June 25, 2024
Outpatient Clinics Market

Projected Growth In Visit Rates To Fuel The Expansion Of The Outpatient Clinics Market

The global Outpatient Clinics Market is estimated to be valued at US$ 39.00 Bn in 2023 and is expected to exhibit a CAGR of 6.3% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The outpatient clinics market involves facilities that provide ambulatory healthcare services such as primary care, diagnostic testing, minor surgical procedures and specialist consultations on an outpatient basis. Such clinics help address the growing demand for convenience, accessibility and affordability in healthcare. They reduce strain on hospital resources by treating low-risk cases without requiring admission. The clinics are staffed by physicians from diverse specialties including family medicine, internal medicine, cardiology, orthopedics, oncology and pediatrics. They offer a wider range of services than urgent care centers or private practices.

Market key trends:

One of the key trends in the outpatient clinics market is the rising preference for convenient care settings. With hectic modern lifestyles, there is increasing demand for healthcare access outside traditional hospital settings. Outpatient clinics cater well to this need by providing timely treatment for non-emergency cases without waiting periods or lengthy paperwork. Their walk-in facilities make appointment scheduling more flexible. Another significant trend is the shift towards preventive and chronic care management. As health awareness grows, more people are utilizing outpatient services for disease screening, follow-up treatment, and management of ongoing conditions like diabetes or asthma. This sustains high visit rates and boosts recurring revenue for clinic owners.

Porter’s Analysis

Threat of new entrants: The capital requirement and regulatory compliance for establishing an outpatient clinic is relatively high, thereby limiting threats from new entrants.

Bargaining power of buyers: Individual consumers have low bargaining power due to inelastic demand for healthcare services. However, large insurance companies and government payers have significant influence over prices and volumes.

Bargaining power of suppliers: Physicians and other skilled professionals have moderate bargaining power due to shortage of trained healthcare workforce in some geographies.

Threat of new substitutes: Alternative channels of care delivery such as telehealth and retail clinics pose a mild threat of substitution.

Competitive rivalry: The outpatient clinics market is highly fragmented with presence of various private clinics, physician groups and hospital-owned facilities. Market saturation intensifies competition.

Key Takeaways

The Global Outpatient Clinics Market Size is expected to witness high growth, exhibiting CAGR of 6.3% over the forecast period, due to increasing preference for non-acute and minimally invasive healthcare services.

Regional analysis: North America is expected to dominate the Outpatient Clinics market during the forecast period. This is attributable to increasing healthcare expenditure in the U.S. and rising demand for cost-effective treatments. Asia Pacific is anticipated to exhibit the fastest growth rate owing to growing medical tourism, healthcare coverage and rising incomes in developing nations such as India and China.

Key players operating in the outpatient clinics market are HCA Healthcare, Ascension Health, Kaiser Permanente, Mayo Clinic, Cleveland Clinic, Johns Hopkins Medicine, Tenet Healthcare Corporation, Community Health Systems, Mount Sinai Health System, UPMC (University of Pittsburgh Medical Center), HealthCare Partners, MedExpress Urgent Care, Concentra, DaVita Inc., and The Little Clinic (Kroger Co.). HCA Healthcare and Ascension Health hold majority market share due to their large network of ambulatory surgical and emergency care centers across the U.S. and global markets.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it