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Sunday, May 26, 2024

Retail Clinics Market to reach a valuation of US$ 8.05 billion by 2028 | FMI

Last updated Sunday, September 24, 2023 19:08 ET , Source: Future Market Insights, Inc.

Newark, United States, 09/24/2023 / Future Market Insights, Inc. /

In recent years, the healthcare landscape has witnessed a significant transformation with retail clinics’ emergence and growing popularity. Retail clinics are small healthcare facilities conveniently located within retail stores, pharmacies, or supermarkets. These clinics provide basic medical services like vaccinations, minor illness treatment, and preventive screenings. The retail clinics market has experienced remarkable growth, revolutionizing healthcare access and transforming how people seek medical care.

One of the key reasons for the increasing popularity of retail clinics is their convenience and accessibility. With longer operating hours, walk-in appointments, and minimal wait times, these clinics offer a hassle-free alternative to traditional healthcare settings. They cater to individuals seeking immediate care for minor ailments without prior appointments, making them particularly appealing to busy individuals or those without a regular primary care physician.

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The global retail clinics market is predicted to exhibit a CAGR of 9.6% throughout the projection period from 2022 to 2028, accounting for a value of US$ 4.64 Billion currently, and is anticipated to reach a market valuation of US$ 8.05 Billion by the end of 2028.

The retail clinics market sees a maximum contribution of 37.4% to the global supply chain management industry revenue. The surging focus on healthcare across the world is expected to propel the demand for retail clinics over the coming years. According to Future Market Insights’ analysis, the global retail clinics market is expected to drop by 123 Basis Points Share (BPS) in H1-2022 as compared to H1-2021. Compared to the H1-2022 Projected value, the market during the H1-2022 outlook period will show a dip of 40 BPS.

“Retail clinics convenient healthcare centers, often located within retail stores, provide accessible and affordable primary care services, making healthcare more readily available to consumers and contributing to the evolving healthcare landscape.” Lead Analyst, Future Market Insights, Inc.

 

Key Takeaways:

  • Retail clinics are making basic care widely accessible and affordable at the same time, so the consumer’s inclination towards adopting retail clinic services is anticipated to rise.
  • The accessibility of point-of-care testing and vaccinations is expected to present a positive growth outlook over the forecast period of 2022-2028.
  • The key developments in the retail clinics market include using retail clinics to conduct clinical trials, such as for the COVID-19 vaccine. The market is also subjected to strict regulations and licensing across different geographical regions, per industry dynamics and macroeconomic factors.
  • There has been a significant shift in trends in the healthcare industry over the past few years, positively impacting the retail clinic market. From 2013 to 2021, the market for retail clinics rose at a stellar CAGR of 10.4% and US$ 4.18 Billion in 2021.
  • The increased prevalence of multiple diseases, accelerating geriatric population, rising focus on healthcare, growing burden on other conventional healthcare institutions, and accelerating healthcare expenditure and spending, along with the growing popularity of retail clinics, are some major factors that govern the retail clinics’ market potential.

Competitive Landscape:

  • Access Health
  • AMA
  • AtlantiCare
  • Aurora Quick Care
  • Care Today
  • CVS
  • MedDirect
  • My Healthy Access
  • Now Medical Centers
  • PFS
  • RediClinic
  • Target Clinic Medical Associates
  • Walmart
  • Walgreens Boots Alliance
  • Wellness Express
  • Kroger
  • Target Brands Inc.

Mergers and acquisitions are expected to be a prominent trend as competition in the market increases and retail health clinic providers invest in expanding their market presence. Retail clinic providers are focusing on expanding their scope by establishing new and advanced retail care clinics with the latest technologies.

 

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More Insights into the Retail Clinics Market:

According to FMI analysis, the potential growth of the retail clinics market is predicted in regions including North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa (MEA).

The North American region is expected to have a positive outlook over the forecast period till 2028 and is anticipated to account for the maximum market share. The North American region also incorporates the key market players, which favor the market potential at a different level.

All over the world, the United States is known for its well-established healthcare infrastructure, which makes it a lucrative market for retail clinics throughout the projection period. The popularity of retail clinics in the U.S. is over the roof owing to their cost-effective and convenient approach to healthcare.

The focus on healthcare in developing countries like India has substantially bolstered over time, accounting for major demand in retail health clinics in the nation. Due to rising per capita income in India is expected to affect surging retail clinic demand through 2028 positively.

Growing inclination toward healthcare awareness and staunch government initiatives are expected to be prominent trends in India over the forecast period for the retail clinic industry. Over the forecast, financial opportunities are projected in East Asia, South Asia, and the Pacific regions. Rising focus on healthcare, increasing healthcare spending, and supportive government initiatives are expected to lead to demand for retail hospitals in these regions.

Key Segments of Retail Clinics Industry Survey:

Retail Clinics Market by Application:

  • Retail Clinics for Point-of-Care Diagnostics
  • Retail Clinics for Clinical Chemistry & Immunoassays
  • Retail Clinics for Vaccinations
  • Others

Retail Clinics Market by Distribution Channel:

  • Retail Clinics in Retail Pharmacy Settings
  • Retail Clinics in Drug Stores
  • Retail Clinics in Grocery Chains and big Box Stores

Retail Clinics Market by Ownership Type:

  • Hospital-owned Retail Clinics
  • Retail-owned Retail Clinics

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges clients face and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

Explore Future Market Insights, Inc. Extensive Coverage in Healthcare Market Domain:

Outpatient Clinics Market Size: The global outpatient clinics market is expected to reach a valuation of US$ 39.0 Billion by the end of 2022, and further expand at a CAGR of 4.2% from 2022 to 2032. The market is set to reach a ~US$ 58.9 Billion valuation by the end of 2032.

Mobile Clinics Market Share: The global mobile clinics market is expected to enjoy a valuation of US$ 2.8 Billion by the end of the year 2022 and is further expected to expand at a CAGR of 11.3% to reach an estimated valuation of around US$ 8.1 Billion by the year 2032.

Private office-based clinics Market Growth: The global private office-based clinics market is anticipated to grow at a moderate CAGR during the forecast period from 2022 to 2032. Growth in the market is driven by the rapidly expanding healthcare industry, the rising need for quick treatments, and the increasing incidence of various diseases across the globe.

 

About Future Market Insights (FMI) 

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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