Wilmington, Delaware, United States, Transparency Market Research, Inc., Aug. 20, 2024 (GLOBE NEWSWIRE) -- The global physician dispensed cosmeceuticals market (Markt für von Ärzten abgegebene Cosmeceuticals) was worth US$ 8.5 Billion in 2020 and is expected to reach US$ 19.0 Billion by 2031 at a CAGR of 7.8% between 2021 and 2031, as per Transparency Market Research, a leading market research company.
Excessive research is being conducted since the pandemic era to evaluate awareness as well as demand regarding cosmetics, especially as demand for pharmacy-oriented cosmetics have starting taking the centerstage since then. Increase in the number of individuals getting addicted to social media in order to post their snaps during this period and later is driving them toward emphasis on physical appearance with radiant skin tone.
According to the article entitled ‘Changes in Consumers’ Awareness and Interest in Cosmetic Products During the Pandemic’ that was published in January 2022, consumers looked upon skin care as a vital aspect during pandemic, which ended up raising the demand for skincare products. It has been reported that the scenario is expected to remain unchanged even going forward.
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What are the Key Takeaways from Physician Dispensed Cosmeceuticals Market?
- Advantages Provided by Physician Dispensed Cosmeceuticals
Higher incidence of intrinsic signs of aging is prompting the consumers to opt for antiaging products. Cosmeceuticals are the antiaging skin products. As the name suggests, they have the best of cosmetics as well as pharmaceuticals.
The signs of aging constitute dark circles, wrinkles, loss of firmness or elasticity, and extensively dry skin. Adiveda Natural published an article in March 2022 stating that anti-aging products like the anti-aging serums provide numerous advantages to skin, such as skin hydration and tightening, skin glow, and preventing uneven skin tone and occurrence of age-related dark spots. It also mentions that target population ends up being less prone to dermal issues with usage of anti-aging products beforehand.
- Consumers increasingly Focusing on External Appearance
Research states that individuals are more interested in spending on personal care products and external appearance now than before. As per a survey conducted by Menarini Group in 2021, over 100 plastic surgeons and dermatologists in India revealed that 65% of respondents were of the opinion that facelift is amongst the sought-after facial aesthetic procedures in India, especially after the onslaught of Covid-19, as majority of them have been actively posting their pictures on social media since then.
The dermatologists have further stated that 37% of the consumers are increasingly demanding aesthetic procedures due to the reason mentioned above.
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What is with Physician Dispensed Cosmeceuticals Market Regional Analysis?
North America: The Upscaling Partner
North America accounts for the largest physician dispensed cosmeceuticals market share. This is due to increase in frequency of antiaging mania amongst the U.S. population. Cosmeceuticals are being recommended for long-lasting and effective results.
In the U.S., the U.S. FDA regulates cosmeceuticals as per the Federal Food, Drug, and Cosmetic (FD&C) Act and Fair Packaging and Labeling Act (FPLA).
The U.S. FDA had doled out a press release in February 2022 that except for color additives all the cosmetic ingredients and items are exempted from FDA pre-market approval. It further stated that the same FDA is liable to take enforcement action against individuals/firms who violate the law, and also against items that are not compliant. These regulations are opening opportunities for availability of safer and better cosmeceuticals, which physicians can trust as well as dispense to target population.
The market players are also emphasizing innovative cosmeceuticals, thereby safeguarding the loyal customers as well as setting the stage for prospective ones. For instance, Eucerin Sun is the sole dermatological sun care line with an exclusive compound of five antioxidants to move beyond sun protection and aid in maintaining healthy-looking skin.
Leading Players in Physician Dispensed Cosmeceuticals Market
AbbVie, Inc., L’Oreal S.A., Jan Marini Skin Research, Inc., Athena Cosmetics, Inc., ZO Skin Health Inc., Galderma Laboratories, L.P., Procter & Gamble Co., The Estée Lauder Companies, Inc., Merz Pharma, Obagi Cosmeceuticals LLC, iS CLINICAL, Neutrogena, Velius, LLC, Sonoma Pharmaceuticals, Inc., Sientra, Inc., Dynamic Techno Medicals, Implantech Associates, Inc., and CCA Industries, Inc. are the key players encompassing the global landscape.
Latest Developments Encompassing Physician Dispensed Cosmeceuticals Market Groove
- In March 2024, Elevai Labs, Inc. (a medical aesthetic company known for specialization in physician-dispensed skin care) announced launching of its online e-Commerce portal. This portal serves as a B2B extension of its existing B2B rapport with physician dispensed providers.
- In October 2023, Galderma Laboratories, L.P. announced launching of Alastin Skincare in the U.K. with its direct expansion and distribution facilitated in Canada. It is one of the premium brands and formulated for catering to the demand for post- and pre-aesthetic procedure skincare.
Physician Dispensed Cosmeceuticals Industry is segmented as –
- Product Type
- Face-care
- Skincare
- Indication
- Skin Lightening or De-pigmenting
- Rhytide Reduction
- Anti-Wrinkle/Aging
- Scar-reducing
- Others
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