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The global U.S. physician groups market size is projected to show robust growth by attaining USD 360.47 billion by 2029. Fortune Business Insights™ in its report titled “U.S. Physician Groups Market Size, Share & COVID-19 Impact Analysis, By Number of Physicians (2 to 10, 11 to 24, 25 to 50, and More than 50), By Ownership (Physician-owned, Hospital-owned, and Others), By Specialty (Primary Care, Pediatrics, OB/GYN, Ophthalmology, Orthopedics, Psychiatry, Cardiology, Dermatology, and Others), By Payor (Public Health Insurance and Private Health Insurance/Out-of-pocket), By Type (Single-specialty and Multi-specialty), and Forecasts, 2022-2029” observes that the market size in 2021 stood at USD 271.41 billion and reached USD 279.65 billion in 2022. The market is expected to witness a strong CAGR of 3.7% during 2022-2029. Physician groups are healthcare providers, where more than two physicians work and provide care to patients to improve healthcare outcomes. Increase in healthcare expenditure and availability of adequate reimbursement policies for patients are set to propel market growth.
Acquisition of LDO by Queens Medical Associates by Northwell Health to Set Progress for Market Growth
In January 2020, Northwell Health acquired Queens Medical Associates, aiming to expand its oncology network in New York, U.S. This acquisition helped the company in increasing the brand presence and broaden its services. The product portfolio is set to serve variegated consumer base in the market and therefore increase the market presence of the company.
Reduction in Revenue During Pandemic Led to Market Decline
The COVID-19 pandemic affected the market growth with decline in revenues as many small physicians’ groups left their practices and were employed by hospitals during the pandemic. For instance, according to Physicians Foundation’s 2021 Survey of America’s Physicians, about 32% of the physicians witnessed a reduction in staff and around 42% of the physicians reported a reduction in revenue generation during the pandemic. Post-pandemic, the recovery of the market is attributed to the market players observing a substantial increase in their revenue and patient visits.
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Increasing Inclination of Solo Practitioners to Join Large Groups to Propel U.S. Physician Groups Market Growth
Increasing inclination of solo practitioners to join large groups of physicians is expected to fuel the preference for physician groups. Cost-effectiveness is one of the major factors that has increased the number of solo practitioners joining the larger U.S. groups of physicians. The HITECH Act creates incentives for healthcare-related information technology such as Electronic Health Record (EHR) systems. With this act, it is more practical for a larger group to have multiple physicians maintain an EHR system than for solo practitioners.
Increase in Mergers and Acquisitions of Physician Groups to Expand the Market Share
For the past years, there has been an increase in mergers and acquisitions of small players. Due to high workload, high administrative cost, and less financial stability faced by the physicians working in small groups, they tend to merge with the larger groups. In September 2021, Intermountain Healthcare and SCL Health merged and created a model of health systems for providing services in six states such as Colorado, Montana, Kansas, Idaho, Nevada, and Utah.
Launch of New Care Homes by the Market Players to Drive Market Growth
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%. The company's dominance is attributed to various strategic business activities it indulged in to expand and strengthen its market position. In October 2021, the Permanente Medical Group, Inc. launched Advanced Care at Home for patients to receive acute-level care and recovery services in the comfort and convenience of their homes.
Key Industry Development
List of Key Companies Profiled in the Report:
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2018-2029 |
Base Year | 2021 |
Estimated Year | 2022 |
Forecast Period | 2022-2029 |
Historical Period | 2018-2020 |
Unit | Value (USD Billion) |
Segmentation | By Number of Physicians, By Ownership, By Specialty, By Payor, and By Type |
By Number of Physicians |
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By Ownership |
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By Specialty |
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By Payor |
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By Type |
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