PRIMARY CARE PHYSICIANS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Global Primary Care Physicians Market size is estimated to be valued at US$ 671.1 Bn in 2023 and is expected to reach US$ 913.9 Bn by 2030, exhibiting compound annual growth rate (CAGR) of 4.5% from 2023 to 2030.

Primary care physicians are doctors who provide preventive care, health education, and the diagnosis and treatment of acute and chronic illnesses in patients of all ages. Primary care includes health promotion, disease prevention, health maintenance, counseling, patient education, diagnosis and treatment of acute and chronic illnesses. The growth in the market is driven by the rising prevalence of chronic diseases, growing geriatric population, need for affordable primary care, and advancements in telehealth and mHealth.

Global Primary Care Physicians Market Regional Insights

• North America is the largest market for primary care physicians, accounting for 39.7% of the global market in 2023. This is due to the high prevalence of chronic diseases, the aging population, and the strong government investment in primary care in the region. For instance, in June 2023, the Centers for Medicare & Medicaid Services (CMS) revealed the Making Care Primary (MCP) Model, which will be piloted in eight states through the Centre for Medicare and Medicaid Innovation. Access to high-quality primary care is linked to improved health outcomes and equity for individuals and communities. MCP is a critical step in fortifying the nation's primary care infrastructure, particularly for safety net and smaller or independent primary care organizations.
• Europe is the second-largest market for primary care physicians, accounting for 27.3% of the global market in 2023. The European market is characterized by a mix of public and private healthcare systems, with a growing trend towards consolidation among primary care providers.
• Asia Pacific is the fastest-growing market for primary care physicians, accounting for 20.5% of the global market in 2023. This growth is being driven by the rapidly aging population and the growing government investment in primary care in the region.

Figure 1. Global Primary Care Physicians Market Share (%), By Region, 2023

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Analyst View of the Global Primary Care Physicians Market:

The primary care physicians market is expected to grow steadily driven by the aging population and prevalence of chronic diseases. However, tight regulations around reimbursement levels and increasing administrative burdens pose challenges. There is growth opportunity in promoting accessibility of primary care in underserved rural areas through telehealth and community health centers. The rising demand for preventive and chronic disease management will fuel demand for primary care visits. Greater focus on wellness and importance of primary care as the front door to the overall healthcare system will support the market growth. At the same time, physician burnout remains a constraint if administrative workload is not reduced. Efforts should be made to leverage technology effectively to minimize time spent on paperwork.

Global Primary Care Physicians Market Drivers

• Rising prevalence of chronic diseases: Rising prevalence of chronic diseases such as diabetes, hypertension, arthritis, cardiovascular diseases, and respiratory illnesses is a major factor driving the growth in the global primary care physicians market. Chronic diseases account for over 75% of healthcare spending in developed nations. The aging population and changing lifestyles have contributed to the growing burden of chronic diseases globally. Primary care physicians play a crucial role in the ongoing management of chronic illnesses through periodic consultations, preventive education, medication adjustments, and care coordination. Their focus on holistic care and disease prevention is critical for reducing hospitalizations and costs associated with worsening chronic conditions. This creates significant demand for services of primary care physicians.
• Growing geriatric population: The rapidly growing geriatric population across the world presents significant opportunities in the primary care physicians market. According to the World Health Organization (WHO), 2022 the global population aged 60 years and above is expected to grow to 2.1 Bn by 2050. Elderly patients have greater healthcare needs and require coordinated care for multiple comorbidities. Primary care physicians act as the first point of contact for this demographic. They provide preventive care, manage chronic conditions, and ensure smooth care transitions. Their expertise in treating geriatric conditions and focus on overall wellbeing makes primary care physicians well-suited for caring for the aging population. This is a key factor fueling the market growth.
• Need for affordable primary care access: Given the rising healthcare costs globally, there is an increasing need for affordable primary care access. Primary care physicians provide cost-efficient quality care for a majority of health concerns. According to NCBI, increasing availability of primary care physicians is associated with lower costs and hospitalization rates. Many countries are thus focusing on strengthening primary care infrastructure to reduce burden on emergency and specialist care. Collaborative and team-based primary care models are also emerging to improve access. The push for affordable, patient-centric care is creating demand for primary care physicians, thereby stimulating the market growth.
• Government initiatives and incentives: Government policies and initiatives aimed at boosting primary care are the key drivers for the primary care physicians market. The Comprehensive Primary Care Plus model provides care coordination fees and shared savings opportunities to participating primary care practices. The U.K.’s National Health Service (NHS) Long Term Plan launched in June 2023 has also outlined workforce expansion and service delivery reforms to support primary care access. Such programs incentivize training and recruitment of primary care workforce. Tax benefits for medical practice establishment along with funding for adoption of digital health technology also favor the market growth.

