Market Research Firm Projects Urgent Care Centers to Reach $30 Billion by 2020
The rise of urgent care clinics has been one of the biggest changes in the healthcare industry in the last decade. These walk in medical clinics provide a quick, convenient, and affordable alternative to doctors office visits or hospital/emergency room trips. Not only has this been great for the consumer (patient), but it’s also helped to reduce the overcrowded waiting rooms and more efficiently manage real emergencies in traditional facilities.
With well over 6,800 urgent care facilities that see an estimated three million patients every week in the United States, today it seems as if the industry is not only surviving, but thriving. Recent data from a market research firm supports this belief and predicts that the global urgent care market will reach $30 billion by 2020, according to the medical technology news source MedGadget.com.
Transparency Market Research (TMR) is the global market intelligence company that came up with this estimation through quantitative forecasting, trend analysis, and experienced researchers. According to TMR, the urgent care center market was $23.5 billion in 2013 and with a simple, and moderate compound annual growth rate (CAGR) of 3.8% it should grow over $30 billion within the next five years.
The North American region is far and away the leader in the global marketplace of the industry, but the Asia-Pacific region is believed to be a big part of the upcoming growth potential. The research firm mentions India, China, Japan, New Zealand, and Australia specifically as countries that could offer the most opportunity for expansion and growth.
The benefits of these types of facilities have been stated many times, but it’s worth mentioning that a 2010 study by the Rand Corporation found that nearly one in five hospital emergency room visits could have been treated at urgent care centers, which could save approximately $4.4 billion in annual healthcare costs.
Count the walk in clinic revolution as just another trend the U.S. has set for the rest of the world to follow.