Demand for convenient and cost-effective medical care worldwide is growing tremendously and the reasons are growing geriatric population and the growing healthcare expenditure. And, this is also paving way for urgent care, helping the market for urgent care centers significantly.
As per Transparency Market Research, “Urgent Care in the United States of America is modeled to ensure opportune access to people to healthcare that is not only superior in quality but also cost effective so it is affordable. The reasons are clear. The region is set to witness massive increase in geriatric population. And, this will also lead the region to chart a significant growth curve over the next few years”
Overall, Transparency Market Research notes, that the global urgent care centers market will grow at a rate of 3.80%, compounded annually (CAGR), from 2014 to 2020, pulling up the valuation of market worth to USD 30.5 billion by the end of the forecast period. It is a notable increase from USD 23.5 billion. Technological advancement and increasing investments will be significant factors of growth in the market over the stated period.
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It is significant to note here that the North American region will witness one in every four people occupying the age bracket of 65 and above by the year 2050, as per a recent study on demographics. This will also be the case in the European region. What is pertinent here is the fact that the numbers are steeper than the world figures of one in every six. Additionally, it is interesting that in 2018 geriatrics from this age group were more than children below 6 years of age. This was historic in every sense of the word. Besides, the age group of 60 and above is set to see an increase from about 960 million people in 2017 to 2 billion people in 2050.
As this demographic is susceptible to injuries, particularly those in the muscles and bones, traumatic ones, and so on. Since, these care centers provide services for screening and managing of these, monitoring, routine examinations, and physicals, demand for these will be high over the next decade and beyond.
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North America and Europe to Account for a Sizeable Share of the Global Urgent Care Centers Market
North America is set to lay claim to a notable portion of market growth, set to accrue over the forecast period. Multiple reasons mark this growth. Some of these are growing geriatric population and technological advancement. Besides, healthcare infrastructure in the market is quite robust and favorable reimbursement policies are contributing to increase in demand. Europe will also witness growth owing to these similar reasons. Besides, new and lucrative opportunities will arise in the Asia Pacific (APAC) region due to a large pool of patients.
Fragmented and Competitive Vendor Landscape to Mark Global Urgent Care Centers Market over the Forecast Period
The global urgent care centers market has a notable number of players operating its dynamic vendor landscape. It is highly competitive and players often take aggressive and active measure to gain an edge over competitors. Some of the renowned names in the global urgent care centers market are MinuteClinic LLC, Patient First and U.S., AFC/Doctors Express, MedExpress, MD Now, FastMed Urgent Care, HealthWorks Inc., CareSpot Express Healthcare LLC, NextCare Urgent Care, and Concentra Inc., among others.
Organic and inorganic strategies are often deployed by market players in order to beat the competition. As per Transparency Market Research, “This includes high focus on technological advancement and adoption and sometimes forging new and strategic alliances with other players. The last strategy often results in combination of resources and better market penetration.”
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The global urgent care centers market has been segmented as below:
Urgent Care Centers Market, by Services
Urgent Care Centers Market, by Geography
- North America
- Rest of the World (RoW)
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