AFC/Doctors Express, CareSpot Express Healthcare LLC, Concentra Inc., have been some of the leading players in the global urgent care centers market for 2013, according to a research report released by Transparency Market Research. The degree of competition in the market is likely to intensify over the coming years, thanks to a growth spurt in demand in emerging economies. The market has so far been a fragmented one, with smaller vendors accounting for a large share in the market.
According to TMR, the competitive landscape in the global urgent care centers market is likely to be marked with the leading players expanding their operations to new shores while taking consolidation efforts in the form of mergers and acquisitions. The global urgent care centers market was valued at US$23.5 bn in 2013. Owing to several factors contributing to its growth, the market is projected to reach US$30.5 bn by the end of 2020, after expanding at a CAGR of 3.80% within a forecast period from 2014 to 2020.
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Emerging Economies Put Best Foot Forward in Urgent Medical Care Investments
North America and Europe have consistently been the leading regions as far as the global urgent care centers market is concerned. Over the coming years, however, more and more importance is expected to be given to similar medical practices and establishments within emerging economies. Nations such as China, Japan, and India are swiftly ramping up their investments in the healthcare sector and especially into markets such as urgent care centers. These countries are recognizing the need for such centers to become available to the general public at a large scale, in order to improve mortality rates and reduce the spread of infections as well as reduce the number of preventable deaths. Regions such as Latin America, the UAE, Israel, and South Africa are also prime targets for the promotion of urgent care centers over the future.
Rise in Geriatric Population Spurs Demand for Urgent Care Centers
“One of the leading drivers for the global urgent care centers market at the moment is the tremendous count of geriatrics in several key regions. The elderly are considered to be the key patient demographic that is in need of urgent care centers, and a global rise in their numbers is a direct implication of a rise in the demand for these centers. Based on statistics published by global bodies such as WHO and CDC, the number of elderly in the world is not only on an incremental path, but so is the total number of patients suffering from both chronic and infrequent ones. The elderly are especially susceptible to the problems caused by chronic illnesses, a lot of which often require urgent medical attention,” states a TMR analyst.
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Skilled Labor May be Insufficient
While the demand for urgent care centers is increasing around the world, it still remains to be seen if this demand can be met with the provision and availability of skilled medical professionals that can work at these centers. This is especially a problem in several emerging economies, where the lack of skilled labor can slow down the rate of establishment of urgent care centers. Additionally, the market is expected to continue being restrained by the mounting costs of establishing these centers, especially in remote areas. The problem is complicated further due to the constant need for investments in order to stay updated on the latest medical technologies in order to provide the best possible urgent medical attention.
The information presented in this review is based on a Transparency Market Research report, titled, “Urgent Care Centers Market (Services – Illness, Injury, Physical, Vaccination, Diagnostic, and Screening) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020.”