|Last Quarterly Update:||10/14/2013|
|SIC Codes:||8011, 8031|
|Industry Overview||Trends & Challenges||Industry Forecast|
|Quarterly Industry Update||Call Prep Questions||Website & Media Links|
|Business Challenges||Financial Information||Glossary & Acronyms|
Offices in this industry provide general or specialized medical care. No major companies dominate.
Globally, there are about 9 million physicians (not including midwives, dentists, or other health personnel), according to the World Health Organization. China has around 1.9 million doctors, followed by the US, with around 794,000, and India, with around 760,000. Other countries have more physicians per capita, including Austria and Belarus (around 5 doctors per 1,000 population), Bulgaria (almost 4), and Cuba (more than 6).
The US physicians industry includes around 220,000 offices with combined annual revenue of about $395 billion.
Demand for physician services is driven by population growth and demographics. The profitability of individual practices depends on the reputation and expertise of the physician and staff. Large practices have advantages in leveraging administrative processes and expensive diagnostic equipment. Small practices compete effectively by providing specialized skills and good customer service. Physicians generally have several direct competitors in the immediate geographic area.
The US industry is highly fragmented: the top 50 firms account for about 10 percent of industry revenue. About 75 percent of all physician offices are small, with fewer than 10 employees (including the doctors); only about 1,300 offices have more than 100 employees.
PRODUCTS, OPERATIONS & TECHNOLOGY
Operations of physician offices revolve around patient care, appointment scheduling, records management, and insurance processing. Typically, a patient makes an appointment several days or weeks before being seen, a medical record ...
Complement this Industry Profile by purchasing a Focus Profile. Physicians has one Focus Profiles that can help you better understand this industry:
Would you or your company benefit from having unlimited access to First Research's industry intelligence tools?Learn More About Subscription Options