Region: Global | Published Date: August, 2022 | Pages: 157 | Tables: 65 | Figures: 75Global Intelligent Traffic Management System Market
Region: Global | Published Date: August, 2022 | Pages: 242 | Tables: 93 | Figures: 76
U.S. Retail Clinics Market size was valued at USD 3.49 billion in 2021 and is poised to grow from USD 2.05 billion in 2022 to USD 4.22 billion by 2030, growing at a CAGR of 10.8% in the forecast period (2023-2030).
A retail clinic is a specific kind of walk-in healthcare facility found in grocery shops, pharmacies, and retail stores. These clinics offer services for preventative healthcare as well as the treatment of minor ailments. There were many worries about the quality of care provided in these healthcare facilities when these clinics were initially created in the U.S. in 2000. These worries were quickly disproved, however, when it was established that the care received in American retail clinics was of higher quality. Additionally, prompt medical intervention with better patient outcomes is made available to more patients at a lesser cost, which is anticipated to drive market expansion over the course of the projection period. Additionally, during the past 20 years, a steadily growing patient population has been going to clinics for a variety of medical needs. This has increased the need for these facilities, which can deliver high-quality medical treatment and improve patient outcomes. As a result, a wider range of the population now has easier access to healthcare. For instance, Geisinger Health declared plans to build a new ConvenientCare+ facility on its South Wilkes-Barre site in May 2021. These retail clinics now have access to additional resources including lab and imaging services.
These clinics have become more and more popular due to the epidemic, which has prompted large firms like CVS, Walgreens, and Walmart to increase their market share. During the projection period for the U.S. retail clinics market, it is anticipated that the industry will continue to expand significantly due to increasing public awareness of the advantages offered by these institutions (located in handy places, providing affordable care) during the pandemic.
Additionally, the pandemic's expanding initiatives to limit patient visits to hospitals raised the need for retail clinics in 2020. For instance, virtually accessible office visits made it easier for patients to get vaccines and testing through on-site clinics. Consequently, the aforementioned elements greatly aided market expansion in 2020, thereby reflecting a positive COVID-19 impact on the U.S. industry.
US Retail Clinics Market is poised to grow at a sustainable CAGR for the next forecast year.
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U.S. Retail Clinics Market is segmented by service, ownership, channel and region. Based on the service, the U.S. retail clinics market is segmented into acute respiratory infections, sore throat, conjunctivitis, urinary tract infections, immunization, screening services, and others. Based on the ownership, the U.S. retail clinics market is segmented retailer-owned operators, independent operators & hospital-owned operators. Based on the channel, the U.S. Retail Clinics Market is divided into retail pharmacies, groceries/retail stores, and others. Based on region, U.S. Retail Clinics Market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
U.S. Retail Clinics Market Analysis by Service
Acute respiratory infections, sore throats, conjunctivitis, urinary tract infections, immunisation, screening services, and others are among the service types that make up the U.S. retail clinics market segments. The immunisation category, which accounted for the highest share in 2021, is expected to rise significantly throughout the projection period. These facilities are a well-liked location for acquiring vaccination for contagious respiratory disorders like the flu.
For instance, CVS Health reports that it delivered approximately 20 million non-COVID-19 immunizations in 2020, which is more than twice as many as it administered influenza vaccinations in 2019. The sore throat market category accounted for a sizeable portion of the market in 2021 and is anticipated to grow at a modest CAGR during the forecasted period.
The significant volume of patient visits to these facilities, the simplicity of accessing immediate medical assistance, and the comparably cheaper cost of care all contribute to the market. For example, a study conducted by Xtelligent Healthcare Media, LLC in August 2018 found that approximately 30% of all clinic visits were for sore throat or acute sinusitis symptoms. During the projected period, the dependence of patients on these facilities for minor ailments is anticipated to boost to the segment's growth.
U.S. Retail Clinics Market Analysis by Ownership
In terms of ownership, the retailer-owned operators segment accounted for a sizeable portion of the U.S. retail clinics market in 2021 and is predicted to increase profitably throughout the projected period. The U.S. has a significant number of these institutions run by retailer-owned operators, and this, together with a robust market expansion drive, is likely to support the segment's expansion. Additionally, in 2019 an estimated 48% of retail clinic visits in the US were made by merchants like CVS. Because there aren't as many of these institutions controlled by hospitals, the hospital-owned operators’ category is anticipated to have a lower share in the U.S. retail clinics market.
However, recent changes, such as the outsourcing of these institutions' operations to hospital-based operators by retail chains like Walgreens, are anticipated to contribute to the segment's growth in the future.
