The increasing number of hospitals and active doctors and surging prevalence of medical malpractices and negligence will drive the U.S. medical peer/external physician review services market growth during the forecast period (2020–2030). Additionally, the existence of structured peer review guidelines and the lack of internal expertise to review the healthcare services provided will contribute to the market growth. In a medical peer/external physician review, the medical conduct of a healthcare facility or physician is examined by an external entity, in case of allegations of medical negligence or malpractice made by a patient.
Moreover, the rising number of hospitals and active physicians, on account of the booming population, will contribute to the U.S. medical peer/external physician review services market advance in the forecast years. According to the American Hospital Association (AHA), there were 6,090 hospitals in the U.S. in 2019. Furthermore, the 2020 Physician Specialty Data Report by the Association of American Medical Colleges (AAMC) states that there were a total of 938,966 active physicians in the U.S. in 2019.
In recent years, acquisitions by major players to expand their product portfolio and increase their revenue have become a prominent trend in the U.S. medical peer/external physician review services market. For example, in January 2020, Concentra Inc. completed the acquisition of the Riverview medical center (Rock Hill, South Carolina) and Arrowood Medical Center (Charlotte, North Carolina) to widen its customer base. Likewise, in December 2019, The Hardenbergh Group, a company providing temporary staffing and consulting solutions, acquired MDReview, a review services provider.
According to P&S Intelligence, California will hold the largest share in the U.S. medical peer/external physician review services market during the forecast period. This will be due to the surging number of medical centers and active physicians in the state. The California Association of Public Hospitals and Health Systems (CAPH) has 21 public healthcare systems that provide primary care, emergency and inpatient services, outpatient specialty care, long-term care, and rehabilitative services. Moreover, it is the most-populous state of the country; therefore, its medical centers host thousands of patients every day.
Thus, the increasing number of active physicians and hospitals and the presence of set peer review guideline will augment the growth of the market.
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