U.S. Physician Groups Market Size, Share & Trends Analysis Report By Practice Type (Single specialty Group, Multi-specialty Group), By Practice Size (5 to 10, 50+ physicians), By Ownership, By Region, And Segment Forecasts, 2023 - 2030

U.S. Physician Groups Market Size, Share & Trends Analysis Report By Practice Type (Single specialty Group, Multi-specialty Group), By Practice Size (5 to 10, 50+ physicians), By Ownership, By Region, And Segment Forecasts, 2023 - 2030

U.S. Physician Groups Market Growth & Trends

The U.S. physician groups market size is anticipated to reach USD 461.1 billion by 2030, based on a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 5.13% during the forecast period. The market's growth can be attributed to the shift of practitioners from solo practices to group practices. In a group practice, a physician has the capacity to manage advanced, essential, and expensive medical equipment. Group practices can expand their reach to cover a broader geographic area, operate across multiple locations, serve a larger patient base, and achieve greater profitability. In addition, practitioners can receive valuable feedback and insights from colleagues and co-workers when working within a group.

Moreover, the growing government initiatives to promote physicians' revenue in the U.S. are expected to propel the market's growth over the forecast period. Government bodies have realized the importance of physicians in developing a value-based healthcare system in the U.S. and have undertaken various initiatives to bridge these gaps between revenues of different specialties. For instance, in April 2019, CMS and the Department of Health and Human Services (HHS) announced payment models to boost the revenue for primary care practices, including Primary Care First (PCF), Primary Care First-High need population, Direct Contracting (Global, Professional, and Geographic).

The COVID-19 pandemic has significantly impacted the growth of the market. Many physician groups experienced a substantial decrease in revenue as elective procedures and non-urgent visits were postponed or canceled. This loss of income created financial strain, especially for smaller and independent practices. According to the American Medical Association, the Medicare Physician Fee Schedule (MPFS) spending dropped significantly in March and April 2020 to around 57% (USD 13.9 billion). However, the increasing adoption of telehealth and the shift towards value-based care in the U.S. have positively impacted the market growth.

U.S. Physician Groups Market Report Highlights

• Based on the practice type, the multi-specialty segment held the largest market share in 2022. This can be attributed to the growing patient preference owing to its comprehensive healthcare services and wide range of treatment options available at such practices
• Based on the practice size, the fewer than five physicians segment held the largest market share in 2022 owing to the high quality of services available at such locations and the high number of physicians operating in such practices in the U.S.
• Based on the ownership, the physician-owned segment dominated the market in 2022. However, the private equity segment is expected to witness the fastest growth over the forecast period owing to the rising acquisition of small physician groups by such firms
• Based on the region, the Southeast region held the majority of the market share in 2022 owing to the presence of many physician groups in the region

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