Rising prevalence of communicable diseases around the world is driving the global retail clinics market, says Fortune Business Insights in a report, titled “Retail Clinics Market Size, Share and Global Trend by Location (Departmental Stores, Shopping Malls, Retail Stores, Others) By Ownership (Standalone, Hospital-owned, Investor-owned, Others), By Mode of Payment (Insurance, Out-of-Pocket) and Geography Forecast till 2026.” Improved accessibility of healthcare for the geriatric population is a key factor predicted to contribute significantly to the global retail clinics market.
Top Leaders Profile:
- Bellin Health
- CVS Health
- RITE AID
- Kaiser Foundation Health Plan
- Shopko Stores Operating
- Geisinger Health
- Sutter Health,
Rising Cases of Communicable Disease Will Enable Growth
The benefits of retail clinics such as less waiting time, easy accessibility, and comparatively lower costs are likely to fuel demand among patients, which will, in, turn boost the global retail clinics market growth. According to the Healthcare Information and Management Systems Society, currently, 2,000 retail clinics are operating in the U.S. alone.
The approval of the Joint Commission’s Gold Seal for Retail Health Care is expected to encourage growth of the retail clinics market. For instance, The Little Clinic, a subsidiary of The Kroger Co., received the Joint Commission’s Gold Seal of Approval for Retail Health Care, for the quality of care provided by the company. Moreover, partnerships and acquisitions by leading companies are also predicted to aid global retail clinics market growth during the forecast period.
For instance, Walgreens announced a strategic partnership with LabCrop. Based on the terms of agreement, specimen collection sites of LabCrop will be opened inside Walgreens retail stores. Further, improved accessibility of healthcare for the geriatric population is also likely to support the growth of the global retail clinics market.
According to a survey, there was a surge in the number of retail clinics by 40.0% in 2018. The increasing prevalence of communicable diseases along with the rising burden on conventional clinics are factors predicted to further augment the global retail clinics market growth. Nonetheless, disinclination among general population for treatment in retail clinics is expected to hamper the growth of the global retail clinics market. In addition, inadequate infrastructure for retail clinics in the emerging nations is also a factor predicted to restrict the global retail clinics market growth during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
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- By Location
- By Ownership
- By Mode of Payment
- By Geography
Rising Number of Retail Clinics Will Boost Growth in North America
Geographically, the global retail clinics market is segmented into North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. North America is expected to dominate the global retail clinics market during the forecast period owing to the rising number of retail clinics. Increasing preference for retail clinics mainly due to its convenience and cost-effectiveness along with improved insurance coverage for retail clinics are factors aiding the growth in North America.
The retail clinics market in Europe is predicted to expand significantly during the forecast period owing to the growing emphasis on preventive care aiming at the reduction of direct and indirect hospitalization costs associated with the treatment of diseases, reduction in waiting time, and active government support. Asia Pacific is expected to grow at a remarkable rate owing to the rising population in the region. In addition, increased efforts to reduce the burden on hospitals along with increasing emphasis on outpatient care are factors likely to boost global retail clinics market revenue in Asia Pacific.
Some of the major companies that are present in the global retail clinics market are Bellin Health Systems, Walgreen Co., CVS Health, NextCare, Rite Aid Corp, The Kroger Co., RediClinic, Kaiser Foundation Health Plan, Inc., Shopko Stores Operating Co., LLC, Geisinger Health, Sutter Health, and others.