Retail clinic revenues to hit $4.5 billion by 2011
NEW YORK – Retail medical clinics could realize revenues of nearly $4.5 billion by 2011, according to a new report by market research firm Kalorama Information.
Retail Clinics: The Emerging Market for Convenience Clinics and In-Store Healthcare reveals that revenues for retail clinics were slightly more than $121 million in 2006. Kalorama predicts that intense market growth over the next four years will drive revenues into the billions of dollars, making retail clinics a viable investment.
The report focuses on the market for clinical facilities in drug stores, supermarkets, mass merchandisers, and other outlets.
Store-based medical clinics have grown in popularity in recent years, as they generally offer significant discounts over similar services performed by doctors and hospitals. Conveniently located and open longer hours than traditional ambulatory care facilities, retail clinics cater to those who want healthcare “on-demand” and those who are uninsured or underinsured.
“Since their inception in 2000, there are now 426 clinics and by the end of 2009 we estimate 2,885, a number that will more than double to 7,885 by the end of 2011,” said Steven Heffner, publisher of Kalorama Information. “With this phenomenal growth and competitive threat on the horizon, many in the medical community are now watching the retail sector closely and reacting with extended office hours, greater accommodation of walk-in patients with immediate needs, and partnering relationships with the clinics.”
Kalorama’s report claims that, for the likes of major drugstore chains such as CVS and Walgreens, the rapid acceptance of independent clinics has only further stimulated market growth and demand. The two drugstore chains recently acquired, respectively, in-store clinics MinuteClinic and Take Care Health.
