Report: Cost-Effective Medical Care and Market Ceiling Will Spur Urgent Care Market to $30B By 2020
Urgent care is still a relatively new industry at-large, having started in the 1970s, but not gaining mainstream popularity until recent years. Today, business is booming, and with approximately 3 million patients visiting a center each week in the U.S., it isn’t showing any signs of slowing down.
A new report from Transparency Market Research, one of the leaders in business/market trends and forecasting, projects that the urgent care centers industry will grow to over $30 billion by the year 2020. According to MedGadget.com, the global urgent care clinics market stood at about $23.5 billion in 2013 and is expected to increase at a compound annual growth rate (CAGR) of 3.8% over the next few years.
“The increasing aging population and the emergence of cost-effective medical care are amongst the prime drivers stimulating the market for urgent care centers,” the summary of the report reads. “In addition, the reduction in waiting time and the flexibility in appointment provided by urgent care centers attract huge patient pool, thus augmenting the growth of the market.”
In essence, this report merely reflects that urgent care centers are doing exactly what they set out to do: treat a wide amount, and a variety of people in a quick, convenient, and affordable way and to increase the overall efficiency of the health care field. It makes sense that a direct result of reducing waiting times while also maintaining high levels of care would result in growth in the industry overall, and that’s apparently what is happening.
Approximately 57% of patients wait for 15 minutes or less to be seen, and about 80% of all visits are 60 minutes or less, according to a survey by the Urgent Care Association of America. On top of that, the same diagnosis will typically cost you at least a couple hundred dollars more at a hospital/emergency room than it would at a walk in style facility.
A $7 billion increase over seven years is exceptional growth and proves that what we’re doing at AFC/Doctors Express is a valuable service to people everywhere. Consider stopping in for your next medical ailment and see what all the fuss is about for yourself.