Mobile Physician Practice Market Size to Grow at a CAGR of 5.1% During the Forecast Period 2021-2026
Mobile Physician Practice Market size in 2020 is estimated to be $350 billion, growing at a CAGR of 5.1% during the forecast period 2021-2026. Mobile Physician Services (MPS) is a practice of healthcare professional including doctors, nurse practitioners, and physician assistants who provide and home medical care facilities to homebound patients. Mobile physician practice provides healthcare facility to people who are suffering from chronic disease and other diseases. It includes telehealth, patient medical records and other facilities. Mobile Physician Services brings the doctor’s office to the convenience and comfort of the customer’s home. These services are very useful for patients who need ongoing medical care and have difficulty getting to a physician’s office. Increasing prevalence of chronic diseases such as diabetes, cancer, heart diseases and others in worldwide coupled with rising ageing population are the major factors driving the growth of the market. Moreover, growing demand for home healthcare services coupled with technological advancement in mobile physician practices further enhance the overall market demand for Mobile Physician Practice during the aforesaid period.
Mobile Physician Practice Market Segment Analysis- By Type
Based on the type, Mobile Physician Practice Market is segmented into Telehealth, Emergency Medicine, others. The Emergency Medicine segment is estimated to dominate the market during the period 2021-2026. This is attributed to longer wait at emergency medical departments in hospitals coupled with high visiting costs. The telehealth, segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4.9% during the period 2021-2026. This is mainly owing to rising patient demand for virtually-delivered care and technology advancement in healthcare industry.
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Mobile Physician Practice Market Segment Analysis- By Service
Based on the Service, Mobile Physician Practice Market is segmented into Primary Care, Wound Care, Pain Management, Rehabilitation Services, Monitoring Services, Short-Term Episodic Care, Palliative Care, others. In 2020, primary care is estimated to hold major share in the market. Moreover, primary care provides definitive care to the undifferentiated patient are also contributing to the dominance of this segment. Also, Rehabilitation Services is projected to grow with a CAGR of 4.7% over the period 2021-2026. This is owing to rising adoption of rehabilitation services by patients at home owing to comfort and convenience.
Mobile Physician Practice Market Segment Analysis- By Geography
North America dominated the Mobile Physician Practice market share accounting for 40% of the market in 2020. This is mainly owing to increasing prevalence of chronic diseases such as heart diseases, diabetes, obesity and others among geriatric population in this region. According to, Centres for Disease Control and Prevention (CDC), chronic diseases such as heart disease, cancer, and diabetes are the leading causes of death and disability in the United States.
However, the Asia-Pacific region is projected to be the fastest-growing over the period 2021-2026. This is owing to improving healthcare infrastructure coupled with rising advancement in mobile physician practice.
Mobile Physician Practice Market Drivers
Increasing Prevalence of Chronic Diseases
Increasing prevalence of cancer worldwide is also driving the growth of Mobile Physician Practice market. According to, World Health Organization (WHO), chronic diseases such as heart disease, cancer, and diabetes are the leading cause of deaths globally and 79% of the deaths attributed to these diseases occur in developing countries. Moreover, rising number of aging population is also set to increase market growth.
Rising Technological Advancement
Increase in research and development of advanced technology for mobile physician practice such as telehealth is also driving the market. Through the advance service, the physician can monitor patients effectively and keep track of patient medical record also book appointments remotely with the help of advance software. Also, the increasing adoption of mobile physician practice services is also set to the growth of Mobile Physician Practice Market.
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Mobile Physician Practice Market Challenges
Lack of awareness about mobile physician practices in developing countries is challenging the market. Along with this lack of skilled professionals are also further challenging the growth of the market.
Covid-19 Impact
Moreover, the outbreak of COVID-19 around the world has impacted all industries including healthcare industry. Covid-19 affects the Mobile Physician Practice market including drastic reduction demand for home visits by service providers and reduction in the Emergency department (ED). Also owing to widespread of coronavirus it affects workforce and staffing issues, procedural prioritisation. These affects Mobile Physician Practice market by cancellation of scheduled visit for primary care at home and reflecting patients concern about infection.
Mobile Physician Practice Market Industry Landscape
Product launches, Merger & Acquisitions, Joint Ventures and R&D activities are key strategies adopted by players in the Mobile Physician Practice Market. Mobile Physician Practice top 10 companies are SOS Doctor House Call, Inc., Visiting Nurse Association (VNA) Health Group, Patientpop, Inc., Mobile Physician Services, Inc., Teamhealth, Florida Mobile Physicians, LLC., Doctor On Demand, Inc., Team Select Home Care, PriveMD, and Portea Medical.
Acquisitions/Product Launches:
In April 2019, Doctor On Demand Inc. collaborated with Humana Inc. to launch On Hand, an innovative and affordable health plan that centers on comprehensive virtual primary care.
Key Takeaways
In 2020, North America dominated the Mobile Physician Practice Market owing to rising incidence of chronic diseases.
Increasing adoption of mobile physician practices offers high quality healthcare services to patients across the globe and has become key driving force.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Mobile Physician Practice Market report.
Lack of skilled professionals coupled with lack of awareness in developing countries are challenging the growth of the market.
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