The global retail clinics market is expected to reach US$ 3,408.96 Mn in 2027 from US$ 8,108.98 Mn in 2018. The market is estimated to grow with a CAGR of 10.2% from 2019-2027.
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The key factors that are driving the growth of retail clinics market are rapidly increasing number of retail clinics, significant advantage of retail clinics, and benefits associated with retails clinics services over the forecasted years. Also, the growth opportunities in the developing nations are likely to have a positive impact on the growth of the market in the coming years.
The increasing growth of retail clinics represents a trend towards newer healthcare models that affect the existing models of health care, such as clinical laboratories, hospitals, and pathology groups. The retail clinics are designed for immediate treatment of symptoms and vaccinations but do not provide an in-depth examination or long-term healthcare relationship between patient and physician. The lower costs, easy accessibility, and flexibility combined with low-wait times for primary care helps to upsurge the market for retail clinics. The developing healthcare model involves traditional healthcare facilities that address the impact of retail clinics on conventional practices, regulatory standards, and patient care. However, as the retail clinics are focusing on expanding their provided services, they also concentrate on providing certain types of medical laboratory tests. Somewhat, competing with emergency departments, the retail clinics directly compete with primary care clinics or full-service. Owing to the above-mentioned factors, the retail clinics market is anticipated to grow in the coming years.
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The retail clinics market is segmented on the basis of location, ownership type, and application. The market based on location type segment is classified as store, mall, and other locations. On the basis of ownership type the market is segmented as retail owned and hospital owned. Based on the application the market is classified as clinical chemistry & immunoassay, point of care diagnostics, vaccination, and other applications.
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