Global Primary Care Physicians Market Opportunities

• Integration of telehealth: The integration of telehealth and virtual care models presents a significant opportunity in the primary care physicians market. Telehealth platforms enable remote doctor consultations, remote monitoring, e-prescriptions and more. Telehealth expands the reach of primary care physicians to underserved communities. It also empowers self-care and improves care coordination. During the COVID-19 pandemic, telehealth adoption accelerated rapidly. Moving forward, hybrid telehealth-in-person care models are expected to prevail in primary care. This increases access and convenience for patients while supporting better health outcomes. For instance, in May 2022, CVS Health, a health-care solutions provider, launched the  CVS Health Virtual Primary Care, a new virtual care solution accessible via a single digital platform. The offering connects CVS Health’s services, clinical expertise, and data for a more co-ordinated and consumer-centric health care experience. The innovative solution, which demonstrates CVS Health's  ambition to transform primary care, allows customers to pick treatment when and where they want it - in a retail or community-based location, through at-home health services, or remotely. 
• Focus on preventive and personalized care: There are significant opportunities for primary care physicians to focus on preventive and personalized care. Preventive care such as health screenings, immunizations, and lifestyle coaching and community education helps avoid onset of illnesses, thus allowing for targeted early interventions. Advancements in genomics and diagnostics also enable more precise disease risk mapping, thereby allowing customized disease prevention plans for patients. Primary care physicians can leverage health data analytics to create tailored management plans based on individual health profiles and goals. This focus on preventive and personalized care can improve patient satisfaction while reducing downstream costs.
• Expansion into additional services: Primary care physicians can diversify service offerings to open additional revenue streams while better catering to patient needs. These include chronic care management, home care, hospice care, aesthetics, integrative medicine, mental health services, and wellness programs. Many primary care networks have invested in resources and training to integrate behavioral health in the primary care setting itself. Primary care physicians can also leverage allied health professionals such as health coaches and pharmacists to provide comprehensive care. Expansion into new service areas presents untapped growth potential.
• Adoption of digital and connected health technologies: The adoption of digital health technologies such as electronic medical record (EMRs), telehealth platforms, remote monitoring devices, and patient engagement tools and data analytics creates new capabilities for primary care physicians. For instance, according to Environmental Science and Pollution Research (ESPR) journal, 2021, connected devices and mobile apps allow real-time tracking of health parameters. Big data analytics enables population health insights to identify care gaps. Blockchain and artificial intelligence (AI) can also support diagnosis, treatment planning and administrative tasks to optimize workflows. Leveraging such technologies can help primary care practices to attract new consumers, deliver informed care, while improving efficiency.

Global Primary Care Physicians Market Trends

• Team-based and collaborative primary care models: There is a growing shift towards collaborative and team-based primary care models. Rather than solo practices, integrated primary care teams include physicians, nurse practitioners, care coordinators, health coaches, behavioral health specialists, pharmacists, and community health workers. This multidisciplinary approach ensures whole-person care while allowing physicians to operate at the top of their license. Group settings also enable sharing of best practices while reducing physician burnout. Collaborative models such as patient-centered medical homes and accountable care organizations are thus gaining prominence.
• Adoption of digital health and connected tools: Primary care physicians are increasingly adopting digital health technologies such as telehealth, mHealth apps, remote monitoring devices, wearables, and patient engagement platforms. For instance, asynchronous chatbots allow 24/7 patient access for basic concerns, while Remote patient monitoring (RPM) devices track chronic disease management. Tablet/smartphone-based tools aid clinical decision support, care planning and patient education. Electronic medical record (EMRs) integrate all patient data. Digital front door strategies also facilitate e-scheduling. Such technologies enhance convenience, access, and care quality. Government policies and incentives are further accelerating adoption. For instance, in September 2021, Mount Sinai Health System, a hospital network in New York City, launched MyMountSinai, a comprehensive smartphone application for patients. The MyMountSinai app is an online portal to Mount Sinai primary and specialty care physicians and services, assisting patients in managing their medical information, communicating with their doctors, and learning more about the Mount Sinai Health System's health services.
• Data-driven and value-based care: There is a shift towards data-driven, value-based care in primary care, thus moving away from reactive and fee-for-service models. Integrated EMR data, claims information, wearable health data and socioeconomic data enables identifying care gaps for high-risk patients. Analytics tools provide insights to inform care management across patient populations. Primary care practices are rewarding physicians based on value and outcomes vs solely service volume. Value-based payment models such as Accountable Care Organizations (ACOs) also allow primary care physicians to gain shared savings for quality and lower costs.
• Retail clinics and urgent care integration: Many primary care physicians and health systems are looking at partnerships with the growing retail clinic and urgent care industry. Collaboration can help address staffing challenges while directing low acuity patients to more accessible and lower-cost retail clinic settings. At the same time, information sharing enables better care co-ordination for complex patients. Consolidation is also evident, with large health systems looking to acquire physician practices and clinics. Vertically integrated models allow optimizing care delivery across the care continuum.

