The global urgent care market will grow by 5% through 2027, when it will reach a market worth of approximately $34.5 billion. (Photo: Shutterstock)A desire for convenience and expectation for on-demand service coupled with an increasingly unhealthy population will drive growth in the market for urgent care centers in the coming years.
According to the latest report from Transparency Market Research, the global urgent care market will grow by 5% through 2027, when it will reach a market worth of approximately $34.5 billion. Demand in North America will be a key driver in this growth, due in large part to the high incidence of chronic illness.
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While the model sits well with millennials and other younger adults who value convenience and ease of access, the growing number of older adults will also contribute to increased demand. Moreover, insurance companies are increasingly covering urgent care visits, positioning them as a viable alternative to emergency rooms or traditional primary care appointments.
“The walk-in or no-appointment cost-effective model works in favor of urgent care centers in a major way,” the report notes. In addition to consumer convenience, the urgent care center model is a boon for physicians, typically requiring less administrative burden and offering improved work/life balance.
According to a benchmark report from the Urgent Care Association released in February, there are more than 9,600 urgent care centers currently operating around the country. While companies such as Concentra, MedExpress and American Family Care currently hold significant market share, the Transparency Market Research report notes that hospital systems will have their eyes on this space in the coming years, as well.
“The year-over-year growth across the country shows the importance of urgent care in today’s healthcare marketplace, as today’s patients seek affordable healthcare options, shorter wait times and more convenient access to care,” said Laurel Stoimenoff, CEO of UCA. “To meet public demand and trends, the industry continues to innovate and expand by leveraging technology, new services and evidence-based medicine including telemedicine, physical therapy, occupational medicine and more.”
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July 15, 2020 at 09:09PM
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