The market was valued at $281.5 billion in 2022 and grew to $292.3 billion in 2023. Private equity firms investing heavily to acquire smaller physician practices was cited as one of the driving factors bolstering the market.
The report characterized physician groups as the collaboration of more than two physicians. Other contributing factors leading to market growth identified in the report focus on the advantages physician groups have over solo practitioners, including financial security, expertise and specialized training.
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