Retail Clinic Market $6.121 Billion – Global Forecast 2024 to 2029 with Walgreen, Walmart and Rite Aid Corp Spearheading Growth

Dublin, June 24, 2024 (GLOBE NEWSWIRE) — The “Retail Clinic Market – Forecast 2024 to 2029” report has been added to ResearchAndMarkets.com’s The offer of

The retail clinic market is projected to grow at a compound annual growth rate (CAGR) of 4.02% during the forecast period to reach USD 6.121 billion by 2029, rising from USD 4.646 billion in 2022.

The market of retail clinics is experiencing significant growth not only in the market, but also in the field of services offered. Such retail settings play an important role in the diagnosis and care of many chronic diseases, such as diabetes, asthma, allergies, arthritis, kidney disease and hypertension.

In 2022, 85% of retail clinics were owned by large retail chains such as CVS, Kroger, Walgreens, and Walmart, 2022, in the US alone, showing that shift in the system. To promote continuity of care, it is important to integrate clinical protocols for conditions managed in retail clinics into electronic health record systems. Additionally, established processes should be implemented to facilitate referrals to primary care physicians affiliated with the health system. Additionally, the growing elderly population and advancements in telemedicine and diagnostic tools allow the market to flourish.

The increase in the geriatric population is expected to drive the growth of the market.

In recent years, the change in the country’s demographics has been very significant in most countries, and they are facing numerous health demands and challenges., such as Japan where the percentage of Japan’s elderly population, which represents a percentage of the total population, witnessed a gradual increase, reaching 28,559% in 2020, 28,855% in 2021, and 29,001% in 2022., with urban areas housing approximately 92% of the total population. Therefore, there is an increased demand for aged care infrastructure.

As the population ages, chronic diseases will also increase. The need for older individuals seeking clinical services has increased as in low- and middle-income countries (LMICs), 75 percent of deaths from non-communicable diseases (NCDs) occur in adults over 60 years of age.

Additionally, the growing elderly population often requires frequent medical care, and retail clinics can cater to this demand by providing convenient and cost-effective care.

The total percentage of the elderly population was 17,694% in 2021 and increased to 17,964% in 2022 in OECD countries. As estimated by the World Bank, by 2050, 1.5 billion people will be 65 or older. A growing industry trend is adapting retail clinics like MinuteClinic to be more age-friendly, increasing their abilities to effectively serve seniors.

The application of the retail clinic in point-of-care diagnostics is expected to increase

The aging population and the ability of point-of-care (POC) diagnostics to produce rapid results is expected to increase the demand for these tests. Additionally, the increasing versatility of mobile diagnostic devices is a major factor driving the growth of point-of-care testing in middle-income countries. In addition, an important trend driving the market expansion of this market is the increase in financing from public and private entities.

Moreover, the prevalence of diabetes is increasing worldwide and poses serious health risks to the general public as it is the main cause of many other associated health consequences. The World Health Organization (WHO) estimates that 422 million people worldwide have diabetes and that the disease directly causes 1.5 million deaths per year Compared to high-income countries, the prevalence of diabetes has increased more rapidly in low-income countries. and medium. The main causes of diabetes have been identified as modifiable metabolic, environmental and behavioral factors. This has led to an increasing demand for point-of-care testing, early screening, adequate awareness and healthcare interventions.

Further, point-of-care diagnostics, which aim to provide rapid results during patient consultation to minimize the number of patient visits and improve glycemic control, are beneficial for diabetes management. Additionally, point-of-care testing (POCT), which aims to improve clinical outcomes and quality of life for diabetics, is becoming increasingly popular in primary care.

The market is projected to grow in the North American region.

The market in the United States is expanding as a result of an improved healthcare system, increasing incidence of infectious diseases, an aging population, and readily available high-quality diagnostic tests. Additionally, the number of seniors in the US is growing rapidly. For example, according to the United Health Foundation, the percentage of the population aged 65 and over increased from 16.8% in 2021 to 17.3% in 2022 in the United States.

Moreover, expansion ventures by international players in the market are expected to further increase the demand of retail clinics in the country. For example, Walmart expanded its low-cost health care services to tens of thousands of its customers by opening the first of five new physician-staffed Walmart Health centers in Florida in April 2022. Walmart Health is entering the Florida with these openings. starting with the new Jacksonville location at 7075 Collins Road, which is adjacent to the Collins Road Supercenter. At least four more locations will open in Florida in the Jacksonville, Orlando and Tampa areas.

In addition, CVS Health introduced CVS Health Virtual Primary Care in May 2022. This is a brand new virtual care option that can be accessed through an online platform. Through this offering, patients will have access to clinical knowledge, data and services from CVS Health in a more coordinated, patient-centered healthcare environment.

Competitive landscape

• Walgreen Co. is a prominent player in the retail clinic market, operating under the Walgreens brand. It offers accessible health care services through its clinics located within its retail stores. With an extensive presence across the United States, Walgreens offers convenient healthcare solutions for common ailments and preventative care. Its integrated approach that combines pharmacy services and health care clinics makes it a convenient destination for many consumers looking for convenient medical assistance.
• Walmart Inc. has established itself as a significant competitor in the retail clinic sector, leveraging its extensive network of retail outlets. Operating under the Walmart Health banner, the company offers a variety of primary care services, including checkups, screenings and wellness programs, at affordable prices. By integrating health care services into its supercenters, Walmart aims to improve access to medical care for underserved communities by leveraging its existing customer base.
• Rite Aid Corp. is a well-known pharmacy chain that has entered the retail clinic market with its RediClinic and NowClinic brands. These clinics offer a range of healthcare services, including vaccinations, physical exams and virtual consultations, to meet the evolving needs of consumers. The strategic placement of Rite Aid clinics within its retail locations increases convenience for customers seeking prompt medical care while driving foot traffic to its stores.

Main attributes:

The report attribute	The details
No. of Pages	145
Forecast period	2022 – 2029
Estimated market value (USD) in 2022	4.65 billion dollars
Estimated market value (USD) by 2029	6.12 billion dollars
Compound Annual Growth Rate	4.0%
Regions covered	global

Competitive environment and analysis

• Key players and strategy analysis
• Market Share Analysis
• Mergers, acquisitions, agreements and collaborations
• Competitive panel

Company Profiles

• Walgreen Co., (Walgreens Boots Alliance, Inc.)
• Walmart Inc.
• Rite Aid Corp.
• NextCare
• Bellin Health Systems
• Sutter Health
• Kroger Co.
• CVS Health
• MedExpress (Optum)
• Concentra, Inc.

Segmentation:

From Ownership

By Application

• Clinical Chemistry and Immunoassay
• vaccinations
• Point-of-care diagnostics
• Others

By End User

According to Geography

• North America
• US
• Canada
• Mexico
• South America
• Brazil
• Argentinian
• Others
• Europe
• uk
• Germany
• France
• Ital
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• Indian
• South Korea
• Taiwan
• Thailand
• Indonesia
• Others

For more information about this report, visit https://www.researchandmarkets.com/r/9uwdu6

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