Retail Clinics Market Overview, Growth, Trends, Analysis, Research Report (2021-2031)

The retail clinics market size is projected to reach US$ 12.05 billion by 2031 from US$ 5.54 billion in 2023. The market is expected to register a CAGR of 10.20% in 2023–2031. The emergence of artificial intelligence is likely to remain a key retail clinics market trend.

Retail Clinics Market Analysis

Retail clinics have been suggested as a cheaper alternative to emergency department care for non-emergency conditions. Up to 20 percent of ER visits for non-emergency settings are considered appropriate for retail clinics or urgent care facilities, potentially saving up to US$ 4.4 billion a year in costs. In the healthcare industry, retail clinics are becoming more and more critical. Transparent pricing and accessibility after hours are the main factors influencing growth.

Retail Clinics Market Overview

The application of artificial intelligence (AI) in healthcare—including retail clinics—is growing. AI can help with appointment scheduling, patient triage, and clinician decision support. Clinics can improve patient satisfaction, cut down on administrative burdens, and streamline operations with the use of this technology. In response to changing healthcare needs, retail clinics are starting to provide more specialized services like managing chronic diseases and mental health support. The factors mentioned above are influences the growth of the retail clinics market

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Retail Clinics Market: Strategic Insights

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Retail Clinics Market Drivers and Opportunities

Increase in Number of Retail Clinics Favors Market

The patient-centered medical home is gaining popularity as a means of offering comprehensive, well-managed primary care. The quantity of retail clinics has significantly expanded concurrently. Growing support has been shown for the patient-centered medical home to better coordinate care, enhance quality, save costs, and bring new life to primary care. The number of retail clinics that provide accessible care for minor acute illnesses has increased dramatically, and the medical home concept has gained popularity. Thus, an increase in the popularity of retail clinics leads to an increase in the number of clinics, thereby driving market growth. For instance, according to Definitive Healthcare, LLC., as of March 2023, 1,801 operational retail clinics were spread across 44 states. The Midwest (27.7%) and Southeast (34.1%) are home to most retail clinics in the United States. There are the fewest retail clinics in the West (9.5%).

Public-Private Partnership to Enhance the Primary Care – An Opportunity in Retail Clinics Market

Municipalities and state governments can enhance access to primary care and promote economic development by partnering with retailers and retail clinics through public-private partnerships. For instance, in February 2024, through the Rapid Response Partnership Vehicle (RRPV), BARDA announced a new Project NextGen partnership opportunity aimed at facilitating better vaccine correlate of protection (CoP) data collection and expediting decentralized clinical trial (DCT) solutions. BARDA is seeking a partner for its first clinical study, which will only be carried out in a retail clinic or pharmacy setting.

Retail Clinics Market Report Segmentation Analysis

Key segments that contributed to the derivation of the retail clinics market analysis are location, ownership type, and application.

• Based on location, the retail clinics market is divided into stores, malls, other locations. The stores segment held a larger market share in 2023.
•  Based on ownership type, the market is segmented into retail owned, hospital owned.
• In terms of application, the market is segmented into clinical chemistry & immunoassay, point of care diagnostics, vaccination, and other applications.

Retail Clinics Market Share Analysis by Geography

The geographic scope of the retail clinics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

In North America, the retail clinics market is currently in the growth phase and experiencing exponential growth. The US dominated the market in 2023 due to retail clinics' increasing popularity and availability. For instance, CVS, Walgreens, and Walmart are the primary retail clinics available in US. Six groups control ninety percent of retail clinics. With more than half of all retail clinic sites, the nation's most prominent player is the pharmacy giant CVS. The business, which also owns a pharmacy benefits manager (Caremark) and payer (Aetna), entered the retail clinic industry in 2006 when it purchased MinuteClinic, formerly QuickMedx.

Retail Clinics Market Regional Insights

The regional trends and factors influencing the Retail Clinics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Retail Clinics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Retail Clinics Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Retail Clinics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Retail Clinics Market are:

1. The Kroger Co.
2. CVS Health
3. Rite Aid Corp
4. Walmart Inc.
5. Walgreens co.
6. Nextcare Holdings, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.

Retail Clinics Market News and Recent Developments

The retail clinics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:

• In October 2023, Walgreens and Hartford HealthCare add health clinics to select Walgreens locations in Connecticut, advancing a unique retail health model based on convenience, access to care, affordability and health equity. This is Walgreens first retail clinic collaboration with a health system in New England. (Source: Hartford HealthCare, Press Release)

Retail Clinics Market Report Coverage and Deliverables

The “Retail Clinics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:

Retail Clinics Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope

• Market dynamics such as drivers, restraints, and key opportunities

Retail Clinics Market trends

• Detailed PEST/Porter’s Five Forces and SWOT analysis

Retail Clinics market analysis covering key market trends, Global and regional framework, major players, regulations, and recent market developments

Retail Clinics Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments

• Detailed company profiles