Cosmetovigilance Market 2020 Eminent Players - iSafety, ZEINCRO, Skill Pharma, FMD K&L, Poseidon CRO, MSL Solution Providers, AxeRegel, Pharmathen, Cliantha, PharSafer, Freyr, OC Vigilance
Favorable government regulations in developed countries will augment cosmetovigilance market growth. Scientific Committee on Consumer Safety (SCCS) at the European Commission and the Japanese Cosmetic Centre are the government regulatory body. The committee provides opinions on health and safety risks of non-food consumer products such as cosmetics and services. Presence of such regulatory bodies ensure safety thereby, fosters industry growth. Moreover, European regulations requires reporting of the serious undesirable effects of cosmetics to authorities of other member states and the person responsible for the cosmetic product. Thus, cosmetovigilance market will boom owing to above-mentioned factors overt the coming years.
Risk associated with the use of cosmetics will further drive the cosmetovigilance market. Cosmetics contains various chemical compounds such as coal tar, 1,4-dioxane, mineral oil, paraben, methylisothiazolinone, mercury, lead etc., these cause allergy, rashes, burning and acne. Thus, the harsh effects of cosmetics affecting human health and people reporting these issues fosters business growth. However, lack of awareness in developing and under developed countries may hamper the cosmetovigilance market growth.
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Pre-marketing services segment will grow around 6.8% over the coming years. Rising incidence of cosmetics concerning harsh effects are causing infection cases that boosts segment growth. To overcome these issues safety tests are conducted including photosensitization that ensures cosmetic's quality. Thus, increasing use of safety tests will propel industry growth in upcoming years.
Perfumes and deodorants segment accounted over 11% revenue share in 2018 and will grow significantly over the forecast timeline. Group of chemicals such as fragrances, paraben, triclosan, aluminum chloride hexahydrate is used in deodorant. These chemicals may lead to skin burning, irritation and cancers. Additionally, risks related to the cosmetic product will favor segmental growth.
Business process outsourcing (BPOs) segment will grow more than 6% over the forecast period. Segmental growth is attributable to advantages of BPO that includes cost effectiveness and speed, etc. Moreover, increasing awareness regarding cosmetovigilance further boosts business growth.
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U.S. cosmetovigilance market held over 93% of revenue share in 2018 owing to increased emphasis on R&D activities for safe and effective manufacturing of cosmetics. The U.S. Food, Drug, and Cosmetic Act (FD&C Act) regulates the safety of cosmetic products that are marketed. Furthermore, program such as Voluntary Cosmetic Registration Program (VCRP) assists FDA to regulate cosmetics thereby, favoring business growth.
Europe cosmetovigilance market will grow over 6.2% during the forecast period owing to increased awareness amongst the population regarding cosmetovigilance with the efforts taken by the European associations in regulating consumer cosmetics. European regulatory bodies examine the chemical safety and stimulate manufacturers to produce safe cosmetics. Favorable government policies will drive European cosmetovigilance market.
Prominent industry players operational in the cosmetovigilance market include iSafety, ZEINCRO, Skill Pharma, FMD K&L, Poseidon CRO, MSL Solution Providers, AxeRegel, Pharmathen, Cliantha, PharSafer, Freyr and OC Vigilance. These firms are adopting strategies such as strategic partnerships, R&D, collaboration and agreement. Moreover, regional regulatory associations have regulations that favor development in cosmetovigilance industry.
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