U.S. Retail Clinics Market Analysis by Channel
According to channel, the retail pharmacies sector dominated the U.S. retail clinics market in 2021. The high volume of patient visits to walk-in health facilities located inside the retail pharmacies of businesses like CVS Health and Walgreens Boots Alliance, Inc. is responsible for the segment's dominance. In the future, it is also anticipated that the expansion of services provided by walk-in clinics, such as telemedicine, would help to the growth of this market.
During the projected period, the grocery/retail shops section is anticipated to be the second-dominant segment in the U.S. retail clinics market. The operation of a sizable number of these clinics by chains like Walmart Care Clinic and Kroger's The Little Clinic in important U.S. states like Ohio, Kentucky, and Texas is anticipated to aid in the segment's expansion.
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US retail clinics market is estimated to have a positive outlook over the forecast period and to hold a sizeable market share by 2028. Growth can be ascribed to the region's increasing number of retail care clinics as well as the presence of major retail clinic providers like CVS Healthcare and Walgreens. The U.S. is predicted to drive the demand for retail health clinics in this area.
During the projected period, the grocery/retail shops section is anticipated to be the second-dominant segment. The operation of a sizable number of these clinics by chains like Walmart Care Clinic and Kroger's The Little Clinic in important U.S. states like Ohio, Kentucky, and Texas is anticipated to aid in the segment's expansion.
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U.S. Retail Clinics Market Driver
Due to the sharp rise in chronic disease cases, attention has been given to healthcare. The need for improving healthcare infrastructure is crucial, particularly in emerging nations where per capita disposable income is rising.
Retail clinics are essential in vaccination delivery programmes all over the world, and this is anticipated to increase the market potential for those clinics within the anticipated time frame. Retail medical clinics are in high-traffic areas, making them an appealing setting to administer immunizations in an efficient and timely manner.
Over the course of the projected period, it is anticipated that rising initiatives would result in the opening of new walk-in healthcare facilities.
Greater accessibility to the patient population, which results in a higher number of patients visiting these settings, is one benefit of these expansion activities.
Additionally, because many institutions are centred in the Midwestern and Southern U.S., these expansion plans may provide access to the underprivileged areas of the country.
For instance, CVS Health declared intentions to launch 1,500 HealthHUBs by the end of 2021 in June 2019. The company is on schedule to establish new HealthHUBs, with 850 of them expected to be completed by the middle of 2021.
Furthermore, Walmart announced the expansion of its in-store health clinics with new locations to be opened in Chicago, Georgia, and Florida, according to a Fierce Healthcare story from September 2020.
U.S. Retail Clinics Market Restraint
Despite the urgent and growing demand for these clinics, one of the major barriers to U.S. retail clinics market is the absence of treatment options for complex disorders. The lack of advanced medical technology in these clinics to treat complex disorders may lower service acceptance rates despite rising demand for chronic disease care in the U.S. The market expansion is anticipated to be hampered by a lack of resources, such as medical equipment and experience, to treat severe chronic illnesses, as this results in fewer patient visits.
Additionally, there are predictions that a lot of senior people would visit these facilities more frequently for medical care as the U.S. observes trends of an ageing population. Even straightforward disease diagnoses, such urinary tract infections (UTIs), call for more thorough testing in older individuals. Therefore, such complicated medical operations are not appropriate for these facilities. The lengthy wait times that patients encounter for routine checks in these institutions are another factor that inhibits the market expansion.
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The US market has a consolidated competitive environment. Walgreens, Kroger, and CVS are the major companies operating in the United States. In the US, CVS has a monopoly on U.S. retail clinics market. The number of sites the company operates in the U.S. and the variety of services the company's clinics offer are what give it market supremacy. Its services portfolio for diagnostics, women's health, and common ailments is extensive. With more than 1,000 retail clinics, CVS has a strong position in the market thanks to its growth and adaptation of new trends. Another significant player in the sector is Walgreens. The organisation offers a wide range of services across the United States and has solid relationships with insurance providers. Additionally, Kroger is seen as a significant participant, in part because of its extensive network of grocery and retail stores across many locations in the U.S.
U.S. Retail Clinics Market Top Player's Company Profiles
U.S. Retail Clinics Market Recent Developments
An greater focus on creating telemedicine services in these settings in the United States over the past couple of years has been one of the most important trends observed in the business.
The Centers for Disease Control and Prevention (CDC) said in research released in October 2020 that telehealth visits increased by 50.0 percent during the first quarter of 2020 compared to the same period in 2019.
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According to our U.S. Retail Clinics Market Analysis, growing healthcare spending, increasing the delivery of vaccines in retail care clinics, key companies' expansion initiatives to open new facilities in the U.S. are some major factors driving the growth of the U.S. Retail Clinics market.
|Market size value in 2021||USD 3.49 billion|
|Market size value in 2030||USD 2.05 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the U.S. Retail Clinics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Retail Clinics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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