Retail Health Market to Reach $4 Billion in Revenue
The convenient, cost-effective care provided by a growing number of retail clinics is churning out remarkable revenue for the retail health industry.
The convenient, cost-effective care provided by a growing number of retail clinics is churning out remarkable revenue for the retail health industry.
First, a November 2015 report from Accenture forecasted that the retail clinic footprint will expand to 2800 clinics by 2017, a remarkable increase from about 2150 clinics in 2015. Now, an analysis from Frost & Sullivan projects that this growth will translate to $4 billion in revenue for the global retail health market in 2022, significantly up from the $1.35 billion in revenue that the market earned in 2015.
Clearly, the retail health industry is not only here to stay, but also gaining popularity among consumers seeking fast, affordable health care. As the authors of Frost & Sullivan’s “Future of Retail Healthcare Delivery” report explained it, “The convenience and cost advantages for patients, along with lucrative opportunities to capture new revenue streams for care providers, ensure the rapid uptake of the retail care model.”
Another factor paving the way for the future growth of retail clinics is the current shortage of primary care physicians, which, according to Frost & Sullivan’s report, is resulting in longer wait times. As a “cure for the common wait” on the retail clinic front, MinuteClinic recently launched a new digital tool that allows patients to view estimated wait times at most MinuteClinic locations and hold a place in line through their mobile device. Currently, the tool is only available to patients visiting MinuteClinic locations inside CVS pharmacy stores and Longs Drugs in Hawaii, but it’s set to be expanded to Target-based clinics later this year.
Let’s remember to mention the expanding scope of health care services offered at retail clinics, such as treatment and referrals for the acute and chronic skin conditions that are detailed in this Dermatology theme issue of Contemporary Clinic. We’re confident that the key clinical information presented in the articles “Assessment and Treatment of Acne in the Retail Clinic Setting,” “Summer Bites, Stings, Hives, and Rashes: Counseling Points for Retail Clinicians,” and “Best Strategies for Blisters and Sores” will allow our readers to help their patients look and feel their best for the upcoming school year.
Thank you for reading!
Mike Hennessy, Sr
Chairman and CEO
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