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Add to CartGlobal Other Health And Personal Care Stores Market Growth, Share, Size, Trends and Forecast (2024 - 2030)
By Type;
Convalescent Supply Stores, Prosthetic Stores, Hearing Aid Stores, Sick Room Supply Stores, Medical Equipment and Supplies Stores, and Personal Mobility Scooter Dealers.By Category;
Mass Products, Premium Products.By License;
Branded, Brand Licensed, Unbranded.By Geography;
North America, Europe, Asia Pacific, Middle East and Africa and Latin America - Report Timeline (2020 - 2030).Introduction
Global Other Health And Personal Care Stores Market (USD Million), 2020 - 2030
In the year 2023, the Global Other Health And Personal Care Stores Market was valued at USD xx.x million. The size of this market is expected to increase to USD xx.x million by the year 2030, while growing at a Compounded Annual Growth Rate (CAGR) of x.x%.
The global market for other health and personal care stores is anticipated to witness steady growth over the forecast period. However, the short-term economic recovery from the COVID-19 pandemic has been disrupted by the Russia-Ukraine war, leading to economic sanctions, commodity price surges, and supply chain disruptions, consequently causing inflation across various markets worldwide. This market encompasses revenues generated by entities offering medical equipment, diagnostics, hearing aids, personal mobility scooters, prosthetics, and sick room equipment.
Asia Pacific emerged as the largest region in the other health and personal care stores market in 2022, followed by North America. The market report covers regions such as Western Europe, Eastern Europe, South America, Middle East, and Africa, highlighting the global reach of this sector. Within the market, various types of health and personal care stores exist, including convalescent supply stores, prosthetic stores, hearing aid stores, sick room supply stores, medical equipment and supplies stores, and personal mobility scooter dealers.
The demand for health and personal care products is expected to rise in tandem with an increased concentration of surgeries performed worldwide. Many people succumb to conditions necessitating surgical care, prompting an escalation in surgical procedures annually. A study published by The Lancet Commissions suggests that scaling up the surgery rate annually could lead to a significant surge in operations, thereby increasing the demand for health and personal care products.
Concerns about product safety among consumers have led to an uptick in product recalls within the global supply chain. Retailers play a crucial role as intermediaries between upstream supply chain stakeholders such as manufacturers and wholesalers, and end consumers. This emphasizes the importance of maintaining product quality and safety standards throughout the supply chain to uphold consumer trust and confidence in health and personal care products.
Global Other Health And Personal Care Stores Market Recent Developments & Report Snapshot
Recent developments:
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In November 2021, SMV Healthcare, a pharmaceutical company based in Chennai, introduced MyMedicalShop.com, an online platform facilitating the purchase of medicines and healthcare products. This move signifies a shift towards e-commerce, offering a new avenue for retailers to connect with customers without the necessity of physical stores.
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In April 2022, Lifesupply Health Supplies Inc., headquartered in Canada, acquired Smart Move Medical for an undisclosed sum. This acquisition is expected to enhance the distribution network of Lifesupply Health Supplies Inc., granting it broader access to an international network of suppliers.
| Parameters | Description |
|---|---|
| Market | Global Other Health And Personal Care Stores Market |
| Study Period | 2020 - 2030 |
| Base Year (for Other Health And Personal Care Stores Market Size Estimates) | 2023 |
| Drivers |
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| Restraints |
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| Opportunities |
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Segment Analysis
The global market for health and personal care stores encompasses a variety of establishments tailored to meet diverse healthcare needs. These include convalescent supply stores, prosthetic stores, hearing aid stores, sick room supply stores, medical equipment and supplies stores, and personal mobility scooter dealers. Each type of store specializes in offering specific products and services designed to address different health conditions and requirements, providing consumers with a wide array of options to fulfill their healthcare needs.
Within the health and personal care stores market, products are classified into mass products and premium products. Mass products typically cater to a broader consumer base and offer affordable solutions for basic healthcare needs. Conversely, premium products target consumers seeking high-quality and specialized healthcare products, often commanding higher price points due to their advanced features and enhanced functionalities. This segmentation enables health and personal care stores to accommodate diverse consumer preferences and budgetary considerations, effectively meeting the varying demands of the market.
Health and personal care stores operate under different licensing arrangements, including branded, brand licensed, and unbranded stores. Branded stores carry products from well-known healthcare brands, leveraging brand recognition and reputation to attract customers. Brand licensed stores, on the other hand, offer products licensed from established brands, providing consumers with access to trusted healthcare solutions under a recognized brand umbrella. Unbranded stores typically offer generic or private label products, presenting consumers with cost-effective alternatives to branded products.
