The factors such as an increase in investment on urgent care centers by hospitals and the growing geriatric population are expected to drive the market.
Furthermore, affordability and shorter period of waiting compared to conventional healthcare are playing a vital role in fueling market growth. For instance, in most of the regions, individuals are preferring urgent care centers for minor conditions such as injuries and other acute conditions. However, the factors such as dearth of skilled professionals, regulatory policies and friction with insurers are expected to hinder the market growth over the forecast period. For instance, some of the insurers require urgent care facilities to have 24 hours of emergency medical care and certified physicians onsight.
Key Market Trends
Hospital Owned Urgent Care Centers Segment is Anticipated to Grow at a High CAGR over the Forecast Period
Hospital owned urgent care centers are the urgent care facilities operated in the remote areas as an extension of hospitals. This expands hospitals clinical reach to the other regions and coordinate care.
As the urgent care centers are growing in a notable phase, hospitals and primary healthcare providers are focusing on entering into the urgent care centers market to prevent their patients from leaking away to alternative care. Furthermore, favourable reimbursement environment for the hospital-owned urgent care centers and ease of market entry compared to other segments expected to boost the hospital-owned urgent care center market growth.
on the other hand, due to advancements in diagnostic technologies and rise in geriatric population around the world, diagnostic services and acute illness treatment solutions are gaining momentum in urgent care market. According to the National Institute of Health percentage of population aged 65 and above expected to grow from 8.5% in 2015 to 16.7% in 2050.
North America Dominates the Market
North America is expected to dominate the overall urgent care center market, throughout the forecast period. This is due to factors such as technological advancements in telemedicine and adaptation of such technologies by urgent care providers to strengthen its services. Furthermore, increasing healthcare spending and number of urgent care centers, especially in the United States expected to boost the North America urgent care centers market over the forecast period. According to the Urgent Care Association, urgent care centers in the United States grown from 6,400 in 2014 to 8,774 in 2018 and expected to grow continuously in future years.
The key market players operating in urgent care centers include, and not limited to, U.S. HealthWorks, Inc., Concentra, Inc, MedExpress, NextCare Holdings, Inc, and St Joseph's Health Care London. Market players are using strategies such as acquisitions and expanding the offerings to strengthen the market share.
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