Pune, India, April 11, 2023 (GLOBE NEWSWIRE) -- The US retail clinics market size stood at USD 3.49 billion in 2021. The market could surge from USD 2.05 billion in 2022 to USD 4.22 billion by 2029 at 10.8% CAGR during the forecast period. Fortune Business Insights™ has deep-dived these inputs in its latest research report titled, “US retail clinics market, 2022-2029.”
According to the analysis, a notable rise in the patient population visiting clinics has triggered the need for retail clinics. Prominently, the expansion of healthcare services across the region will encourage leading companies to invest in the portfolio. The trend for basic and preventive medical care will also remain instrumental in treating medical conditions before it becomes severe or chronic.
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Key Industry Development
- March 2021 - Geisinger announced the opening of a new clinical space at the Susquehanna Valley Mall.
Report Scope of US Retail Clinics Market
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 10.8% |
| 2029 Value Projection | USD 4.22 Billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 3.49 Billion |
| Historical Data | 2018 to 2020 |
| No. of Pages | 115 |
Key Takeaways:
- Increasing patient population visiting clinics for a wide range is expected to lead the market growth during the forecast period.
- Increased the demand for retail clinics due to convenient access to healthcare services for COVID-19 testing.
- Recent developments, including outsourcing of operations by retail chains, such as Walgreens, to hospital-based operators are expected to contribute to the segment’s growth.
Drivers and Restraints
Stakeholders Emphasis on Expansion Initiatives to Foster Industry Growth
With leading companies investing in expansion initiatives, the US retail clinics market growth will be pronounced during the forecast period. To illustrate, in June 2019, CVS Health announced adding 1,500 HealthHUBs by the end of 2021. Meanwhile, in September 2020, Walmart was reported to have announced expanding its in-store health clinics with new establishments in Chicago, Florida, and Georgia. Growing healthcare services will encourage major players to boost their penetration across the U.S. Prominently, traction for telemedicine services could propel the footprint of retail clinics with improved medical care support. However, the reduced presence of advanced medical equipment and lack of expertise to treat chronic conditions could dent the industry growth.
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Segments
Sore Throat Segment to Gain Prominence from Rising Number of Patient Visits
With respect to service type, the market is segregated into immunization, sore throat, acute respiratory infections, conjunctivitis, screening services, urinary tract infections, and others. The sore throat segment will account for a considerable share of the U.S. market due to the increasing number of patient visits and low treatment costs. Besides, the ease of obtaining quick medical intervention will also boost the segment growth.
Retailer-owned Operators to Remain Dominant due to Presence of Leading Institutions
In terms of ownership, the market is segregated into hospital-owned operators, independent operators, and retailer-owned operators. Stakeholders expect the retail-owned operators segment to contribute notably toward the market due to robust initiatives by leading institutions.
Retail Pharmacies to be Sought Due to Availability of Telemedicine
On the basis of channel, the market is classified into groceries/retail stores, retail pharmacies, and others. The retail pharmacies segment will boost the US retail clinics market share in the wake of the availability of telemedicine and the high number of patient visits to walk-in health facilities.
Strong Demand for COVID-19 Testing Expedited Investments
The pervasive COVID-19 pandemic triggered the need for COVID-19 testing across the U.S. Stakeholders witnessed a rise in the number of a patient visits to these clinics for basic healthcare services with low costs, quality, and convenience. The pandemic also compelled leading companies, including Walmart, Walgreens, and CVS to bolster their presence across the region. Concerted efforts to minimize patient visits propelled the demand for retail clinics.
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Report Coverage
The report offers a comprehensive perspective of the market size, share, revenue, and volume. It has deep-dived into SWOT analysis. Quantitative and qualitative assessments have provided a holistic view of the market. The primary interviews validate assumptions, findings, and the prevailing business scenarios. The report also includes secondary resources such as annual reports, press releases, white papers, and journals
Competitive Landscape
Leading Companies Invest in Product Portfolio Expansion to Bolster Footprint
Prominent players could inject funds into mergers & acquisitions, product rollouts, technological advancements, and R&D activities. Besides, significant companies could invest in innovations and product offerings in the ensuing period.
Major Players Profiled in the US Retail Clinics Market Report:
- Walmart Inc. (U.S.)
- CVS Health (U.S.)
- Walgreens Boots Alliance, Inc. (U.S.)
- Kroger | The Kroger Co (U.S.)
- Kaiser Foundation Health Plan, Inc. (U.S.)
- Target Brands, Inc. (U.S.)
- Bellin Health Systems (U.S.)
- Geisinger Health (U.S.)
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- US Retail Clinics Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Growth in the Number of Retail Clinics in the U.S, 2018-2021
- Annual Number of Patients Visiting Retail Clinics in the U.S, 2018-2021
- Overview of Regulatory Scenario
- Recent Industry Developments-Mergers, Acquisitions and Partnerships
- Insight on Pricing of Selective Services Provided Through Retail Clinics
- Comparison of Retail Clinics with Primary Care Physicians and Urgent Care Centers
- Estimated Patient Volumes and Revenues for the Top Retail Clinic Operators
- Impact of COVID-19 on the Market
- Distribution of the Retail Clinics Market by Source of Payment/Funding, 2020
- Partnerships between Insurance Companies & Retail Clinic Service Providers
- U.S. Retail Clinics Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Ownership
- Retailer Owned Operators
- Independent Operators
- Hospital Owned Operators
- Market Analysis, Insights and Forecast – By Channel
- Retail Pharmacies
- Groceries / Retail Stores
- Others
- Market Analysis, Insights and Forecast – By Service Type
- Acute Respiratory Infections
- Sore Throat
- Conjunctivitis
- Urinary Tract Infections
- Immunization
- Screening Services
- Others
- Market Analysis, Insights and Forecast – By Ownership
- Competitive Analysis
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- U.S. Market Share Analysis (2021)
- Company Profiles (Overview, Products & Services, SWOT Analysis, Recent Developments, Strategies, Financials (Based on Availability))
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- Walmart Inc.
- Kaiser Foundation Health Plan, Inc.
- Bellin Health Systems
- CVS Health
- Geisinger Health
- Walgreens Boots Alliance, Inc.
- Kroger | The Kroger Co.
- Target Brands, Inc.
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TOC Contined……
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