Dublin, March 30, 2023 (GLOBE NEWSWIRE) -- The "2022 US Physician Office Market Report" report has been added to ResearchAndMarkets.com's offering.
The physician and clinical services market rebounded in 2022 following a pandemic decline in both patient volumes and revenue. The market grew from $850 billion in 2021 to $903 billion in 2022.
The 2022 Physician Office Market Report analyzes major market trends impacting the industry including physician employment, technology innovation, and acquisition trends.
Key Findings
-
55% of physician offices reported exceeding patient visits volumes in 2022 compared to 2021.
-
By 2025, 70.6 million patients are expected to use remote patient monitoring (RPM).
-
The urgent care industry is valued at $45 billion in 2022.
Executive Summary:
Market At-A-Glance
The physician and clinical services market is projected to reach $1.4 trillion by 2030. In 2022, spending on physician services is 20.1% of all U.S. healthcare spending. Private health insurance is the largest payer for physician services at 38% of the payer mix. The industry remains dominated by specialty care. In 2022, there is an estimated 300,000 specialty physician offices and 150,000 primary care offices.
Primary Care Provider Shortage Worsened By Wage Gap
Primary care physicians (PCP) earn 42% less than specialists, a contributor to the primary care provider shortage. In 2022, only 46% of practicing physicians are primary care physicians. PCP turnover leads to roughly $979 million in additional healthcare expenditures for public and private payers each year.
In 2022, nurse practitioners (NP) and physician assistants (PA) have full practice authority in 26 states, the District of Columbia, and two U.S. territories. By 2026, the NP profession is projected to grow by 36%. NPs and PAs with full practice authority could reduce the primary care provider shortage by 70%.
Physician Visit Levels Increase Following Pandemic Decline
Nearly 55% of physician offices in 2022 reported exceeding their patient visit volumes of 2021. In 2022, patient visits have rose to one billion from 900 million in 2021. The overall percentage of patient visits declined in 2020 due to the pandemic and have since rose roughly 10%, with the projection to continue to increase in 2023.
Virtual And In-Person Hybrid Model Expands Physician Services
Sixty-three percent of physicians who used telehealth during the COVID-19 pandemic plan to move forward with both virtual and in-person visits in 2022. Patient expectations and regulatory requirements are fueling technology and physician office upgrades. Telehealth continues to play an essential role, with many providers planning to move forward with a hybrid use of virtual and in-person visits a well as remote patient monitoring (RPM) to reach more patients and achieve health equity.