Urgent Care Centers Market

‘Patient as a Consumer’ Trend Set to Redefine Future of Urgent Care Centers

Over the past couple of decades, a number of factors have played an essential role in boosting the overall growth of the healthcare sector around the world. Increasing government support, rising investments, surge in the number of patients suffering from an array of medical diseases and conditions, and advancements in medical technology are some of the most fundamental drivers that have dictated the growth trajectory of the healthcare sector. As the healthcare sector around the world continues to progress, its direct impact can be witnessed across the global urgent care centers market. Due to favorable government policies and efficient license obtaining procedures, the number of urgent care centers (UCCs) around the world have increased at a rapid pace-a trend that is expected to continue during the forecast period.

In addition, some of the major factors that are anticipated to influence the market growth include the growing demand for improved work-life balance by physicians, convenience, patient convenience, and costs. At present, physicians and urgent care center owners are increasingly focusing on minimizing the administrative burden to increase efficiency and gain a slight competitive edge. The urgent care centers market has witnessed considerable growth over the past few years, as patients are increasingly swaying toward urgent care clinics over traditional centers due to convenience factors, including longer operational hours and walk-in appointments.

At present, as urgent care centers are focusing on integrating elements from the retail sector such as ground-floor location for easy access, streamlined process to schedule appointments using advanced technology, and customer-first approach, the global urgent care centers market is expected to reach US$ 35.4 Bn by the end of 2027.

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Soaring Interest of Millennial Population to Provide Boost to Global Market

In several regions around the world, the soaring costs of healthcare facilities continue to remain a major concern. However, as more number of urgent care centers are gradually entering the healthcare space, primary healthcare landscape around the world, particularly in developed regions, such as Europe and North America is gradually evolving. Urgent care centers are comparatively cheaper than emergency departments due to which, the demand has witnessed a consistent surge over the past decade, mainly driven by the millennial population.

The average price-per-visit of urgent care centers in several parts of the world are relatively lower than that of hospital-based emergency departments and freestanding emergency departments– another factor that is driving the urgent care centers market. While the demand from the younger population is projected to grow at a rapid pace, the ageing population is also gradually swaying toward urgent care centers, owing to convenience, costs, and rapid nature of the treatment, among others.

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In addition, reduced or limited access to primary care, particularly in developed regions including North America, is another factor due to which, the younger population is increasingly favoring urgent care centers over other alternatives. This is likely to have a direct impact on the growth of the urgent care centers market during the assessment period.

While convenience and costs are expected to have a strong influence, the financial landscape involving insurance companies is expected to set the ball running for the stakeholders operating in the urgent care centers market. Insurance companies around the world are increasingly offering incentives across their networks to patients who opt to visit urgent care centers.

Activity in Urgent Care Centers to Remain Steady amid COVID-19 Pandemic

The ongoing COVID-19 pandemic continues to put pressure on the healthcare system around the world, as more number of patients seek treatment for the novel COVID-19 disease. In addition, governments across the world are increasingly focusing on the containment of the novel coronavirus due to which, the healthcare sector is likely to be exhausted, particularly in 2020. Urgent care centers around the world are increasingly focusing on accessing tests for COVID-19 to cater to the influx of patients. Urgent care centers around the world are at the frontlines of healthcare during the COVID-19 pandemic and are expected to comply with protocols.

A factor that could potentially minimize demand for urgent care centers includes increasing fear among patients regarding the potential of contracting the novel COVID-19 virus at urgent care centers. Urgent care centers are expected to optimize patient safety and implement robust guidelines to prevent the transmission of the novel COVID-19 virus. Despite uncertainty among patients, activity across urgent care centers around the world is expected to remain normal amid the ongoing pandemic. This is likely to fuel the expansion of the urgent care centers market during the forecast period.

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Analysts’ Viewpoint

The global urgent care centers market is expected to grow at a moderate CAGR of ~5% during the forecast period. The market growth is primarily driven by three major factors, including improved convenience, rapid pace of treatment, and lower cost in comparison with emergency centers and other alternatives. In addition, increasing support from government agencies and insurance companies in different regions of the world is expected to play an important role in boosting the market for urgent care centers during the assessment period. Despite the looming uncertainty during the COVID-19 pandemic, urgent care centers will remain critical