The primary care physician plays an important role in providing comprehensive and continuous medical care to patients. They are usually a patient’s first point of contact with the healthcare system and take responsibility for providing preventive and primary care, advising patients on maintaining a healthy lifestyle, conducting physical exams, diagnosing and treating acute and chronic illnesses such as diabetes, high blood pressure, and treating minor injuries. This includes communicating and coordinating with specialists and other healthcare providers as needed. With rise in lifestyle diseases and growing geriatric population globally, demand for primary healthcare is growing significantly. The global primary care physicians market plays a crucial part in disease prevention and management of non-communicable diseases.

The global Primary Care Physicians Market is estimated to be valued at US$ 807.79 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the primary care physicians market is growing preference for telehealth and telemedicine. With restrictions during COVID pandemic and need for social distancing, telehealth saw significant growth. It allows patients to connect with their primary physicians virtually using video calls and online messaging. This reduces travel time and wait times for patients. Telehealth is expected to remain popular even post-pandemic given its convenience. Many healthcare systems and provider groups are also investing in advancing their virtual capabilities to offer patients more options for televisits going forward. This is expected to allow primary care physicians to manage more patients while reducing overhead operational costs. Growing adoption of digital health solutions is thus a major trend fueling growth of primary care physicians market.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the primary care physicians market is moderate. Substantial capital investment is required to set up clinics and onboard high-quality physicians. However, increasing demand for primary care services is generating ample opportunities.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of alternative treatments and healthcare providers. Patients can easily switch to other physicians or specialists depending on insurance coverage and quality of care.
Bargaining power of suppliers: Physicians represent a crucial resource in this industry. Their bargaining power is moderate since demand is projected to consistently outpace supply. However, physicians can choose flexible work arrangements and influence reimbursement rates.
Threat of new substitutes: Threat from new substitutes is low as telemedicine and remote patient monitoring are more complementary than replacements for in-person primary care services. They only supplement routine consultations and chronic disease management.
Competitive rivalry: Competition in the industry is high owing to large number of physicians, multi-specialty groups, and influx of new entrants. Market players compete based on service quality, patient experience, insurance coverage, and advanced clinic infrastructure.

Key Takeaways
The Global Primary Care Physicians Market Demand is expected to witness high growth over the forecast period. The global Primary Care Physicians Market is estimated to be valued at US$ 807.79 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031.

Regional analysis: North America dominated the market and is expected remain the largest regional market over the forecast period, attributed to large geriatric population and increasing prevalence of chronic conditions. Growing awareness about preventive healthcare and government initiatives are also boosting the Asia Pacific market.

Key players: Key players operating in the primary care physicians market include Roche, Johnson & Johnson, Novartis, and Amgen. Roche and Novartis are well positioned with wide pharmaceutical product portfolios. Johnson & Johnson is pursuing collaborations with physician practices while Amgen is investing in novel biological therapies and biosimilars.

For more details on the report, Read- https://www.pressreleasebulletin.com/primary-care-physicians-market-trends-size-and-share-analysis/

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