Alternative Healthcare Providers in the US - Industry Market Research Report

Alternative Healthcare Providers in the US - Industry Market Research Report

  • April 2020 •
  • 36 pages •
  • Report ID: 243240 •
  • Format: PDF
Natural healing: Greater public awareness and adoption of alternative care will aid industry demand

Abstract

Alternative Healthcare Providers in the US

The Alternative Healthcare Providers industry is characterized by a low level of market share concentration. The top two players in the industry, which include the Joint Chiropractic and the Whitaker Wellness Institute, both hold only small shares of the market. Alternative healthcare is more fragmented than conventional healthcare because of its relative youth in the US culture. Sole practitioners account for the majority of employers in the industry.

Industry youth and licensing hinder market growth

• Alternative healthcare is more fragmented than conventional healthcare because of its relative youth in the US culture. Additionally, size is not a significant advantage to operating in the industry the way it is for hospitals and other providers of conventional healthcare. In alternative medicine, there is not as much reliance on costly technology and equipment, which enables more small operators to be successful in the industry. However, many of the specialties in this industry require a license or certification, and these requirements usually stipulate levels of training. There are limited benefits to being a large company in this industry, so new entrants are not forced to compete with appreciably large operators.

Service diversity and price drive competition
• The diversity of alternative healthcare raises competition within the industry. Various types of treatment often assert similar benefits. Therefore, different types of operators vie for the same target market. Operators compete on the basis of price and service differentiation. Services are often differentiated from those of competitors, which are usually within their area of specialization, to win and retain customers or to obtain a price premium for services. Healthcare practitioners in private practices can differentiate the services by developing rapport with patients to win loyalty and referrals.

This industry provides health services that are not classified in any other industry, such as meditation, yoga or massage. The practitioners in this industry operate private or group practices in their own offices or in the facilities of others, such as hospitals, medical centers or patient homes. This industry does not include chiropractors; mental health specialists; physical, occupational and speech therapists; audiologists; or podiatrists.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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