to grow from USD 292.26 billion in 2023 to USD 397.16 billion by 2030, exhibiting a CAGR of 4.5% during the forecast period. Private equity firms investing heavily to acquire various smaller physician practices to provide financial security through partnerships are anticipated to bolster the market.
Physician groups, characterized by the collaboration of more than two physicians, deliver exceptional patient care to enhance healthcare outcomes. The market growth is anticipated to be propelled during the forecast period due to several advantages offered by physician groups, including financial security, expertise, and specialized training, compared to solo practitioners. Fortune Business Insights™ mentioned this in a report titled “U.S. Physician Groups Market, 2023-2030.”
Key Industry Development:
July 2022 – Agilon Health initiated a long-term partnership with Entira Family Clinics and Richfield Medical Group to revolutionize healthcare by offering enhanced care for the group’s senior patients through a new value-based primary care program.
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Key Takeaways:
- Refresh Mental Health, a Florida-based organization of mental health practitioners was purchased by Optum, Inc. The former corporation wanted to expand its presence across the nation through this acquisition.
- According to the American Medical Association (AMA), the proportion of small groups with 10 or fewer doctors has steadily decreased from 61.4% in 2012 to 53.7% in 2020.
- In order to provide services throughout Colorado, Montana, Kansas, Idaho, Nevada, and Utah, two non-profit healthcare organizations, Intermountain Healthcare and SCL Health, joined.
- According to the Physicians Advocacy Institute, around 70% of American doctors worked for corporations or hospitals as of June 2021.
Discover the Leading Players Featured 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.)
Report Scope
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.5 % |
| 2030 Value Projection | USD 397.16 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 292.26 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 152 |
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Drivers & Restraints:
Increasing Inclination of Market Players Toward Inorganic Growth Strategies to Propel Market Growth
The market is expected to witness growth due to the increasing inclination of market players toward inorganic growth strategies. Technical and financial obstacles prevalent in smaller groups and the preference of younger physicians to seek employment in larger groups are anticipated to propel market growth during the forecast period. For instance, according to data published by the American Medical Association (AMA), the share of small groups consisting of 10 or fewer physicians has steadily declined from 61.4% in 2012 to 53.7% in 2020.
However, the increasing employment of physicians by hospitals may restrict the U.S. physician groups’ market growth.
Segmentation:
2 to 10 Segment’s Growth Owed to Rising Solo Practice among Traditional Physicians
On the basis of 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 secured the highest U.S. physician group market share in 2022 and is expected to maintain its dominance during the projected period. Traditional physicians over 40 years of age tending to work in small practices are expected to fuel the growth of this segment.
Hospital-Owned Segment’s Growth Driven by the Increase in Obtaining Physician Practices
The market is segmented based on ownership: physician-owned, hospital-owned, and others. The hospital-owned segment will record the highest CAGR during the projected period. Hospitals expanding their ownership stake in the U.S. physician groups market witnessed an increase in gaining physician practices, especially during the outbreak of COVID-19.
Primary Care Segment’s Increasing Demand for Primary Care Facilities Propels Growth
As per speciality, the market is fragmented into paediatrics, orthopaedics, primary care, OB/GYN, cardiology, ophthalmology, dermatology, psychiatry, and others. The primary care segment held the largest market share in 2022 and is expected to witness substantial growth during the forecast period. The increasing prevalence of acute and chronic diseases and the growing patient demand for primary care facilities are driving the growth of this segment.
Private Health Insurance/Out-Of-Pocket to Continue its Dominance Owing to Enhanced Health Plans
According to the payor, the market is bifurcated into private health insurance/out-of-pocket, and public health insurance. The private health insurance/out-of-pocket segment held the largest market share and is projected to witness a substantial CAGR during the estimated period. The increasing adoption of private health insurance in the country, driven by improved health plans, is proliferating the growth of this segment.
Multi-Specialty Segment’s Growth is driven by its Several Benefits
By type, the market is divided into single-speciality and multi-speciality. The multi-speciality segment held the largest market share in 2022 and is estimated to witness the highest CAGR during the study period. Groups with multi-speciality facilities offer superior quality care at a lower cost, along with other advantages such as enhanced financial stability.
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By Number of Physicians
- 2 to 10
- 11 to 24
- 25 to 50
- More than 50
By Ownership
- Physician-owned
- Hospital-owned
- Others
By Specialty
- Primary Care
- Pediatrics
- OB/GYN
- Ophthalmology
- Orthopedics
- Psychiatry
- Cardiology
- Dermatology
- Others
By Payor
- Public Health Insurance
- Private Health Insurance/Out-of-pocket
By Type
- Single-specialty
- Multi-specialty
Report Coverage:
The report encompasses major growth drivers, restraining factors, opportunities, and potential challenges for the market. It offers comprehensive insights into regional developments, a list of major industry players, key strategies adopted by market players, and recent industry developments, including product launches, partnerships, mergers, and acquisitions.
Competitive Landscape:
Major Players Engage in Partnerships, Mergers, and Acquisitions to Increase Market Share
Major players in the physician groups market in the U.S. engage in partnerships, mergers, and acquisitions to augment their market share. Additionally, key market players such as Brigham and Women’s Hospital, Medical Education and Research (MEMER), Beaumont Health, and Advocate Aurora Health have witnessed a substantial market share due to their establishment of new facilities and focus on mergers and acquisitions.
FAQ’s
How big is the U.S. Physician Groups Market?
U.S. Physician Groups Market size was USD 292.26 Billion in 2023.
How fast is the U.S. Physician Groups Market growing?
The U.S. Physician Groups Market will exhibit a CAGR of 4.5% during the forecast period, 2023-2030
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