Primary Care Physicians Market Business Strategies, Current Insights, Regional Developments | Mayo Clinic, Penn Medicine

BURLINGAME, CALIFORNIA, UNITED STATES, May 23, 2024 /EINPresswire.com/ -- The "Primary Care Physicians Market Landscape 2024-2031" report has been added to Coherent Market Insights offering.

Primary care physicians play a pivotal role in disease prevention and management of chronic conditions such as diabetes, cardiovascular diseases, obesity etc. through consistent treatment and monitoring. They acts as the first point of contact for patients within healthcare systems and coordinate care.

Market Dynamics:

The global primary care physicians market is expected to witness significant growth over the forecast period owing to the increasing burden of chronic diseases and rising healthcare expenditure. As per WHO, chronic diseases accounted for approximately 63% of all deaths in 2020. Moreover, chronic diseases are one of the significant contributors to the healthcare expenditure worldwide. For instance, as per CDC, in 2017 approximately 90% of the US healthcare expenditure was accounted by people living with one or more chronic medical conditions. Growing prevalence of chronic diseases has increased the demand for primary healthcare services for disease management and treatment. Furthermore, favorable government initiatives in various countries focusing on strengthening primary healthcare infrastructure is also expected to support the market growth during the forecast period.

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Leading Key Players Include in This Report:

Neuro Care Group, Myndlift Ltd, Brainmaster Technologies, Inc., Mitsar Co. Ltd, Emotiv, Brainworks, Mindfield Biosystems Ltd. , Narbis, Thought Technology Ltd., InteraXon Inc., Mind Media USA Inc., and NeuralScan

Since the report focuses on the healthcare sector, it also sheds light on key development in the said industry and latest R&D activities. It educates business owners on newly approved products, ongoing research and development, and products under the trial phase and in the pipeline.

Detailed Segmentation:

By Service Type: Preventive Care, Chronic Disease Management, Acute Care, Maternal and Child Health and Others
By Physician Type: General Practitioners (GPs), Family Medicine Physicians, Internal Medicine Physicians, Pediatricians and Others
By Patient Type: Adults, Pediatric, and Geriatric
By Practice Setting: Solo Practices, Group Practices, Hospital-Based Practices and Others

Primary Care Physicians Market Drivers:

As people become more health conscious, there has been a growing emphasis on preventive care and early detection of conditions. Regular visits to primary care physicians allow for screening tests, routine checkups, management of chronic conditions, and immunizations which can help catch problems in early stages and prevent more serious illnesses down the road. This shift towards preventive care has increased the demand for primary care services and acts as a key driver for this market.

Primary Care Physicians Market Restrain:

While the focus of primary care should be on direct patient care, physicians in this field have to deal with rising non-clinical paperwork and administrative duties related to things like prior authorizations from insurance companies, complex billing procedures, and documentation requirements. The administrative work has exponentially grown over the years diverting precious time away from treating patients which leads to burnout among providers and acts as a hindrance in the growth of this market.

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Primary Care Physicians Market Opportunity:

During the COVID-19 pandemic, telehealth services saw tremendous growth in utilization driven by necessity to socially distance and stay at home. Both patients and providers have recognized the convenience and affordability benefits of virtual visits over in-person care for minor issues. Government and commercial payers also expanded coverage for telehealth during this time. As parts of this virtual modality here to stay, it presents an opportunity for primary care practices to reach more patients in remote locations and see higher patient volumes without needing more physical space. Transition to telehealth can help boost the sustainability and profitability of primary care providers.

Primary Care Physicians Market Trends:

Traditionally, healthcare in the US has been dominated by the fee-for-service payment structure which rewards volume over value. However, there is a noticeable industry-wide shift happening where payers and providers are adopting alternative payment models focused on quality and health outcomes rather than individual services. Primary care naturally lends itself well to population health management and coordinated care approaches required in value-based care contracts. Success in value-based payment arrangements will be a key performance indicator and market trend for primary care going forward.

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