(PharmaNewsWire.Com, May 21, 2020 ) The global urgent care center market is expected to reach USD 29.8 billion by 2027 from USD 21.0 billion in 2019, at a CAGR of 4.5%. Growth in the urgent care center market is mainly driven by factors such as the affordable care and shorter waiting periods offered by urgent care centers, growing investments in urgent care, strategic developments between urgent care providers and hospitals, and growth in the geriatric population.
The acute illness treatment segment is expected to account for the largest share of the urgent care center service market in 2018
On the basis of services, the urgent care center market is broadly segmented into acute illness treatment, trauma/injury treatment, physical examinations, immunizations & vaccination, and other services (diagnostics, telemedicine, travel & occupational medicine). In 2018, the acute illness treatment segment is expected to account for the largest share of this market. The high growth in this segment can be attributed to the increasing number of influenza like illnesses coupled with the immediately accessible urgent care services.
Corporate owned urgent care centers segment is expected to command the largest share of the market in 2018
On the basis of ownership, the market has been segmented into corporate owned, physician owned, hospital owned, and others (joint venture with a hospital, physician & non-physician investors). The physician owned urgent care centers are further subsegmented into single physician owned and multiple physician owned urgent care centers. The corporate owned segment is expected to command the largest share of the market in 2018. The large share and high growth of this segment can be attributed to factors such as the rising investments in the urgent care platform owing to their high revenue generating capability.
North America is expected to dominate the urgent care center market during the forecast period
Geographically, North America is expected to account for the largest share of the urgent care center market in 2018, followed by Europe, Asia Pacific (APAC), and the Rest of the World. North America is also estimated to exhibit the highest CAGR in the forecast period. The large share and high growth in this region can be attributed to the rapid growth in geriatric population in US and Canada, advent of specialty urgent care & increasing inclination to venture into urgent care in the US, and extremely long healthcare wait times in Canada.
The major players operating in the urgent care center market include Concentra (US), MedExpress (US), American Family Care (US), NextCare Holdings (US), and FastMed Urgent Care (US). Other players involved in this market are CityMD (US), CareNow (US), GoHealth Urgent Care (US), HCA Healthcare UK (UK), Columbia Asia Hospitals (India), International SOS (China), and St. Josephs Health Care London (Canada).
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