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HEALTHCARE & PHARMACEUTICAL

Retail Clinics Market Analysis by Location (Malls, Retail Stores, and Others); by Ownership (Hospitals, Retail, and Others); and by Application (Clinical Chemistry & Immunoassay, Point-of-Care Diagnostics, Vaccinations, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • CVS Health Corporation is ready to acquire Signify Health for USD 30.50 per share in cash, denoting a total transaction value of nearly USD 8 billion.

  • Walmart Inc. expands across North and Central Florida with the opening of its five new health centers, with a variety of health services including primary care, labs, X-ray and EKG, behavioral health and counseling, dental, optical, and hearing services.

Global Retail Clinics Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~14%

Base Year Market Size (2022)

~ USD 4 Billion

Forecast Year Market Size (2033)

~ USD 8 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

The global retail clinics market is estimated to garner a revenue of ~ USD 8 Billion by the end of 2033 by growing at a CAGR of ~14% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 4 Billion in the year 2022. he growth of the market is primarily ascribed to the increasing role of retail clinics by providing convenience in treating minor illness, preventive health screenings, and a good alternative for expensive emergency care for minor health conditions. For instance, up to 21% of visits to emergency rooms for non-emergencies are estimated to be preventable if they were made at retail clinics or urgent care centers, that result in yearly cost savings of up to USD 4 billion.

retail clinic market overview image

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Since the start of pandemic to the post pandemic period, the burden on other conventional healthcare institutions has increased a lot. In such scenario, the role of retail clinics has emerged as a boon and more advantageous to deal with those health issues which are easy to diagnose and treat. According to the World Health Organization (WHO), In Africa region, there are only about two medical doctors for every 10,000 people, while there are only ten nurses and midwives for every 10,000 people. Furthermore, nearly 18 million more healthcare workers are required in low and lower-middle income nations.

Global Retail Clinics Market: Growth Drivers and Challenges

Growth Drivers

  • Increase in Strep Throat Cases - Strep throat is a bacterial infection that leads to throat swelling and pain. The bacteria in group A Streptococcus end up causing this common condition. Children and adults of all ages get strep throat. However, it is especially common among children aged 5 to 15. Therefore, increasing cases of strep throat is one of the leading factors for the growth of retail clinics market. For instance, every year, approximately 610 million people globally contract strep throat, with many of them are children.

  • Global Upsurge in Urinary Tract Infection - Globally, there are anticipated to be 152 million UTI infection cases annually, costing more than USD 6.5 billion in direct medical expenses.

  • Staggering Increase in COVID-19 Detection Tests - Austria had conducted the most COVID-19 tests per 1 million population among the countries which are most seriously affected by the pandemic as of September 12, 2022. Whereas, the United States has administered nearly over 1 billion COVID-19 tests in total.

  • Rise in Urbanization – As per the World Bank, currently, more than 50% of the world's population resides in cities. The number of people living in urban areas is estimated to rise more than double to 6 billion by 2045.

  • Escalation of Retail Clinics for Immunization – According to the Centers for Disease Control and Prevention, more than 266.5 million doses of the COVID-19 vaccine had been given and recorded by Federal Retail Pharmacy Program participants in the US as of September 15, 2022. This comprises are the 8 million doses given on-site to long-term care facilities. With more than 41,000 sites nationwide, the program has a total of 21 retail pharmacy partners.

Challenges

  • Insufficient Infrastructure for Retail Clinics – In the developing nations, owing to the slow rate of development and less GDP growth, insufficient amount of expense is spent on infrastructure for retail clinics. This trend is expected to pose as a challenge to market growth.

  • Inadequacy of Provision for Treating Complex Diseases

  • Stringent Governmental Regulations

The global retail clinics market is segmented and analyzed for demand and supply by application into clinical chemistry & immunoassay, point-of-care diagnostics, vaccinations, and others. Out of these, the point-of-care diagnostics segment is estimated to garner the largest market size over the forecast period owing to the worldwide growing prevalence of various lifestyle disorders such as obesity, diabetes, hypertension, and other disorders. For instance, as per research, the total number of diabetes patients is estimated to upsurge to 641 million by 2030 and 786 million by 2045.

Global Retail Clinics Market Regional Synopsis

The North America retail clinics market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033, backed by the existence of key retail clinic providers, growing geriatric population, increasing prevalence of sinusitis infections, and sufficient insurance coverage provided by these retail clinics in the region. According to the Centers for Disease Control and Prevention, till 2022, the number of adults diagnosed with sinusitis in the United States have risen to 28.9 million.

retail clinic market share image

Market Segmentation

Our in-depth analysis of the global retail clinics market includes the following segments:

        By Location

  • Malls
  • Retail Stores
  • Others

        By Ownership

  • Hospitals
  • Retail
  • Others

        By Application

  • Clinical Chemistry & Immunoassay
  • Point-of-Care Diagnostics
  • Vaccinations
  • Others

Top Featured Companies Dominating the Global Retail Clinics Market

  • The Kroger Co.

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • CVS Health Corporation
  • Walmart Inc.
  • Walgreen Co.
  • Bellin Health
  • Concentra, Inc.
  • MedExpress
  • Advocate Health Care
  • Kaiser Foundation Health Plan, Inc.
  • Nextcare Claims Management LLC

 

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