Physician Dispensed Cosmeceuticals Market to Receive Overwhelming Hike in Revenues by 2031

Physician Dispensed Cosmeceuticals Market Outlook 2031

• The global physician dispensed cosmeceuticals market was valued at US$ 8.5 Bn in 2020
• It is estimated to expand at a CAGR of 7.8% from 2021 to 2031
• The global physician dispensed cosmeceuticals market is expected to reach the value of US$ 19 Bn by the end of 2031

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Analysts' Viewpoint on Physician Dispensed Cosmeceuticals Market Scenario

The physician dispensed cosmeceuticals market is likely to witness steady expansion driven by the increase in demand for products and better resolution of supply chain issues in various countries amid the COVID-19 outbreak. Brands in the physician dispensed cosmeceuticals market are under scrutiny for possible side effects and adverse events through the usage of products. Hence, brands should increase awareness about the doctor and physician's consultation through advertising & marketing for physician dispensed cosmeceutical products. Companies are striving to innovate in dermatologically-approved skincare cosmeceuticals to meet the demand for aging population. Women's education and penetration of smartphones in rural and remote regions of Asia Pacific such as in India, Sri Lanka, and Bangladesh is helping for increased product uptake.

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Social Media Important Tool for Brand Awareness of Cosmeceuticals

The growing awareness about facial beauty enhancement is contributing to the expansion of the physician dispensed cosmeceuticals market. An Increasing number of smartphone users are consuming social media to gain awareness about new brands in the physician dispensed cosmeceuticals market. The burgeoning growth of the online influencer community on social media is emerging as an important strategy for brand building.

Apart from branding, communication about natural ingredients in physician dispensed cosmeceuticals is helping to boost product uptake. Such trends are contributing to the expansion of the global physician dispensed cosmeceuticals market. Recycled bottles and cruelty-free products are being preferred by customers.

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Re-evaluation of Supply Networks Helps Ensure Timely Deliveries amid COVID-19 Outbreak

Burgeoning growth of the eCommerce industry and growing adoption of online shopping apps have made it easier for customers to order products by sitting in the convenience of their homes during the COVID-19 outbreak. Such findings are triggering the expansion of the physician dispensed cosmeceuticals market. However, brands need to address poor market sentiments, since the demand for cosmeceuticals is surging slowly owing to slow movements of goods. Nevertheless, brands and manufacturing are rethinking their supply networks to avoid disruptions in product deliveries.

Import and export of physician dispensed cosmeceuticals are projected to rise due to increase in shipment and demand for products.

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Can Customer Reviews Hamper Sales of Physician Dispensed Cosmeceuticals?

Although social media and eCommerce are playing an instrumental role in brand building, negative reviews and low ratings for products tend to affect sales of physician dispensed cosmeceuticals. In a quest to establish transparency and authenticity for facial and skincare cosmeceuticals, brands tend to lose credibility due to unhappy or unsatisfied customers. Hence, brands are developing websites and online portals where they can regulate the comments or reviews posted by consumers.
Brands on popular eCommerce platforms are operating with the mindset of high risk-high reward to make their products available in the public eye. They are developing mobile apps to meet personalized needs of customers and enable repeat purchase of facial and skincare cosmeceuticals. Brands are working closely with physicians to develop mobile apps that offer a personalized experience to customers.

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