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Health Care and Social AssistanceStandard ReportNAICS 62111Mature
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Medical Practices — US Industry Report

Official NAICS classification: Offices of physicians (62111)

The offices of physicians industry in the United States generated an estimated ~$771.4B in annual revenue across 218.1K establishments employing 2.77M workers (Census Bureau). This 34-page report analyzes industry performance, competitive dynamics, and delivers 5-year growth forecasts.

Published by VantaInsights Research TeamLast updated: March 2026NAICS 62111
~$771.4B
Market Size A VantaInsights projection for 2026, not a published federal figure: the 2022 Census Economic Census revenue carried forward at the industry's revenue growth rate. The published 2022 figure is in the report.
5-Year Trend Industry growth direction over 2012-2025. Exact CAGR and year-by-year data available in report.
218.1K
Establishments Total business locations operating in this NAICS-classified industry.
2.77M
Employment Total paid employees across all industry establishments.
$XX.XB
Annual Payroll Total annual wages and salaries. Full payroll data available in report.
Mature
Life Cycle Growing in line with overall economy

Industry Snapshot

  • ▸Physician practices remain highly fragmented despite moderate consolidation among leading operators
  • ▸Large states show divergent staffing efficiency, with certain regions operating below peer averages
  • ▸Employment growth in physician offices significantly outpacing broader economic expansion
  • ▸Physician compensation declining while total payroll expenses rise substantially across the sector
Full data and exact figures in the report

Table of Contents

1.Executive Summary

Key takeaways, industry definition, and current state overview. Covers the industry's scope, principal activities, NAICS classification context, and a concise snapshot of where the industry stands today. Reading this alone gives decision-makers the high-level picture they need before diving into data-backed chapters.

p. 3
2.Industry Performance

Historical performance analysis covering establishments, employment, and payroll (2012-2025). Examines what has driven industry performance in recent years, how the industry has responded to macroeconomic cycles, and which operating conditions have shaped revenue and labor dynamics. Includes source-cited tables and year-by-year data points.

p. 5
3.Industry Forecast

5-year projections (2026-2030) with base case, bull case, and bear case scenarios. Each scenario combines historical trends, macroeconomic indicators from FRED, and industry-specific signals. Addresses questions on expected trajectory, forecast risk, downside drivers, and the assumptions behind each scenario.

p. 9
4.Industry Outlook

Growth drivers, risk factors, and external environment analysis. Unpacks the forces that will shape the industry over the forecast horizon — demographic shifts, regulatory changes, technology adoption, and cyclical exposure. Frames both the upside opportunities and the structural risks operators and investors should weigh.

p. 12
5.Competitive Landscape

Market structure, concentration, barriers to entry, and competitive dynamics. Describes how the industry is structured between incumbents and entrants, typical competitive strategies, and what separates successful operators. Standard-tier reports add the official CR4, CR8, CR20, CR50 and HHI from the Census Economic Census, plus the largest public operators named from SEC EDGAR 10-K filings.

p. 15
6.Operating Conditions

Cost structure, labor requirements, technology factors, and the regulatory environment. Examines where operators spend, how sensitive margins are to input costs, what workforce and technology investments are typical, and which compliance and regulatory constraints shape day-to-day operations and long-term planning.

p. 18
7.SWOT Analysis

Strengths, weaknesses, opportunities, and threats — each supported by concrete evidence from the underlying data. Moves beyond generic bullet points by tying each SWOT element to specific metrics, structural trends, or external forces identified elsewhere in the report. Useful for strategic planning and risk assessment.

p. 21
8.Geographic Breakdown

Regional market concentration, wage dynamics, and emerging geographic opportunities. Breaks establishments, employment, and payroll down by state and region, identifies where the industry is densest, where it is growing fastest, and how local labor markets and wage levels differ. Standard-tier and higher includes state-level tables.

p. 23
9.Major Industry Players

The largest public operators in the industry, named from their SEC EDGAR 10-K filings, with enterprise revenue and segment context. Sits alongside the official Census Economic Census concentration figures (CR4, CR8, CR20, CR50, HHI) so the named players can be read against the measured structure of the whole industry, public and private.

p. 27
34 pages·11 charts & figures·PDF format

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Industry Analysis

The Offices of physicians industry (NAICS 62111) encompasses 218.1K establishments in the United States employing 2.77M workers, generating an estimated ~$771.4B in annual revenue (Census Bureau). Classified within Health Care and Social Assistance, the industry is positioned in a mature phase of its life cycle.

