Physician Dispensed Cosmeceuticals Market Opportunity Will Rise to US$ 31,322.14 Mn by 2026
Physician dispensed cosmeceuticals are cosmetic products that contain active ingredients to target the clinically visible signs of aging, infection, or other imperfections in one’s personal appearance.
The market is expected to expand at a rapid pace, marked by a sea change in market dynamics, with dermatologists, trichologists, and skin care specialists turning into entrepreneurs. Consequently, the market is gradually becoming fragmented due to mushrooming skin and hair clinics and treatment centers, which are startups by physicians who prescribe branded cosmeceuticals products. Some of these physician-turned entrepreneurs also recommend locally manufactured low-cost products developed by their own clinics.
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Dermatologists claim that there is an increasing tendency of pharmacy benefit managers as well as consumers to reject cosmeceuticals that are not able to produce visible results and are expensive. Therefore, the product should prove its claims to remain competitive in this market. The global physician dispensed cosmeceuticals market was valued at US$ 13,146.80 Mn in 2017. It is expected to expand at a CAGR of 10.3% from 2018 to 2026.
1global physician dispensed cosmeceuticals market
The global physician dispensed cosmeceuticals market has been segmented based on product type and region. Furthermore, in terms of product type, the market has been divided into skin care products, hair care products, eye care products, injectable Botox, and others. The skin care products segment accounted for a prominent share of the global physician dispensed cosmeceuticals market in 2017, as the nature of cosmeceuticals demanded by consumers is largely to treat dermatological conditions.
Increasing awareness about personal maintenance among the geriatric population and changing attitudes of middle-aged and geriatric population in developing countries have fuelled the demand for cosmeceuticals in order to eliminate the outwardly signs of aging. The anti-aging segment is expected to maintain its dominance in the market during the forecast period. Similarly, dermal fillers and injectable Botox segments are expected to expand considerably from 2018 to 2026.
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In terms of region, the global physician dispensed cosmeceuticals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is mature and technically developed, as compared to the other regions. Hence, the region accounted for a notable share of the global market, in terms of revenue, in 2017. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Increasing preference to retain beauty and youthful appearance propels the demand for effective cosmeceuticals. These factors are expected to drive the market in this region.
Similarly, other emerging markets such as Brazil, South Africa, the UAE, and Saudi Arabia are expected to expand at a steady pace during the forecast period. High revenue generating cosmeceutical products such as injectable Botox and dermal fillers have a minuscule consumer base in underdeveloped and developing regions due to high cost, lack of sufficient knowledge, apprehensions, and lower popularity among end-users.
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Key players operating in the global physician dispensed cosmeceuticals market include Allergan plc, Jan Marini Skin Research, Inc., Johnson & Johnson, L’Oreal S.A., Procter & Gamble Co., Bausch Health Companies Inc., Unilever plc, and ZO Skin Health Inc., and L’Oreal S.A. These companies have diverse product offerings and extensive distribution systems across the world. Moreover, entry of small players, especially in the emerging markets of Asia, is being witnessed. However, stringent regulatory framework and high-quality standards set by market leaders are anticipated to restrain the penetration of new entrants in the market.
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