Outpatient Clinics Market Size to Grow at a CAGR of 6.2% During the Forecast Period 2021-2026

(Publishing-NewsWire.com, October 20, 2021 ) The Outpatient Clinics Market size was estimated at $42.38 billion in 2020, projected to grow at a CAGR of 6.2% during the forecast period 2021-2026. Outpatient clinics are sometimes referred to as ambulatory centers and ambulatory clinics. They're medical centers that conduct treatments and don't necessitate an overnight stay in a hospital or health facility. They could include services such as prevention, diagnosis, or treatment. Procedures such as pain management, diagnostics, chemotherapy, wound care, physical therapy, and some minor surgical procedure are conducted as outpatient procedures. Outpatient clinics, like physician offices or long-term care facilities offer primary care and may or may not be affiliated with a larger healthcare institution.

Outpatient clinics have played an important role in the treatment of cognitive behavioral disorders. Substance misuse, sexual offense, depression, obesity, and obsessive-compulsive behavior are all high-risk scenarios that are becoming a serious concern in numerous countries. Outpatient clinics are becoming more common as a result of the management of high-risk situations around the world. Additionally, advanced medical technology has also resulted in medicines and devices that allow procedures, diagnostic tests, and therapies to be performed without the need for overnight stays. Chronic disease prevalence will continue to drive demand for prompt treatment and services, which is further expected to drive Outpatient Clinics Market growth during the forecast period 2021-2026.

Outpatient Clinics Market Segment Analysis- Centre Type

On the basis of type, the market is divided into four segments; Single Specialty Centers, Multi-Specialty Centers, Diagnostics Centers and Surgical Centers. The Diagnostics Centers segment generated highest revenues in 2020 on the basis of center type, due to the emergence of Covid pandemic. Over 1 Billion test were performed globally accounting to significant revenue when compare to other center type.

However the multi-specialty center segment is expected to register the highest CAGR of 8.2% owing to the growing need for various treatments under one roof during the forecast period 2021-2026.

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Outpatient Clinics Market Segment Analysis - By Specialty Area

Based on treatment, the global Outpatient Clinics Market is segmented into Cardiology, Orthopedics, Gastroenterology, Dental, Ophthalmology, Urology, Neurology, Dermatology and Others. Orthopedics segment accounted for major share of the market owing to the going number of orthopedic cases among geriatrics and pediatrics patients.

However, Dermatology is expected to develop at the highest rate of 11.4% during the forecast period 2021-2026 owing to dermatology problem as a result of the unhealthy life style, and the self-conscious nature of people about their appearance.

Outpatient Clinics Market Segment Analysis - By Geography

Based on geography, North America dominated the Outpatient Clinics Market with a region share of 38% in 2020 followed by Europe and APAC. The supportive government programs and policy’s, and established healthcare infrastructure for Outpatient Clinics are the major factors propelling the growth in this region. Moreover, the presence of large number of company that invest heavily on the infrastructure along with the easy availability of technologically advanced drugs and devices is predicted to drive the market growth in this region.

However, Asia Pacific region is predicted to see the demand maturing in Outpatient Clinics Market owing the increasing healthcare expenditure and infrastructure that supports early diagnosis. Furthermore, policymakers in developing countries are taking steps to raise awareness about diseases, as well as their diagnosis and treatment options which is further predicted to drive the market during the forecast period 2021-2026.

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Outpatient Clinics Market Drivers

Lower Costs to Payors and Patients

Commercial health plans or private insurance, government health plans, and private citizens who pay out of pocket are the three recognized payors of healthcare worldwide. Low-cost care environments are favored by all three groups. Private insurers, of course, would prefer to reduce their risks and needless utilization, governments would prefer to retain budgetary control and avoid overspending, and citizens would naturally want more cost-effective healthcare options wherever the cost is passed down to them. Outpatient care is one method to address all three stakeholders' cost concerns. An outpatient visit costs $500 on average, compared to $22,000 for an inpatient visit. Thereby the market forward during the forecast period 2021-2026.

Technological Advancements

Advanced medical technology has also resulted in medicines and medications that allow procedures, diagnostic tests, and therapies to be performed without the need for overnight stays. Chronic disease prevalence will continue to drive demand for prompt treatment and services, thereby the market forward during the forecast period 2021-2026.

Outpatient Clinics Market Challenges

Stringent regulatory framework

Despite the increase in chronic diseases and supportive government programs and policy’s, some factors are preventing market acceptance. The stringent regulatory framework and high costs associated with the therapy is currently limiting the adoption thereby, acting as major impediment for market's growth.

Outpatient Clinics Market Landscape:

Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Outpatient Clinics Market. Key companies of this market are M D Anderson Cancer Center, Kaiser Permanente Inc., Memorial Sloan Kettering, Mayo Clinic, DaVita Inc., University of Maryland Medical Center, Johns Hopkins Medicine, Cleveland Clinic and Fresenius Medical Care and others.

Developments:

In January 2020, Georgia-based Piedmont Healthcare recently entered a joint venture with WellStreet Urgent Care to acquire nine urgent care centers.

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