Primary care physicians (PCPs) are healthcare providers who serve as the first point of contact for patients within the healthcare system. They provide comprehensive and continuous care for various health issues, focusing on health maintenance and disease prevention. PCPs typically manage acute and chronic illnesses, coordinate specialist care, and emphasize the importance of preventive care and health education.
Sizing and Forecast
The primary care physicians market size has grown strongly in recent years. It will grow from $868.22 billion in 2023 to $913.28 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to medical education and training, research and evidence-based medicine, professional organizations and advocacy, workforce and practice models, and patient empowerment and engagement.
The primary care physicians market size is expected to see strong growth in the next few years. It will grow to $1,126.91 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to a shift towards value-based care, patient preferences and expectations, public health events, consumerism in healthcare, and integration of behavioral health services. Major trends in the forecast period include virtual reality for pain management and therapy, blockchain for data security, robotic assistance in surgery and rehabilitation, natural language processing for clinical documentation, and gamification for patient engagement and health promotion.
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Segmentation & Regional Insights
The primary care physicians market covered in this report is segmented –
1) By Service Type: Preventive Care, Chronic Disease Management, Acute Care, Maternal And Child Health, Other Service Types
2) By Physician Type: General Practitioners (GPs), Family Medicine Physicians, Internal Medicine Physicians, Pediatricians, Other Physician Types
3) By Patient Type: Pediatric, Adult, Geriatric
4) By Practice Setting: Solo Practices, Group Practices, Hospital-Based Practices, Other Practice Settings
5) By End-Use: Medical Clinics, Point Of Care Settings, Hospitals, Long-Term Care Facilities, Out Patient Department, Teleconsultation, Other End-Users
North America was the largest region in the primary care physicians market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the primary care physicians market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing rate of hospitalizations is expected to propel the growth of the primary care physician market going forward. Hospitalization is when patients are admitted for medical treatment or observation. The growing rate of hospitalizations is due to rising chronic diseases, complex treatments requiring hospital care, and healthcare policy changes impacting primary care access. Primary care physicians significantly reduce the frequency and duration of hospitalizations by promptly addressing health issues, effectively managing chronic conditions, and providing continuous and coordinated care. This approach improves patient outcomes and reduces healthcare costs. For instance, in May 2024, according to a report published by the Australian Institute of Health and Welfare, an Australia-based government agency, in 2022–23, there were 12.1 million hospitalizations, marking a 4.6% rise from 11.6 million in 2021–22. Therefore, the growing rate of hospitalizations is driving the growth of the primary care physician market.
Key Industry Players
Major companies operating in the primary care physicians market are 3M Company, Medtronic Inc., Siemens Healthineers AG, General Electric Healthcare, Cleveland Clinic Foundation, New York University Langone Hospitals, The Trustees of the University of Pennsylvania, Duke University Health System Inc., Mayo Clinic, Northwestern Memorial HealthCare, Cedars-Sinai Medical Center, 1Life Healthcare Inc., ChenMed LLC, MDVIP Inc., Crossover Health Medical Group APC, New West Physicians P.C., Duly Health and Care S.C., Colonial Healthcare LLC, HealthCare Partners Medical Group Inc., Rhode Island Primary Care Physicians Corporation
The primary care physicians market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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