Retail Clinics Market to reach US$ 8,108.98 Mn by 2027 Global Analysis and Forecasts by The Insight Partners
According to The Insight Partners market research study titled ‘Retail Clinics Market to 2027 – Global Analysis and Forecasts by location, ownership type, application and Geography. The global retail clinics market is expected to reach US$ 8,108.98 Mn in 2027 from US$ 3,408.96 Mn in 2018. The market is estimated to grow with a CAGR of 10.2% from 2019-2027. The report highlights trend prevalent in the global retail clinics market and the factors driving the market along with those that act as challenges to its growth.
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.
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Retail Clinics Market Competitive Landscape and Key Development
The major players operating in the retail clinics market include The Kroger Co., CVS Health, Rite Aid Corp, Walmart Inc., Walgreens co., Nextcare Holdings, Inc., MedExpress, Doctors care, Bellin Health Systems and Concentra, Inc. The market has carried out various organic and inorganic growth strategies in the market. The organic strategies were conducted majorly and the strategies have assisted in strengthening their product offering and position in the global retail clinics market.
The market for retail clinics is expected to grow significantly due to factors such as a significant advantage of retail clinics and benefits associated with retails clinics. Also, the growing healthcare expenditure is likely to have a positive impact on the growth of the market in the coming years.
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.
Moreover, the most significant advantage of retail clinics is that these clinics offer services based on the walk-in without an appointment to get medical treatment. These clinics open on evenings and weekends that is a very convenient way for the working people. It is also an ideal choice for travelers as they can walk into any retail health clinic in any state and be treated. Other factors, such as a shortage of doctors in primary care, will help to expand the clinic’s locations to fill the care gap. Owing to the factors mentioned above, the market for retail clinics is expected to grow significantly in the forecast period.
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.
Retail Clinics Market: Segmental Overview
The global retail clinics market by location type segments was led by the store. In 2018, the store accounted for the largest market share in the global retail clinics market. Growth in the store market is expected due to the rapidly growing number of retail clinics. However, the store segment is estimated to mark the highest CAGR in the market during the forecast period, Owing to factors such as the rising popularity of these stores for delivering immediate health services with quality of care.
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.
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