Primary Care Physicians Market connected with Urgent Care Industry Growth as a part of heading. The global Primary Care Physicians Market is estimated to be valued at US$ 701.20 billion 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:
The primary care physicians market comprises a variety of medical service providers focused on delivering comprehensive and coordinated healthcare to patients of all ages. This includes general checkups, ongoing care for chronic illnesses like diabetes or asthma, immunizations and vaccinations, health education, and coordination of care across various medical specialists. Primary care aims to deliver healthcare that is accessible, compassionate, continuous and community-oriented care with an emphasis on disease prevention and overall well-being. The growth of urgent care centers and walk-in clinics is helping improve access to routine medical care and reducing strain on emergency rooms, driving increased demand for primary care physicians.
Market key trends:
One of the key trends contributing to the growth of the primary care physicians market is the growing demand for urgent care services. Long wait times for appointments with conventional primary care providers is propelling growth of urgent care clinics that provide rapid treatment for non-life-threatening illnesses and injuries without requiring an appointment. Urgent care centers are open on evenings and weekends to accommodate patients’ busy schedules. They are equipped to treat common ailments like cold, flu, ear/eye infections, minor injuries from falls/accidents and other minor medical conditions. This is reducing patient visits to more expensive emergency rooms, benefitting patients through greater convenience and affordability while helping improve revenues for primary care physicians.
Porter’s Analysis
Threat of new entrants: The primary care physicians market requires huge investments in facilities and equipment which poses high entry barriers for new entrants.
Bargaining power of buyers: The bargaining power of buyers is high due to presence of multiple providers in the market providing buyers alternatives to choose from.
Bargaining power of suppliers: Major suppliers in this market are pharmaceutical and medical equipment companies who have moderate bargaining power due to dependence of physicians on their supplies.
Threat of new substitutes: Threat of substitutes is low as there are limited substitutes available for primary care services.
Competitive rivalry: The primary care physicians market witnesses high competition among existing players.
Key Takeaways
The global primary care physicians market is expected to witness high growth, exhibiting CAGR of 4.5% over the forecast period, due to increasing prevalence of chronic diseases.
Regional analysis:
The US dominates the primary care physicians market owing to growing geriatric population, rising healthcare expenditure, and increasing adoption of electronic health records in the country.
Key players:
Key players operating in the primary care physicians market include 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:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
