Published: Apr, 2018
The global physician dispensed cosmeceuticals market currently encapsulates a number of players from the cosmetics and skincare industry. The market is expected to undergo fundamental changes in its competitive landscape because a number of dermatologists, specialists, and other experts of the field are aiming to commercialize their names to become market players themselves. This is projected to disrupt the current vendor landscape and invite a response from other renowned players. The leading market players in the contemporary times are Valeant Pharmaceuticals Inc., L'Oreal S.A., and Allergan plc. In 2015, the aforementioned market players accounted for 56% of the total market share, manifesting the consolidated nature of the market. L'Oreal S.A. alone held 28% of the total market share in the same year, thus, showing the stronghold of the company in the global market. There has been a great deal of speculation about the steps that the market players are expected to take in the future. It is prognosticated that the market players would bank on their ability to offer novel products in order to outsmart their competitors.
Transparency Market Research prophesies the growth track of the market over the period from 2017 to 2024. The market is projected to grow at a robust CAGR of 11.2% over the forecast period, which showcases the opportunities that lie ahead in the market. The market was valued at US$13.1 bn in 2017 and is expected to escalate to US$27.6 bn by the end of 2024. Based on the type of product, the skincare segment dominated the market with the highest market share in 2015. The supremacy of the segment owes to the increased consciousness about skin and beauty. Anti-aging products are also expected to remain popular across the market. On a regional level, North America would crawl ahead of all other regional market due to its technological finesse. However, the highest growth rate is anticipated to be exhibited by Asia Pacific due to the rising popularity of skin care products in the region.
Branded Cosmeceuticals to Enhance Market Growth
The dermatologists are gradually venturing into entrepreneurship by converting their skincare clinic brand to manufacturing centers for cosmeceuticals. Since the dermatologist can accredit the products dispelled under their brand name, the customers could be easily persuaded into buying them. This has been the primary factor driving the demand for cosmeceuticals. On the other hand, the well-established brands have created a buzz around their products through effective marketing and advertising. This has also propelled demand across the market and has created more opportunities for the market players. The quest to buy branded cosmeceuticals has also boosted the demand within the market. The rising geriatric population and its concerns regarding skincare have played an instrumental role in increasing demand.
Apprehensions about Side Effects of Cosmeceuticals Could Hamper Growth
Despite the plush growth of the market, several factors stand in the way of rapid growth. The consumers are apprehensive of the side effects that cosmeceuticals could have on their skin. This restrains the market and poses a threat to the market players. Furthermore, the low awareness quotient of the consumer with regards to the use of cosmeceuticals such as derma fillers also hinders growth. Nevertheless, the impetus on skincare in recent times is expected to keep soaring demand within the market.
The review is based on a TMR report titled, “Physician Dispensed Cosmeceuticals Market (Product Type - Skincare Products (Anti-aging, Acne treatment, Skin Whitening and, Hyperpigmentation, Dermal Fillers), Hair Care Products (Hair Repair, Anti-dandruff, Anti-hair Fall, Scalp Repair), Eye Care Products (Prescription Drops, Artificial Tears), Injectable Botox) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2024.”
- Entrepreneurial initiatives of dermatologists to convert self-owned skincare clinic brand to manufacturing centers for cosmeceuticals thrusts growth
- Apprehensions among consumers about side-effects of cosmeceuticals hampers growth
The global physician dispensed cosmeceuticals market is segmented as follows;
Physician Dispensed Cosmeceuticals Market, by Product Type
- Skincare Products
- Acne treatment
- Skin Whitening & Hyperpigmentation
- Dermal fillers
- Hair care Products
- Hair Repair
- Anti-hair Fall
- Scalp Repair
- Eye care Products
- Prescription Drops
- Artificial Tears
- Other Eye Care Products
- Injectable Botox
Physician Dispensed Cosmeceuticals Market, by Geography
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”
US Office Contact
Transparency Market Research
90 State Street,
Albany NY - 12207