Global Cosmetovigilance Market: Overview

Cosmetovigilance market report aims to provide an in-depth overview of various growth opportunities and challenges in the market. Cosmetovigilance are safety related clinical trials which help cosmetic industry sectors to comply with regulations.

Food and Drug Administration or the FDA did not monitor cosmetic products directly prior to July 2013. However, today it relies on general guidelines and continuous methodical assessments to assess safety. Hence, it is considered the responsibility of individual manufacturers to make sure their products do not cause any harm. Usually players in the cosmetovigilance market are expected to test cosmetic products for safety before they are marketed, and then document the side-effects through a continuous process.

According to the FDA, the cosmetic products are “articles intended to be rubbed, poured, sprinkled, or sprayed on”. Products included in this category are lipsticks, perfumes, skin moisturizers, facial makeup preparations, and shampoos. US state have independent authority to legislate cosmetic products despite the general guideline of the FDA. European laws regarding cosmetovigilance. The 1976 legal guideline says, cosmetic products, ‘must not cause damage to human health’. The legislation in Europe also requires companies to file a report on a regular basis.  European lawmakers defined ‘serious adverse effect’ as temporary functional incapacity, hospitalization, disability, and congenital anomalies, etc. Broadly defined legislations and growing demand for cosmetic products are expected to drive growth of the cosmetovigilance market.

Global Cosmetovigilance Market: Notable Developments

  • Global Trade association recently reported optimism regarding the global regulatory convergence. According to them, regulation agencies like CSAR or China’s Cosmetic Supervision and Administration Regulations have moved from being heavily regulated towards in-market control. This is expected to be a major boost to the cosmetovigilance market.
  • Portugal announced decision to implement EU regulations related to cosmetics in the country. EU regulations have been widely praised by trade associations for their efficacy. The expansion of these regulations in a new market are expected to emerge as a boon for the cosmetovigilance market.
  • A French consumer group has shot a warning to consumers about lip balms. According to the group, lip balms may contain toxic substances such as carcinogens. They found cosmetic products in the UK too to contain these substances. The agency found over half products in the market to be filled with carcinogenic substances. According to the report, if these substances were digested mistakenly, they were extremely harmful. Reports like these are expected to restrain growth of the cosmetovigilance market.

Rising Demand to Drive Growth for the Cosmetovigilance market

Cosmetic products are increasingly appealing to young consumers around the world. The advent of social media, launch of new products, and growing demand in emerging regions such as Asia Pacific are key factors driving growth. Additionally, growing regulatory convergence is also expected to boost the global cosmetovigilance market. Countries like India are experiencing rising disposable incomes, changing lifestyle encouraging the beautification of external beauty, and rising awareness of cosmetovigilance market. Earlier, India had considerable in-depth regulations dividing cosmetics into various categories for purposes of identification and monitoring. However, the regulations have opened up in recent times in line with the expectations of the cosmetic industry and promises considerable growth in the near future.

Cosmetovigilance Market: A Regional Outlook

Latin America, Middle East & Africa are also witnessing encouraging environment for the growth of the cosmetovigilance market. The tax benefits and job creation provided by the cosmetic industry is encouraging development in many regions. Hence, the regulatory environments in emerging countries promises to be flexible and lucrative for players in the cosmetovigilance market.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Cosmetovigilance Market

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