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    Physicians Industry Profile

    Report Page Length: 10-12
    Last Quarterly Update: 4/12/2021
    SIC Codes: 8011, 8031
    NAICS Codes: 6211
    Chapters Include:
    Industry Overview Trends & Challenges Industry Forecast
    Quarterly Industry Update Call Prep Questions Website & Media Links
    Business Challenges Financial Information Glossary & Acronyms
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    Excerpt from Physicians Industry Profile

    Offices in this industry provide general or specialized medical care. No major companies dominate.

    Globally, there are about 10 million physicians (not including midwives, dentists, or other health personnel), according to the World Health Organization. China has the largest number of physicians at around 3.5 million; followed by India, with around 1 million; and the US, with around 700,000. Countries with the most physicians per capita include Cuba, with more than seven doctors per 1,000 population; Monaco and San Marino, with more than six; and Austria and Georgia, with about five.

    The US physicians industry includes about 223,000 offices with combined annual revenue of about $475 billion.

    COMPETITIVE LANDSCAPE

    Physicians are under pressure from government payers and insurers to lower costs while improving quality of care. The profitability of individual practices depends on the reputation, cost, operational efficiencies, 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. Population growth, injury and illness rates, and demographics play a role in demand for services. Physicians practicing in urban areas generally have several direct competitors in the immediate geographic area, while access to care may be restricted in rural communities.

    The US industry is highly fragmented: the top 50 firms account for about 15% of industry revenue. About 75% of all physician offices are small, ...

     
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