Dublin, June 24, 2024 (GLOBE NEWSWIRE) -- The "Retail Clinics Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The retail clinics market is anticipated to grow at a compound annual growth rate (CAGR) of 4.02% over the forecast period to reach US$6.121 billion by 2029, increasing from US$4.646 billion in 2022.
The retail clinics market is experiencing significant growth not just in the market but also in the scope of services delivered. Such retail settings play a significant role in the diagnosis and care of multiple chronic diseases, such as diabetes, asthma, allergies, arthritis, kidney disease, and hypertension.
In 2022, 85% of retail clinics were owned by large retail chains like CVS, Kroger, Walgreens, and Walmart, 2022, in the US alone, showing that change in the system. To promote continuity of care, it is important to integrate clinical protocols for conditions managed at retail clinics into electronic health record systems. Additionally, established processes should be implemented to facilitate referrals to primary care physicians affiliated with the health system. Further, the growing elderly population and advancements in telemedicine and diagnostic tools allow the market to flourish.
Growing geriatric population anticipated to propel market growth.
In recent years, the change in the demography of the country has been very significant in most countries, and they are facing multiple health requirements and challenges., such as For example, Japan where the proportion of Japan's elderly population, representing a percentage of the total population, witnessed a gradual increase, reaching 28.559% in 2020, 28.855% in 2021, and 29.001% in 2022., with urban areas hosting approximately 92% of the total population ., Hence, there is a heightened demand for senior care infrastructure.
As populations age, chronic diseases will also increase. The need for elderly individuals seeking clinic services has increased as in low- and middle-income countries (LMICs), 75 percent of deaths from noncommunicable diseases (NCDs) occur among adults over 60.
Further, the growing elderly population often requires frequent medical attention and retail clinics can cater to this demand by providing convenient and cost-effective care.
The Elderly population total percentage of the population was 17.694% in 2021 and increased to 17.964% in 2022 in OECD countries. As estimated by the World Bank, by 2050, 1.5 billion people will be 65 and older. A growing industry trend is the adaptation of retail clinics like MinuteClinic to be more age-friendly, enhancing their capabilities to effectively serve older adults.
The retail clinic's application in point of care diagnostics is projected to grow
The aging population and point-of-care (POC) diagnostics' ability to produce fast results are expected to drive up demand for these tests. Furthermore, the increasing versatility of mobile diagnostic devices is a primary factor propelling the growth of point-of-care testing in middle-income countries. Furthermore, a significant trend propelling the market expansion of this market is an increase in funding from public and private entities.
Moreover, the prevalence of diabetes is increasing worldwide, and it poses serious health risks to the general public as it is a major cause of many other comorbid health consequences. The World Health Organization (WHO) estimates that 422 million people worldwide have diabetes and that the illness directly causes 1.5 million deaths per year Compared to high-income countries, the prevalence of diabetes has been rising faster in low- and middle-income nations. The primary causes of diabetes have been identified as modifiable metabolic, environmental, and behavioral factors. This has led to an increased demand for point-of-care testing, early screening, sufficient awareness, and health care intervention.
Further, point-of-care diagnostics, which aims to provide quick results during patient consultation to minimize the number of patient visits and improve glycemic control, is beneficial for managing diabetes. Furthermore, point-of-care testing (POCT), which is intended to enhance clinical outcomes and the quality of life for diabetics, is becoming increasingly popular in primary care.
The market is projected to grow in the North American region.
The market in the United States is expanding as a result of an enhanced healthcare system, an increase in cases of infectious diseases, an aging population, and easily available, high-quality diagnostic tests. Furthermore, the number of elderly people in the US is rising quickly. For instance, according to America's Health Ranking (United Health Foundation), the percentage of the population aged 65 and older increased from 16.8% in 2021 to 17.3% in 2022 in the United States.
In addition, expansion ventures by international players into the market are further expected to boost the retail clinics demand in the country. For instance, Walmart expanded its low-cost healthcare services to tens of thousands of its customers by opening the first of five new "Walmart Health" centers with doctor staff in Florida in April 2022. Walmart Health is entering the Florida market with these openings, starting with the new Jacksonville location at 7075 Collins Road, which is next to the Collins Road Supercenter. There will be at least four more Florida locations opening in the Jacksonville, Orlando, and Tampa regions.
Moreover, CVS Health introduced CVS Health Virtual Primary Care in May 2022. This is a brand-new virtual care option that can be accessed via one online platform. Through this offering, patients would have access to clinical knowledge, data, and services from CVS Health in a more coordinated, patient-centered healthcare environment
Competitive Landscape
- Walgreen Co. is a prominent player in the retail clinics market, operating under the Walgreens brand. It offers accessible healthcare services through its clinics located within its retail stores. With a widespread presence across the United States, Walgreens provides convenient healthcare solutions for common ailments and preventive care. Its integrated approach combining pharmacy services and healthcare clinics makes it a go-to destination for many consumers seeking convenient medical assistance.
- Walmart Inc. has established itself as a significant contender in the retail clinics sector, leveraging its extensive network of retail outlets. Operating under the Walmart Health banner, the company provides a range of primary care services, including check-ups, screenings, and wellness programs, at affordable prices. By integrating healthcare services into its supercenters, Walmart aims to improve access to medical care for underserved communities while capitalizing on its existing customer base.
- Rite Aid Corp. is a well-known pharmacy chain that has ventured into the retail clinics market with its RediClinic and NowClinic brands. These clinics offer a variety of healthcare services, including vaccinations, physical exams, and virtual consultations, to cater to the evolving needs of consumers. Rite Aid's strategic placement of clinics within its retail locations enhances convenience for customers seeking quick medical attention while also driving foot traffic to its stores.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 145 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $4.65 Billion |
| Forecasted Market Value (USD) by 2029 | $6.12 Billion |
| Compound Annual Growth Rate | 4.0% |
| Regions Covered | Global |
Competitive Environment And Analysis
- Major Players and Strategy Analysis
- Market Share Analysis
- Mergers, Acquisitions, Agreements, and Collaborations
- Competitive Dashboard
Company Profiles
- Walgreen Co., (Walgreens Boots Alliance, Inc.)
- Walmart Inc.
- Rite Aid Corp.
- NextCare
- Bellin Health Systems
- Sutter Health
- The Kroger Co.
- CVS Health
- MedExpress (Optum)
- Concentra, Inc.
Segmentation:
By Ownership
- Retail
- Hospital
- Others
By Application
- Clinical Chemistry and Immunoassay
- Vaccination
- Point Of Care Diagnostics
- Others
By End-User
- Store
- Mall
- Hospitals
- Others
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- UAE
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/9uwdu6
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