Other Health and Personal Care Stores Market:
WiseGuyReports.com adds “Global Other Health and Personal Care Stores Market Research Report 2020 Analysis and Forecast 2026” reports to its database.
Executive Summary
The global other health and personal care stores market is expected to grow from $63.6 billion in 2019 to $67.85 billion. Due to the global pandemic of cornovirus infection, people are turning towards health and personal care products to boost their immunity, and also improve personal hygiene. The market is expected to stabilize at a compound annual growth rate of 3.4% and reach $72.7 billion by 2023.
The other Health and personal care stores market consists of sales of health and personal care products excluding medicines, optical products, perfumes, cosmetics, beauty supplies and food supplement products in retail and wholesale industry. This part of industry is mainly engaged in retailing of specialized health and personal care products which includes medical equipment, diagnostics, hearing aids, personal mobility scooters, prosthetics and sick room equipment. The revenue generated by Other health and personal care stores sums the revenues of Convalescent supply stores, Prosthetic stores, Hearing aid stores, Sick room supply stores, Medical equipment and supplies stores and Personal mobility scooter dealers.
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The global other health and personal care stores market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the other health and personal care stores market in 2019.
In November 2019, PromptCare, a US-based regional provider of specialised respiratory therapy and infusion services acquired Florida’s Hollywood Medical Supply for an undisclosed amount. The deal has allowed PromptCare to enter the state of Florida and will place PromptCare in a leading place in Southeastern states of US. Florida's Hollywood Medical Supply, a US-based medical supplier is specialised in supply of hi-tech respiratory services and medical supplies concentrating medically fragile children of Florida.
The other Health and Personal Care Stores market covered in this report is segmented by type into convalescent supply stores, prosthetic stores, hearing aid stores, sick room supply stores, medical equipment and supplies stores, personal mobility scooter dealers.
Product recalls in global supply chain occur due to increasing concern of product safety among consumers. Retailers are the bridge or connection between upstream supply chain which includes manufacturers & wholesalers and consumers. In February 2020, Advanced Bionics LLC (AB), US subsidiary of Sonova Holding AG-a leading hearing aid provider has voluntarily recalled HiRes Ultra and Ultra 3D cochlear implants for corrective action and this one time recall is estimated to cost them $51 million due to issues of reduced performance by the customers. In February 2020, ResMed recalled Stellar 100 and 150 Non-invasive and Invasive Ventilators due to the failure of the device. During a reverse supply chain major role is played by the retailers thus a product recall has a negative impact on the retailers in terms of revenue.
Use of online supply platforms or e-commerce sites is gaining increased popularity among retailers and customers as well. Online retailing overcomes the traditional retailing stores in ways like limiting geographical barrier, cost-effective advertising and marketing channels, create market for niche products, provide customers to compare and shop, remain open 24/7, create targeted communication and more. In February 2019, Z5 Inventory, Inc., a global supply chain server company announced online medical supplies store named Buy.Z5Inventory.com which aims at providing long-dated products as low-cost alternative to vendors. According to an article by BigCommerce Pty. Ltd., by the end of 2019, the global e-commerce revenue held 14% ($3.5 billion) of total retail sales which is expected to reach 16% by the end of 2020. E-commerce builds new path without the need for a manual store for retailers to reach the customers.
There is an increased concentration of growth in the number of surgeries performed worldwide across the historic period. Many people lose their lives from conditions which require surgical care. In 2018, in US the total number of outpatient surgeries alone performed is estimated to be 129 million which has increased enormously from a total number of surgeries performed in 2014 which is 22 million procedures among which outpatient surgery procedures accounted 11.5 million procedures. By 2030, according to a study published by The Lancet Commissions, if the LMICs were to scale up the surgery rate annually then a minimum volume of 5000 operations per 100,000 population is expected to be fulfilled by about two-thirds of countries. The increase in growth of number of surgeries performed annually is expected to boost the market growth as surgeries will increase the demand of health and personal care products supply.
Major players in the other health and personal care stores market are USANA Health Sciences Inc, Enzymatic Therapy Inc, Ajinomoto Health And Nutrition North America Inc, Super Supplements Inc, Herbalife Nutrition, Ltd, Forever Living Products International, Trivita Inc, Nature's Sunshine Products Inc, ForeverGreen Worldwide, and Integrated Biopharma Inc.
Continuous…
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