"We Envision Growth Strategies Most Suited
to Your Business"
The U.S. physician groups market size was valued at USD 281.45 billion in 2022. The market 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. Fortune Business Insights™ presents this information 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 Country Forecasts, 2023-2030”.
Physician groups, comprising more than two physicians, aim to enhance healthcare outcomes by providing care to patients, and they are categorized as physician-owned or hospital-owned entities. Compared to solo practitioners, group practices offer advantages like financial security, specialized training, expertise, and job stability, attracting healthcare professionals towards larger groups, especially given the rising demand for early treatment for chronic diseases and favorable reimbursement policies.
Physician Groups Faced Revenue Reduction and Operational Struggles amid Pandemic
The COVID-19 pandemic profoundly impacted the market in 2020, with factors such as reduced patient numbers and revenue for physicians and escalated COVID-19-related expenses posing significant challenges to the U.S. physician groups market growth. According to the Physicians Foundation's 2021 Survey of America’s Physicians, approximately 32% of physicians experienced staff reductions, and about 42% reported a decrease in revenue generation during the pandemic.
The Permanente Medical Group Expands Reach through Geisinger Health Acquisition
In April 2023, The Permanente Medical Group, Inc. revealed its strategic plan to acquire Geisinger Health, culminating in the formation of Risant Health—a non-profit community health system. This acquisition was orchestrated with the overarching goal of broadening the company's healthcare reach on a national scale.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/u-s-physician-groups-market-106510
HITECH Act Drives Surge in Physician Group Alliances for Cost-Effective Healthcare
A trend of solo practitioners seeking to join larger physician groups for cost-effectiveness is driving market growth, spurred by the HITECH Act's incentives related to healthcare information technology, particularly Electronic Health Record (EHR) systems. The acquisition of independent practices by hospital and corporate-owned groups and the increasing number of physicians employed by these entities are rapidly reducing the presence of solo practitioners, further propelling the U.S. physician groups market share.
Permanente Medical Group, Inc. and Optum, Inc. Lead the Charge in the Market
The market is characterized by a fragmented landscape with both large and small groups. Permanente Medical Group, Inc. holds a dominant position due to strategic business activities such as market share expansion and innovative service offerings. Optum, Inc., is another prominent company which actively extends its services and strengthens its brand presence through collaborations and mergers.
Notable Industry Development
List of Key Players Profiled in the Report:
Further Report Findings:
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2030 |
Base Year | 2022 |
Estimated Year | 2023 |
Forecast Period | 2023-2030 |
Historical Period | 2019-2021 |
Growth Rate | CAGR of 4.5% from 2023-2030 |
Unit | Value (USD Billion) |
Segmentation | By Number of Physicians, Ownership, Specialty, Payor, and Type |
By Number of Physicians |
|
By Ownership |
|
By Specialty |
|
By Payor |
|
By Type |
|