New York , Feb. 08, 2024 (GLOBE NEWSWIRE) -- The global retail clinics market size is estimated to attain at 14% CAGR from 2023 to 2033. The market is expected to garner a revenue of USD 8 billion by the end of 2033, up from a revenue of USD 4 billion in the year 2022. The growth can be attributed to the growing popularity of retail clinics. One invention that could increase competition in the health care markets is the retail clinics which are quite well-liked across the globe because they provide convenient and quality healthcare which is comparable to that of emergency rooms, urgent care centers, and conventional office settings.
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For instance, retail clinics have had over 150% rise in utilization over the previous five years, surpassing that of primary care, urgent care, and hospital emergency rooms. Moreover, it is anticipated that in rising markets like China, Brazil, and India, the popularity of retail medical clinics will significantly rise over the coming years due to lower costs, easier accessibility, more flexibility, and shorter primary care wait times.
Retail Clinics Market: Key Takeaways
- Market in North America to propel highest growth
- Retail Stores segment to garner the highest growth
- Market in Europe to grow at a significant rate
Growing Geriatric Population to Boost Market Growth
The number of older people worldwide is increasing as a result of declining fertility, and rising longevity. For instance, between 2000 and 2050, the percentage of adults 80 and older worldwide will rise to over more than 4%. As a result, the need for geriatric healthcare services is growing since they require greater possibilities and access to care, which has led to an increasing number of retail clinics as they are widely dispersed and easily accessible to provide a range of services related to minor acute diseases and preventive screenings.
Retail Clinics Industry: Regional Overview
The global retail clinics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Number of Retail Clinics to Drive the Growth in the North America Region
The retail clinics market in North America region is estimated to garner the largest revenue by the end of 2033. In the US, retail health clinics are a relatively new and expanding phenomenon that provide preventive care in addition to treating a restricted range of acute ailments. Everywhere from pharmacies and supermarkets to major retailers like Target and Walmart, retail health clinics are springing up to provide affordable care for minor health issues, provide self-pay choices with clear, defined pricing, and accept insurance coverage. Moreover, these retail clinics are open on weekends and evenings, don't require appointments, and have set, clearly marked costs for every service. For instance, over 1,600 retail clinics were operating in 44 states as of 2023. Out of which more than 60% of retail clinics are found in the Midwest and the Southeast with around 49% of all retail clinics in the seven states of Texas, Florida, Ohio, California, Georgia, Illinois, and Tennessee. Moreover, large retail corporations like Walmart, CVS, and Walgreens own over 84% of retail clinics in the region.
Presence of Health Insurance Coverage to Drive Growth in the European Region
The Europe retail clinics market is estimated to garner the largest revenue by the end of 2033. Most European nations have attained nearly universal coverage of health care which grants access to a variety of services to either augment or replace publically sponsored healthcare to individuals and groups. For instance, more than 55% of prescription drug expenditures in the EU are paid for by mandatory or governmental insurance programs. A significant aspect of this development has been the emergence of retail health and wellness centers, which are a contributing factor in moving patients to less expensive outpatient settings, with more convenience.
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Retail Clinics Segmentation by Location
- Malls
- Retail Stores
- Others
The retail stores segment is anticipated to hold the largest revenue by the end of 2033. The growth can be attributed to the increasing rate of immunization. There has been some improvement in the global vaccination which has led to increasing the availability of life-saving immunizations and contributing to children's health and well-being. For instance, the percentage of people worldwide who received the DTP vaccine (DTP3) in 2022 rose from around 80% in 2021 to more than 83% in 2022. The importance of retail pharmacy clinics in providing patients with vaccinations has grown over time. Moreover, retailers are starting to accept walk-in patients to encourage communities to assist in the immunization drive by providing resources and assistance to staff members during the vaccination procedure.
Retail Clinics Segmentation by Application
- Clinical Chemistry & Immunoassay
- Point-of-Care Diagnostics
- Vaccinations
- Others
The point-of-care diagnostics segment is anticipated to hold the largest revenue by the end of 2033. This is largely due to the growing burden of diabetes across the globe. Globally, the prevalence of diabetes is rising, and it is a major cause of many other comorbid health consequences, posing major health risks to the general public. According to the World Health Organization (WHO), Approximately 422 million individuals globally suffer from diabetes, and the disease is directly responsible for 1.5 million fatalities annually. Diabetes burden has been rising more quickly in low- and middle-income nations than in high-income countries and is determined to be mostly caused by modifiable metabolic, environmental, and behavioral variables which have increased the need for early screening, point-of-care testing, sufficient awareness, and health care intervention. Diabetes management has been found to benefit from point-of-care testing, which aims to give rapid results during patient consultation to reduce the number of patient visits and improve glycemic control. Moreover, in primary care, the use of point-of-care testing (POCT) is growing which is made to improve, clinical outcomes, and the quality of life for diabetics.
Retail Clinics Segmentation by Parent Segment 3
- Hospitals
- Retail
- Others
A few of the well-known market leaders in the global retail clinics market that are profiled by Research Nester are The Kroger Co., CVS Health Corporation, Walmart Inc., Walgreen Co., Bellin Health, Concentra, Inc., MedExpress, Advocate Health Care, Kaiser Foundation Health Plan, Inc., Nextcare Claims Management LLC, and other key market players.
Recent Development in the Retail Clinics Market
- CVS Health Corporation acquired Signify Health for over USD 30 per share in cash, translating into an approximately USD 8 billion transaction value overall.
- Walmart Inc. announced the opening of five new health centers in North and Central Florida, to offer a range of medical services such as lab work, X-rays, EKGs, behavioral health and counseling, dental, optical, and hearing care.
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