Report Description of the Global Retail Clinics Market
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for Global Retail Clinics Market
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the Global Retail Clinics Market
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
Global Retail Clinics Market Executive Summary
The retail clinics market in the North America region is largely held by countries such as the United States, Canada, and Mexico. The retail clinic market across the region is estimated to grow significantly due to rapidly increasing numbers of retail clinics. The growth of the market is also attributed to the lower cost of retail services as compared to an emergency department. In addition, the market is projected to grow due to factors such as affordable prices, ease, convenience & accessibility, and the ability to expand healthcare services.
Market Size and Key Findings
The Global Retail Clinics Market size stood at around USD 3.4 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 10.2% during the forecast period.
The retail clinics market accounted for US$ 3,408.96 Mn in 2018 and is expected to grow at a CAGR of 10.2% during the forecast period 2020 – 2028, to account for US$ 8,108.98 Mn by 2028. Retail Clinics market is one of the high – growth prospect industries with potential opportunities throughout 2028. The Retail Clinics Market growth analysis and insights report analyzes emerging market trends, market size outlook, potential opportunities, market share by Retail Clinics types, applications. Further, Retail Clinics market size is forecast by country and the study analyzes the key companies operating in the global Retail Clinics industry.
Market Dynamics
Market Growth Drivers Analysis.
- Significant Advantage of Retail Clinics
Retail clinics, also known as urgent care clinics, are the alternative treatment sites that deliver care from a qualified provider in settings outside of the emergency department or traditional office. The retail clinics generally are standalone type and do not have the observation beds. Apart from care quality, convenience is the primary factor that helps in contributing to taking patient treatment decisions. These clinics are located in easy-to-get-to locations such as the malls, shopping plazas, stores, and provide non-fatal emergency care to the patients. These types of clinics are the ideal to solve acute health issues that are simple to diagnose and treat, such as sinus infections, strep throat, urinary tract infections, flu shots, bronchitis ear infections, ringworm, immunizations among others. Also, few retail clinics provide preventive health screenings, such as diabetes, cholesterol, blood pressure, and skin cancer analysis.
- Benefits Associated with Retails Clinics
Increasing the growth of retail clinics represents a trend towards newer healthcare models that affects the existing models of health care, such as clinical laboratories, hospitals, and pathology groups. The retail clinics are designed for immediate treatment of symptoms and vaccinations but do not provide an in-depth examination or long-term healthcare relationship between patient and physician. The lower costs, easy accessibility, and flexibility combined with low-wait times for primary care helps to upsurge the market for retail clinics. The developing healthcare model involves the traditional healthcare facilities that address the impact of retail clinics on conventional practices, regulatory standards, and patient care. However, as the retail clinics are focusing on expanding their provided services, they also concentrate on providing certain types of medical laboratory tests. Somewhat, competing with emergency departments, the retail clinics directly compete with primary care clinics or full-service. Owing to the above-mentioned factors, the retail clinic market is anticipated to grow in the coming years.
Market Restraints
From shifting supply chains to cost savings, automation, and customer focus, the industry is set to witness disruptive trends. Companies understanding these market trends and aligning their operations to these trends will gain significant market shares. The report provides emerging market trends, key driving forces, challenges facing companies and Retail Clinics markets.
COVID-19 impact on “Global Retail Clinics Market”
The year 2020 was dominated by the COVID – 19 pandemic as nearly two million people are infected by Coronavirus. On one hand, diagnostics, PPE equipment, critical medical supplies gained unprecedented demand while medical procedures declined by around 50% to 60% based on the market.
The report presents the impact of the pandemic and recovery scenarios for Retail Clinics over the forecast period to 2028. As companies realign their resources to operate under the limitations imposed by the pandemic, the report presents three scenarios of market recovery – Low Growth, Reference Case, and High Growth scenarios. The cases consider supply chain disruptions, consumer confidence, economic impact, and overall industry recovery factors.
Competitive Landscape
Key Players
The Retail Clinics market research analyzes the strategies of leading Retail Clinics companies in the near to long term future. The top ten players in the industry are analyzed and the report profiles five leading companies. Details on business description, SWOT profile, key operations, strategies, and financial analysis are profiled for each of these five leading companies.
Products in Pipeline
Organic and inorganic growth strategies were observed in the global retail clinic market. Whereas, organic growth strategies were carried out largely in the retail clinics market. For instance, in November 2019, Walgreens has launched a new billing solution to allow Medicare patients who use the Dexcom G6 Continuous Glucose Monitoring (CGM) System to fill their prescription at any of its more than 9,200 U.S. retail pharmacy locations.
Notable Recent Deals
- For instance, Walgreens announced a strategic partnership with LabCrop. Based on the terms of agreement, specimen collection sites of LabCrop will be opened inside Walgreens retail stores. Further, improved accessibility of healthcare for the geriatric population is also likely to support the growth of the global retail clinics market.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
The approval of the Joint Commission’s Gold Seal for Retail Health Care is expected to encourage growth of the retail clinics market. For instance, The Little Clinic, a subsidiary of The Kroger Co., received the Joint Commission’s Gold Seal of Approval for Retail Health Care, for the quality of care provided by the company. Moreover, partnerships and acquisitions by leading companies are also predicted to aid global retail clinics market growth during the forecast period.
The benefits of retail clinics such as less waiting time, easy accessibility, and comparatively lower costs are likely to fuel demand among patients, which will, in, turn boost the global retail clinics market growth. According to the Healthcare Information and Management Systems Society, currently, 2,000 retail clinics are operating in the U.S. alone.