Geographically, the health and personal care stores market spans regions such as North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. Each region presents unique market dynamics influenced by factors like demographic trends, healthcare infrastructure, regulatory environment, and consumer preferences. The global market timeline from 2020 to 2030 reflects the evolving landscape of the health and personal care stores market, encompassing shifts in consumer behavior, technological advancements, regulatory changes, and market trends throughout the forecast period.
Global Other Health And Personal Care Stores Segment Analysis
In this report, the Global Other Health And Personal Care Stores Market has been segmented by Type, Category, License and Geography.
Global Other Health And Personal Care Stores Market, Segmentation by Type
The Global Other Health And Personal Care Stores Market has been segmented by Type into Convalescent Supply Stores, Prosthetic Stores, Hearing Aid Stores, Sick Room Supply Stores, Medical Equipment and Supplies Stores, and Personal Mobility Scooter Dealers.
Convalescent supply stores offer equipment and supplies to aid in recovery, such as rehabilitation gear and home healthcare items, while prosthetic stores specialize in providing prosthetic limbs and related accessories for those with limb loss or impairment, facilitating mobility and functionality.
Hearing aid stores focus on delivering hearing aids and accessories to individuals with hearing impairments, enhancing their auditory experience and quality of life. Sick room supply stores cater to individuals requiring medical equipment and supplies for home care, including medical beds, patient lifts, and wound care products. Medical equipment and supplies stores offer a wide array of healthcare products and equipment, including diagnostic tools, medical instruments, and consumable medical supplies, serving both healthcare professionals and consumers.
Personal mobility scooter dealers specialize in providing mobility scooters and related devices to individuals with mobility limitations, aiding in their mobility and independence. Each type of store in the global other health and personal care stores market plays a vital role in addressing specific healthcare needs and improving the overall well-being of individuals. Collectively, these establishments contribute to enhancing accessibility and availability of healthcare products and services, ultimately enhancing the quality of life for individuals with various health conditions and impairments.
Global Other Health And Personal Care Stores Market, Segmentation by Category
The Global Other Health And Personal Care Stores Market has been segmented by Category into Mass Products, Premium Products.
Mass products cater to a broad consumer base by providing affordable solutions for essential healthcare needs. These products are known for their accessibility and affordability, appealing to cost-conscious consumers seeking everyday healthcare essentials such as over-the-counter medications, basic medical supplies, and personal care items like toiletries and hygiene products.
Premium products within the global other health and personal care stores market target consumers seeking high-quality and specialized healthcare solutions. These products are distinguished by their superior quality, advanced features, and enhanced functionalities, often commanding higher price points. Premium products cater to discerning consumers who prioritize quality, efficacy, and brand reputation when selecting healthcare products. They encompass a broad range of offerings, including advanced medical devices, specialized diagnostics, premium personal care products, and luxury health and wellness items.
This categorization of products into mass and premium segments enables health and personal care stores to effectively address diverse consumer preferences and spending habits. By offering products across different price ranges and quality levels, stores can accommodate various budgetary considerations and lifestyle choices, ensuring accessibility and inclusivity for consumers of all backgrounds. Moreover, this strategic categorization allows health and personal care stores to differentiate their product offerings, target specific consumer segments, and capitalize on emerging market trends, thereby driving growth and competitiveness in the global other health and personal care stores market.
Global Other Health And Personal Care Stores Market, Segmentation by License
The Global Other Health And Personal Care Stores Market has been segmented by License into Branded, Brand Licensed, Unbranded.
Branded stores stock products from well-known healthcare brands, leveraging their established reputation and recognition to attract customers. These stores offer a comprehensive range of trusted healthcare products, including medical equipment, diagnostics, personal care items, and mobility aids, ensuring consumers of quality and reliability. Through brand licensing agreements, stores gain access to products from renowned brands, enhancing their credibility in the market and offering consumers access to recognized healthcare solutions.
Brand licensed stores feature products licensed from established brands, providing consumers with access to trusted healthcare solutions under recognized brand names. These stores often carry products licensed from reputable healthcare brands, assuring consumers of quality and reliability. Leveraging the reputation and brand recognition of established brands, brand licensed stores attract customers and instill trust in their product offerings. This licensing arrangement enables stores to offer a diverse range of branded products without the need for direct brand ownership, ensuring a wide selection of trusted healthcare solutions for consumers.
Unbranded stores in the global other health and personal care stores market specialize in offering generic or private label products, providing consumers with cost-effective alternatives to branded products. These stores typically stock a variety of unbranded or private label healthcare products, including medical equipment, personal care items, and mobility aids, catering to budget-conscious consumers seeking value-oriented healthcare solutions. By offering essential healthcare products at competitive prices, unbranded stores fulfill the needs of consumers seeking affordability without compromising on quality.
