U.S. Primary Care Physicians Market Growth & Trends
The U.S. primary care physicians market size is expected to reach USD 341.9 billion by 2030, based on a new report by Grand View Research, Inc. The market is projected to exhibit a CAGR of 3.2% from 2022 to 2030. An increasing number of Medicare beneficiaries in the country is expected to create high demand for Primary Care Physicians (PCP). According to a CDC survey in 2019, around 51.2% of physician office visits were made for primary care services.
According to the 2019 Patient-Centered Primary Care Collaborative’s (PCPCC) evidence report, there is a significant gap in investment in improving primary care services in the U.S. One of the main concerns is the growing shortage of primary care doctors and allied healthcare professionals. In a report published on the complexities of physician demand and supply in June 2020, the Association of American Medical Colleges (AAMC) estimated a deficit between 21,400 and 55,200 primary care physicians by 2033. Furthermore, there is a substantial difference between the average annual revenue and salary generated by a PCP in comparison to a specialist physician.
The U.S. has one of the advanced healthcare systems and compared to any other developed nation its healthcare expenditure is two times higher. According to CMS, healthcare spending accounted for 17.7% of the GDP in 2019 and is expected to reach 19.7% in the next ten years. Primary care services act as a gatekeeper for the healthcare system and play a significant role in improving healthcare outcomes and reducing overall medical expenditure.
The onset of the COVID-19 pandemic resulted in income loss for primary care offices in the United States due to the substantial reductions in revenue caused by physical distancing. Based on volume data for general practices, general pediatric practices, family medicine practices, and general internal medicine practices, researchers from Harvard Medical School and the American Board of Family Medicine estimated that COVID-19 would cost primary care practices USD 15.1 billion in revenue.
Request a free sample copy or view report summary:
U.S. Primary Care Physicians Market Report
U.S. Primary Care Physicians Market Report Highlights
- PCPs provide accessible and integrated services to a large population for their healthcare needs which in turn improves the overall health of the community
- Family physicians are the leading specialty in primary care, according to the American Medical Association (AMA) physician master file 2017. In the U.S., family physicians account for 39.5% of the total primary care physicians
- The demand for primary care pediatricians for children is expected to increase across the country. However, the American Academy of Pediatrics (AAP) reported a shortage of pediatric physicians and subspecialists in many fields