This report examines historical performance trends (2012-2025), competitive structure, geographic distribution, and provides a 5-year outlook (2026-2030) with growth drivers, risk factors, and industry-specific SWOT analysis.

Additional trends and insights available with purchase

Products & Services

Key service categories in the Offices of physicians industry.

Full service list on the At-a-Glance page in report

Who Uses These Reports

Trusted by professionals who need verified federal data to make decisions

Investors & PE Firms

Size markets, validate deal theses, and benchmark targets with verified federal data before committing capital

Consultants & Advisors

Deliver data-backed recommendations to clients with sourced and cited industry metrics — Census, BLS, and FRED

Founders & Operators

Validate market entry, benchmark against industry averages, and present credible data to investors and boards

Corporate Strategy Teams

Support expansion planning, M&A due diligence, and executive reporting with NAICS-classified industry data

Top Questions Answered

What is the market size of the Offices of physicians industry?

The estimated market size of the Offices of physicians industry is ~$771.4B, a VantaInsights 2026 projection carried forward from the 2022 US Census Economic Census baseline at the industry's revenue... Full analysis available in report.

How fast is the Offices of physicians industry growing?

The Offices of physicians industry has demonstrated strong growth over the past decade, outpacing the broader U.S. economy across multiple measured periods. Full analysis available in report.

What is included in the Offices of physicians industry (NAICS 62111)?

NAICS 62111 covers establishments where licensed medical doctors (MDs) and doctors of osteopathy (DOs) provide outpatient medical care, including general practice, family medicine, and specialty... Full analysis available in report.

What is the outlook for the Offices of physicians industry over the next few years?

The Offices of physicians industry is projected to continue its growth trajectory, supported by aging demographics and sustained demand for outpatient care. Full analysis available in report.

How many physician office businesses operate in this industry?

The Offices of physicians industry is highly fragmented, with a large number of independent and small-group practices operating alongside a growing number of larger multi-specialty and... Full analysis available in report.

How competitive is the Offices of physicians industry?

Competition is shaped by high licensure and credentialing requirements that create meaningful barriers to entry, yet the industry remains fragmented with many independent operators differentiating on... Full analysis available in report.

What do employees in the Offices of physicians industry typically earn?

Compensation in the Offices of physicians industry varies considerably by role, specialty, and geographic market, but the sector is generally characterized by above-average wages relative to the... Full analysis available in report.

Who are the major players in the Offices of physicians industry?

The industry is served by a broad mix of national health systems with owned physician networks, regional multi-specialty groups, and a substantial base of independent local practices. Full analysis available in report.

Get complete answers with detailed growth rates, forecasts, and competitive analysis.

Methodology

This report is produced using AI-assisted analysis of official US government data sources. Our methodology combines automated data collection from federal statistical databases with AI-assisted synthesis and validation. Every numerical claim undergoes a validation pass against source data.

The Census Bureau's County Business Patterns and Economic Census provide establishment counts, employment, and payroll broken out by NAICS industry and geography. The Bureau of Labor Statistics QCEW program supplies wage data by industry. The Federal Reserve Economic Data (FRED) service contributes macroeconomic indicators used for industry forecasting — GDP, interest rates, housing starts, and sector-specific indices.

Data freshness varies by source: Census CBP has a ~2 year lag, BLS lags 6-9 months, and FRED provides near real-time macroeconomic data. Each report includes a data currency section showing exact year ranges.

Read our full methodology →

Data Sources

Every chart, table, and claim in this report traces back to a published federal statistical database. Each data point in the PDF shows its source so you can verify it against the original dataset.

Historical data range
2012-2025
Market size derivation
Est. via Revenue CAGR (Census Economic Census baseline)

Report Details

NAICS Code62111 - Offices of physicians
NAICS Vintage2017
Industry SectorHealth Care and Social Assistance
Report TierStandard
Geographic CoverageUnited States
Historical Data2012-2025
Forecast Period2026-2030
Page Count34 pages
FormatPDF
Data SourcesCensus, BLS, FRED, SEC
Last UpdatedMarch 2026
AnalysisAI-assisted
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Industry Classification (NAICS)

Where this industry sits in the North American Industry Classification System.

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