Global Primary Care Physicians Market Restraints

•  Shortage of primary care workforce: There is a shortage of primary care physicians and allied health workers, especially in rural and underserved communities. This limits healthcare access in many regions, with shortages which is expected to worsen over the next decade due to physician retirements and increasing demand. Lifestyle factors and lower compensation compared to specialties also deter medical students from choosing primary care. Dependence on international medical graduates in countries such as the U.S. also faces visa constraints. Addressing this key bottleneck remains an issue. For instance, in June 2021, according to Association of American Medical Colleges (AAMC) data, the U.S. might face a physician shortage of between 37,800 and 124,000 by 2034, including shortages in both primary and specialty care.
• Administrative burdens: Primary care physicians often have a high administrative workload related to regulatory compliance, insurance procedures and documentation requirements. This cuts into time that could be spent interacting with patients. Prior authorization from insurers, complex coding, and quality reporting add to the documentation burden. The administrative drain is key factor contributing to physician burnout and staffing shortages. Lack of adequate technical and staffing support for these functions restrain practice efficiency and growth.
• Budget constraints: Many primary care practices and community health centers face budget constraints, thus lacking financial resources to invest in infrastructure, technology and workforce. Revenue is often dependent on patient volumes and reimbursement rates. Rural and underserved areas especially lack funding access and support. Fee-for-service models do not adequately compensate physicians for care co-ordination and patient education. Such budget limitations can impact staff recruitment, adoption of innovative delivery models, and practice viability.

Counterbalance: The key market players should focus on minimizing administrative burdens from the primary care physicians so that they can give more time to interact with the patients. In the rural and underserved areas, shortages of primary care physicians should also need to be considered.

Recent Developments

New product launches

• In January 2023, Teladoc Health, a global company in whole-person virtual care, launched the fully integrated health care experience through a new comprehensive digital application, thus enabling personalized whole-person care to individuals. Consumers will be able to seamlessly access Teladoc Health’s full range of services, including primary care, mental health, and chronic condition management from one place and under a single portable account.
•  In July 2023, Summus, a virtual specialty care company, launched a new eConsult platform that connects providers with specialists. The Summus Peer-to-Peer platform uses its carefully selected network of experts and subspecialists to provide virtual curbside consults to assist primary care physicians (PCPs).
•  In August 2021, Aetna, a CVS Health company, launched Aetna Virtual basic Care, a cutting-edge healthcare solution that reinvents primary care by making it simpler for individuals to access the medical care they require any time.

 Acquisition and partnerships

• In July 2022, Amazon, a multinational technology company located in the U.S., and One Medical, a membership-based primary care practice announced a formal merger agreement in which Amazon would acquire One Medical. One Medical is a human-centered, technology-driven national primary care organization on a mission to make quality care more affordable, accessible, and enjoyable through a seamless combination of in-person, digital, and virtual care services that are convenient to where people work, shop, and live.
• In September 2023, The Centres for Medicare & Medicaid Services (CMS) and Colorado Family Physicians, an organization devoted exclusively to family physicians in the U.S. state of Colorado, have partnered to test a new primary care model that will improve primary care service quality and accessibility.
• In June 2022, Palmetto Primary Care Physicians, an independent multi-specialty physician group, and Agilon health, the trusted partner empowering physicians to transform health care in the U.S., have formed a long-term partnership to improve senior patients' healthcare experiences through a new value-based primary care program.

Figure 2. Global Primary Care Physicians Market Share (%), By Service Type, 2023

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Top Companies in Global Primary Care Physicians Market

• 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

Definition: Primary care physicians focus on the overall health of patients through preventive care, health education, diagnosis and treatment of acute illnesses, management of chronic conditions, referrals to specialists, and end-of-life care. The market for primary care physician services encompasses the revenue generated by consultations, testing, procedures, and other services provided by these healthcare professionals.