Strategic Partnerships Driving Growth in Urgent Care By 2023 to 2033 from Sanket Badgujar's blog

The global urgent care market is on a trajectory of substantial expansion, with a projected value of USD 26,099.8 million in 2023, according to recent industry analysis. The market is anticipated to sustain a Compound Annual Growth Rate (CAGR) of 4.6% from 2023 to 2033, ultimately approaching a value of USD 40,828.4 million by the end of 2033.

This upward trend is driven by several key factors. Firstly, the prevalence of chronic diseases is on the rise, compelling individuals to seek prompt medical attention. Coupled with an aging population, this demographic shift intensifies the demand for urgent care services worldwide. Additionally, the proliferation of hospitals specializing in urgent care further propels market growth, offering convenient and accessible healthcare solutions to a broader demographic.

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Catalysts for Urgent Care Market Expansion:

The urgent care market is expanding significantly owing to the increasing incidence of chronic illnesses and accidents requiring prompt medical attention, government assistance, and increased urgent care facilities. Public health awareness has grown over the years, helping the market to progress.

With the increased access to high-quality healthcare services, urgent care facilities have emerged as crucial nodes for handling critical medical requirements. The demand for urgent medical care services is rising globally, boosting the urgent care market.

The industry is anticipated to experience growth owing to the adoption of contemporary technologies and the creation of user-friendly urgent care apps. Favorable reimbursement practices in developed and emerging countries are also driving the market.

Shortage of Skilled Labor Restraining the Urgent Care Market:

A significant barrier to the market's growth is the lack of qualified healthcare professionals to meet the population's rising healthcare requirements. To maintain the effectiveness and accessibility of urgent care services in contemporary healthcare settings, a skilled workforce is crucial. Policy reforms, investments in training programs, and creating a more accommodating regulatory environment are essential to cater to the needs of the patients.

The stringent reimbursement rules across regions make it difficult for providers to maintain their financial viability, restricting the market’s growth.

“The expansion of the healthcare sector infused with government funding and the rise in favorable policies and initiatives promoting quick and affordable care services contribute to the growth of the urgent care market,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI) analyst.

Key Takeaways from the Urgent Care Market Report:

• The pain management sub-segment of the services category accounts for a market share of 8.5% in 2023.
• The corporate-owned urgent care sub-segment holds a share of 31% of the market by ownership.
• The United Kingdom market is expected to register a CAGR of 3.1% through 2033.
• The German market is projected to develop at a CAGR of 2.8% from 2023 to 2033.
• The China urgent care market is anticipated to record a CAGR of 6.9% over the forecast period.
• The market in India is expected to exhibit a CAGR of 5.4% from 2023 to 2033.
• The market in Japan is expected to flourish at a CAGR of 3.8% through 2033.
• The North American urgent care market accounts for a share of 52% in 2023.
• The European urgent care market holds a share of 4.8% in 2023.

Competitive Landscape in the Urgent Care Market:

The global market is fragmented due to the presence of several urgent care-providing firms. Key urgent care businesses are using expansion tactics to broaden their worldwide reach, including new product development and launches, product approvals, agreements, collaborations, and mergers.

Recent Developments in the Urgent Care Market:

• ICV Partners, LLC in March 2022, announced the merger of Urgent Care Group and its portfolio company Total Access Urgent Care. ICV Partners, LLC is a renowned investment firm specializing in lower- and middle-market business services, consumer goods and services, food and beverages, and healthcare industries.

• Adventist HealthCare and CRH Healthcare, which runs urgent care centers in Alabama, Florida, Georgia, and Maryland, bought three urgent care centers in Germantown, Rockville, and Laurel in February 2022. All three centers have established themselves as leaders in their respective communities by addressing the walk-in urgent care demands of patients in the area as well as the needs of employers, owing to the availability of qualified medical professionals and support staff.

Key Urgent Care Market Players:

• FastMed Urgent Care
• HealthWorks, Inc.
• MedExpress
• MinuteClinic, LLC
• AFC/Doctors Express, LLC, U.S.
• CareSpot Express Healthcare
• Patient First
• NextCare Urgent Care
• CareSpot Express Healthcare LLC
• Concentra Inc.
• MD Now.
• American Family Care
• Aurora Urgent Care
• Bellin Health
• Dignity Health Care
• Hometown Urgent Care & Occupational Health
• TexasMedClinic
• USA HealthWorks

Key Segments:

By Services:

• Cold, Cough & Flu
• Allergy Treatment
• Pain Management
• Ear & Eye infections
• Respiratory infections
• Dehydration & Diarrhea
• Urinary Tract Infections
• Sports injuries
• Burn Cases
• Minor Cuts & Lacerations
• Asthma Care
• Sprain & Broken Bones
• High Blood Pressure
• Wound Care
• Minor Skin Rashes & Infection
• Immunization
• Wound Care
• Lab-Based Tests
• Diagnostic Imaging Services
• Telehealth Urgent Care
• Others

By Type of Patient:

• 6 to 18 Years
• 19 to 35 Years
• 36 to 65 Years
• 65 to 80 Years
• 80 Years & Above

By Ownership:

• Hospital Owned-Urgent Care
• Physician Owned Urgent Care
• Multi-Physician Owned Urgent Care
• Single-Physician Owned Urgent Care
• Corporate Owned Urgent Care
• Private Equity & Joint Ventures Owned Urgent Care

By Region:

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa