Retail Clinics Market by Operator [Pharmacies/Big Box Retailers, Hospital Operated and Private Owners], Location [Retail Stores, Drugstore Chains and Standalone Drugstores], Application [Vaccination, Point-Of-Care, Clinical Chemistry & Immunoassay, and Other Applications] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global retail clinics market was pegged at ~US$ 3.8 billion in 2020. The market is expected to witness a CAGR of ~15.6% from 2021 to 2031.
The rising prevalence of the chronic diseases and advantages of retail clinics such as cost effectiveness, easy accessibility, and availability of instant appointment are some of the pivotal factors propelling the growth of the retail clinics market. However, the presence of the traditional healthcare service providers, and inadequate infrastructure in emerging economies is likely to restrain the market growth.
Prominent players are progressively implementing several initiatives such as collaboration and funding to strengthen the network of retail clinics across the globe. For instance, in July 2020, Walgreens Boots Alliance Inc. planned to open as many as 700 doctors’ offices in its drugstores over the next five years and invest $1 billion in primary-care provider VillageMD over the next three years.
In the U.S., according to the Centers for Disease Control and Prevention (CDC), 1 in every 13 individuals suffers from asthma. Moreover, the prevalence of asthma in the country accounts for a staggering 25 million patients. Similarly, diabetes management requires frequent visits for routine monitoring and access to several supplies (needles, testing strips, insulin, and others). Retail clinics offer adequate options for managing and treating a broad spectrum of chronic disorders such as hypertension, asthma, high cholesterol, diabetes, and others. Continual rise in the prevalence of chronic disorders, has significantly raised the need for healthcare service providers such as retail clinics, to offer rapid, effective and efficient treatment options at affordable rates.
One of the major advantages offered by retail clinics is the convenience offered in terms of flexibility of consultation timing. These clinics generally remain open on weekends as well as in the evening, which offers individuals greater and convenient consulting timing. Accessibility to professional healthcare services even after stipulated hours is another pivotal factor which has promoted the growth of retail clinics market compared to the traditional healthcare service providers.
The presence of traditional healthcare service providers such as hospitals, clinics, physician offices, urgent care centers, emergency departments and several other options, and lack of awareness about the retail clinics in emerging countries is expected to hamper the growth of the market. The geriatric population in particular, is observed to have greater preference to conventional healthcare settings due to their complex healthcare situations, access of hospitals to their health history and overall buildup of trust in their existing healthcare provision.
Increase in the numbers of retail clinics in the recent years have developed avenues for easy treatment and diagnosis of common acute ailments. These services are prominently beneficial for the younger popoulations and teavelers as they can avail medical treatment without appointments, without having to worry about travel associated healthcare restrictions. Retail clinics also offer efficient healthcare at low costs with reduced waiting times, which is firther increasing theor popularity worldwide.
North America currently has the largest revenue share in the global retail clinics market. This is mainly attributed to growing numbers of retail clinics in the domestic markets, growing need of the healthcare infrastructure to ensure general wellbeing of the population while reducing the cost of emergency and chronic disease healthcare. Asia Pacific is projected to be the fastest growing retail clinics market. The high growth of the region can mainly be attributed to the developing healthcare infrastructure, increasing investments and initiatives by public and private sectors to reduce the burden on hospitals. Countries such as India, China, and Japan in the APAC region are projected to offer significant growth opportunities owing to the presence of large patient pool and the rising geriatric population coupled with the growing prevalence of the chronic diseases.
Some of the prominent players operating in the retail clinics market are CVS Health, The Kroger Co., Rite Aid Corporation, Aurora Health Care, Bellin Health Systems, NextCare Holdings, Inc, Walgreens Boots Alliance, Inc., and Lindora, LLC, among others.