Key Market Overview:
Retail Clinics Market size was worth USD 4.5 Billion in 2021, accounting for a CAGR of 9.8% during the forecast period (2022-2030), and the market is projected to be worth USD 10.4 Billion by 2030.
Retail clinic is a type of walk-in clinic located at retail outlets such as grocery stores, department stores, malls, and supermarkets. They provide convenient, walk-in services for minor injuries and illness, as well as wellness and preventive services such as vaccinations and health screenings. The American Academy of Family Physicians (AAFP) defined retail clinics as convenient care clinics located in retail stores, such as drug stores, big box stores, and supermarkets. These clinics provide episodic and preventive health care services, including routine vaccinations, physicals, and treatment of minor illnesses. The AAFP recognizes retail clinics as an increasing trend in the healthcare industry. Prices in retail clinics are almost 80% lower compared to hospitals, and the majority of clinics in the U.S. operate in southern and mid-western states such as Texas, Florida, and Ohio.
Retail clinics generally have extended hours, including weekends, and they typically offer low-cost services compared to traditional doctor’s office visits. They are staffed by nurse practitioners or physician assistants and provide a quick and convenient alternative for non-emergency medical issues. Overall, retail clinics offer a convenient option for minor medical issues and can help to reduce wait times and costs for certain services.
Market Dynamics
Driver
Retail clinics provide extended hours and the convenience of walk-in services, making it accessible for patients to receive care without an appointment. They also, offer lower-cost services making healthcare more affordable for many people. Moreover, the emphasis on preventive care and wellness has led to an increased demand for services such as health and vaccination screenings, which are typically offered at retail clinics. The above-mentioned factors drive the retail clinics market growth.
Restraint
There is no provision for the treatment of complex diseases in retail clinics. The lack of advanced equipment to treat chronic diseases limits the adoption of this service. Furthermore, these are not suitable for complex medical interventions which are essential in chronic disease management. The above-mentioned factors are the restraining factors for the growth of the market.
Opportunities
Retail clinics can offer virtual consultations and remote monitoring, increasing patient access to care. The introduction of telemedicine in retail clinics can create an ample number of opportunities in the market. Also, the usage of data analytics to enhance patient outcomes, increase operational efficiency, and reduce costs in retail clinics will enable extensive opportunities in the market.
Retail Clinics Report Coverage:
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 10.4 Billion |
| CAGR (2022-2030) | 9.8% |
| By Service Type | Preventive care (Blood pressure, diabetes, and cholesterol tests patient counseling Others), Immunization, Minor Illness (Mild to Moderate Influenza, Cold, and Others), Injury Treatment, and Others |
| By Service Provider | Retailer-Owned Operators, Hospital-Owned Operators, and Independent Operators |
| By Service Model | Membership, Insurance-based model, and Fee-for-Service |
| By Region | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Key Players | Walmart Inc., CVS Healthcare, The Kroger Co., Rite Aid Corp., NextCare, Bellin Health Systems, Sutter Health, Geisinger Health, Kaiser Foundation Health Plan, Inc., and Centennial Medical Group |
Market Segmentation:
By Service Type
Based on service type, the market is categorized into minor illness, preventive care, immunization, injury treatment, and others. Minor illness treatment holds the largest market share in 2021. This is owing to the enormous demand for convenient and quick treatment of common illnesses. Further, this segment is sub-segmented into mild to moderate influenza, cold, and others. Retail clinics offer a more affordable alternative to these types of conditions, making them the most preferable option for patients. The preventive care segment is anticipated to grow at the fastest CAGR over the forecast period. This is due to the increasing offerings of preventive care services by retail clinics, such as routine physical exams, check-ups, and screenings. Furthermore, the increasing popularity of preventive care services is driven by factors such as the increasing availability of health insurance coverage.
By Service Provider
Based on service providers the market is categorized into retailer-owned operators, hospital-owned operators, and independent operators. The retail-owned operators hold the largest share of the retail clinics market. This is owing to their extensive presence, convenience, and capability to provide an extended range of services at lower prices compared to traditional medical facilities. Retailer-owned operators also offer services such as preventive care, diagnostics, and others. Furthermore, the hospital-owned operators segment is likely to grow at the fastest CAGR over the forecast period as the demand for more inclusive medical services grows.
By Service Model
Based on the service model, the market is categorized into membership, insurance-based model, and fee-for-service. The membership service model holds the largest market share in the market. The membership model provides several benefits such as, it helps to build a loyal customer base by offering exclusive benefits, and encouraging repeat purchases. Furthermore, charging an annual fee for membership creates a predictable revenue stream that helps in planning future investments. These factors make the membership model an attractive option for retailers thereby dominating the market. The insurance-based model segment is expected to grow at the fastest CAGR over the forecast period. The insurance-based model has become increasingly popular as healthcare costs continue to rise and consumers are looking for more affordable options. The retail clinics provide customers with insurance coverage for the services they provide.
By Region
Based on region, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America holds the largest share of the market of retail clinics. This is due to the presence of well-established players, the high adoption of advanced healthcare technologies, and the increasing demand for convenient and accessible healthcare services have driven the growth of the market in the region. Furthermore, the Asia-Pacific is likely to grow at the fastest CAGR over the forecast period. This is due to the increasing demand for affordable healthcare services, the existence of a huge patient pool, and the increasing awareness about retail clinics.
Retail Clinics Market Competitive Landscape:
The competitive landscape of the market has been evaluated in the report, with inclusive profiles of the leading players functioning in the industry. Furthermore, the surge in product innovation, application launches, multiple business strategies, and Research and Development (R&D) have improved the growth of the retail clinics market. Key players in the market include-
- Walmart Inc.
- CVS Healthcare
- The Kroger Co.
- Rite Aid Corp.
- NextCare
- Bellin Health Systems
- Sutter Health
- Geisinger Health
- Kaiser Foundation Health Plan, Inc.
- Centennial Medical Group
Recent developments
- In April 2021, CVS Health announced the launch of video visits at its MinuteClinics located within CVS Pharmacy stores in the state of Montana. The service is available in 47 states and Washington, DC.
- In September 2020, Walmart Health planned to open 22 new retail clinics across Arkansas, Georgia, and Florida by the end of 2021. The clinics offer several healthcare services including psychiatric care, on-site lab testing, imaging, vision, and dental services.
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