Global Other Health And Personal Care Stores Market, Segmentation by Geography
In this report, the Global Other Health And Personal Care Stores Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Global Other Health And Personal Care Stores Market Share (%), by Geographical Region, 2023
The global other health and personal care stores market witnessed significant regional variations in 2023, with Asia-Pacific emerging as the largest market followed by North America. The regions covered in the market report include North America, Europe, Asia Pacific, Middle East and Africa and Latin America. The market encompasses revenues earned by entities offering medical equipment, diagnostics, hearing aids, personal mobility scooters, prosthetics, and sick room equipment.
Market value is defined as the revenues generated by organizations within the specified market and geography through sales, grants, or donations, typically denoted in USD. These revenues represent consumption values, irrespective of where the products are produced, and exclude revenues from resales along the supply chain. The other health and personal care stores market research report, part of a series by The Business Research Company, provides comprehensive statistics, including global market size, regional shares, competitor analysis, market segments, trends, opportunities, and industry insights.
The forecast for the global other health and personal care stores market from 2020 to 2030 highlights various growth drivers and challenges across different regions. North America and Europe are expected to remain key contributors, driven by advanced healthcare systems and high consumer awareness. In contrast, the Asia-Pacific region is anticipated to witness substantial growth fueled by rising healthcare expenditure and expanding access to healthcare services in emerging economies. Moreover, the Middle East, Africa, and Latin America regions present opportunities for market expansion due to improving healthcare infrastructure and increasing healthcare awareness. Understanding the regional dynamics and adapting strategies accordingly are crucial for market players to thrive in the evolving landscape of the global other health and personal care stores market.
Market Trends
This report provides an in depth analysis of various factors that impact the dynamics of Global Other Health And Personal Care Stores Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.
Drivers, Restraints and Opportunity Analysis
Drivers:
- Technological Advancements
- Rising Incidence of Chronic Diseases
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Increasing Demand for Healthcare Products and Services: The global other health and personal care stores market has witnessed a notable increase in demand for healthcare products and services, driven by several factors contributing to its growth trajectory. A significant driver of this surge in demand is the aging population worldwide, coupled with heightened healthcare awareness and increased disposable income levels. As individuals age, the need for healthcare products and services to address various health concerns and maintain overall well-being becomes more pronounced, leading to a substantial uptick in the consumption of medical equipment, diagnostics, personal care items, and mobility aids, among other healthcare-related products.
Technological advancements in the healthcare sector have played a pivotal role in driving the demand for healthcare products and services across the globe. Innovations such as telemedicine, wearable health monitoring devices, and digital health platforms have revolutionized the delivery and accessibility of healthcare, enhancing patient care and treatment outcomes. These advancements have not only improved the efficiency and effectiveness of healthcare services but have also spurred the adoption of various healthcare products available in other health and personal care stores, further driving growth in the market.
The increasing prevalence of chronic diseases globally has contributed to the heightened demand for healthcare products and services. Chronic conditions such as diabetes, cardiovascular disorders, and respiratory ailments require ongoing management and treatment, leading to sustained demand for medical equipment, diagnostics, and other healthcare essentials. Additionally, the growing emphasis on preventive healthcare and wellness has prompted consumers to invest in health-promoting products and services, further bolstering the market's expansion. Overall, the escalating demand for healthcare products and services underscores the pivotal role of other health and personal care stores in meeting the evolving healthcare needs of consumers worldwide.
Restraints:
- Intense Competition
- Supply Chain Disruptions
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Regulatory Challenges: The global other health and personal care stores market encounters several regulatory challenges that affect its operations and growth potential. One notable challenge involves navigating complex regulatory frameworks governing the sale and distribution of healthcare products and services. These regulations vary across regions and countries, encompassing product safety standards, labeling requirements, and licensing procedures. Complying with these regulations is essential for ensuring the safety and effectiveness of healthcare products and services offered by other health and personal care stores. However, it also adds administrative complexity and costs for market players.
Regulatory challenges extend to issues related to product registration and market approval processes. Many healthcare products, particularly medical devices and pharmaceuticals, require regulatory approval before being sold or distributed in specific markets. Securing these approvals can be a time-consuming and resource-intensive endeavor, involving extensive testing, documentation, and regulatory submissions to relevant authorities. Any delays or complications in the approval process can impede the timely introduction of new products to the market, limiting market access for other health and personal care stores and impacting their competitiveness.
Compliance with evolving regulatory requirements poses an ongoing challenge for market players in the other health and personal care stores market. Regulatory standards and requirements undergo frequent updates and revisions, driven by factors such as technological advancements, changing consumer preferences, and emerging health concerns. Keeping pace with these regulatory changes and ensuring compliance with updated standards necessitates continuous monitoring, investment in regulatory expertise, and adaptation of business practices and product offerings. Non-compliance with regulatory requirements can result in penalties, fines, and reputational damage, posing significant risks to businesses operating in the global other health and personal care stores market.
