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
Market Size Value in US$ 3,408.96 Million in 2018 Market Size Value by US$ 8,108.98 Million by 2027 Growth rate CAGR of 10.2% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Retail Clinics Market: Strategic Insights
| Market Size Value in | US$ 3,408.96 Million in 2018 |
| Market Size Value by | US$ 8,108.98 Million by 2027 |
| Growth rate | CAGR of 10.2% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Location ; Ownership Type ; Application , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
North America dominated the retail clinics market in 2023
The increase in the number of retail clinics and the surge in the prevalence of chronic diseases has been boosting the market growth of retail clinics over the years.
The emergence of AI is likely to remain a key trend in the market.
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 is expected to register a CAGR of 10.20% during 2023–2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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