Opportunities:
- Technological Advancements
- E-Commerce and Digital Health
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Aging Population and Healthcare Needs: The global other health and personal care stores market is significantly impacted by the aging population and their shifting healthcare requirements. With the world's population aging, there's a rising demand for healthcare products and services to address various age-related health issues. This demographic is more susceptible to chronic illnesses, mobility limitations, and other health challenges, fueling the need for a diverse range of healthcare products and services provided by other health and personal care stores. These offerings may encompass medical equipment, diagnostics, personal care items, mobility aids, and specialized healthcare devices tailored to address the unique needs of older individuals.
As the aging population seeks ways to maintain their health, independence, and overall well-being, there's an increasing demand for preventive healthcare products and wellness services. Other health and personal care stores play a vital role in meeting these evolving healthcare needs by offering an extensive array of products and services aimed at supporting healthy aging and enhancing quality of life. From dietary supplements and home healthcare equipment to assistive devices and personal care products, these stores serve as essential resources to help older adults manage their health and maintain autonomy in their everyday lives.
The aging population presents opportunities for innovation and expansion within the other health and personal care stores market. Market players are continually developing and introducing new products and services to cater to the specific needs and preferences of older consumers. This includes advancements in medical technology, digital health solutions, and specialized healthcare products designed to improve overall health outcomes and enhance the quality of life for aging individuals. As the aging demographic continues to grow worldwide, other health and personal care stores are poised to play a pivotal role in addressing the evolving healthcare needs of this population segment, fostering innovation and driving growth in the market.
Competitive Landscape Analysis
Key players in Global Other Health And Personal Care Stores Market include:
- USANA Health Sciences Inc.
- Enzymatic Therapy Inc.
- Ajinomoto Health & Nutrition North America Inc.
- Super Supplements Inc.
- Massage Envy Franchising LLC
- European Wax Center LLC
- Equinox Holdings Inc.
- Herbalife Nutrition.
In this report, the profile of each market player provides following information:
- Company Overview and Product Portfolio
- Key Developments
- Financial Overview
- Strategies
- Company SWOT Analysis
- Introduction
- Research Objectives and Assumptions
- Research Methodology
- Abbreviations
- Market Definition & Study Scope
- Executive Summary
- Market Snapshot, By Type
- Market Snapshot, By Category
- Market Snapshot, By License
- Market Snapshot, By Geography
- Global Other Health And Personal Care Stores Market Dynamics
- Drivers, Restraints and Opportunities
- Drivers:
- Technological Advancements
- Rising Incidence of Chronic Diseases
- Increasing Demand for Healthcare Products and Services
- Restraints:
- Intense Competition
- Supply Chain Disruptions
- Regulatory Challenges
- Opportunities:
- Technological Advancements
- E-Commerce and Digital Health
- Aging Population and Healthcare Need
- Drivers:
- PEST Analysis
- Political Analysis
- Economic Analysis
- Social Analysis
- Technological Analysis
- Porter's Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of Substitutes
- Threat of New Entrants
- Competitive Rivalry
- Drivers, Restraints and Opportunities
- Market Segmentation
- Global Other Health And Personal Care Stores Market, By Type, 2020 - 2030 (USD Million)
- Convalescent Supply Stores
- Prosthetic Stores
- Hearing Aid Stores
- Sick Room Supply Stores
- Medical Equipment And Supplies Stores
- Personal Mobility Scooter Dealers
- Global Other Health And Personal Care Stores Market, By Category, 2020 - 2030 (USD Million)
- Mass Products
- Premium Products
- Global Other Health And Personal Care Stores Market, By License, 2020 - 2030 (USD Million)
- Branded
- Brand Licensed
- Unbranded
- Global Other Health And Personal Care Stores Market, By Geography, 2020 - 2030 (USD Million)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Nordic
- Benelux
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia & New Zealand
- South Korea
- ASEAN (Association of South East Asian Countries)
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- North America
- Global Other Health And Personal Care Stores Market, By Type, 2020 - 2030 (USD Million)
- Competitive Landscape
- Company Profiles
- USANA Health Sciences Inc.
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Enzymatic Therapy Inc.
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Ajinomoto Health & Nutrition North America Inc.
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Super Supplements Inc.
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Massage Envy Franchising LLC
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European Wax Center LLC
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Equinox Holdings Inc.
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Herbalife Nutrition.
- Company Profiles
- Analyst Views
- Future Outlook of the Market