Physician Dispensed Cosmeceuticals Market is Anticipated to Progress at CAGR of 7.8% from 2021 to 2031

Physician Dispensed Cosmeceuticals Market: Introduction

According to the report, the global physician dispensed cosmeceuticals market was valued at US$ 8.5 Bn in 2020 and is projected to expand at a CAGR of 7.8% from 2021 to 2031. Physician dispensed cosmeceuticals are defined as cosmeceutical products, which are sold through a physician clinic, or the cosmeceuticals are prescribed specifically by a physician. Physician dispensed cosmeceuticals are either single formulation or a combination with other aesthetic procedures and treatments.

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North America was the largest market for physician dispensed cosmeceuticals in 2020. The region dominated the global market due to high investments in the field, strong economic growth, increase in research & development expenditure, and rise in consumption of physician dispensed cosmeceuticals. Asia Pacific is anticipated to be a highly lucrative market for physician dispensed cosmeceuticals during the forecast period. The market in the region is anticipated to expand at a high CAGR during the forecast period.

Preference for eCommerce Sector for Sale of Various Cosmeceuticals to Drive Global Market

eCommerce sites provide easy access to customers or individuals to purchase cosmetic products that are prescribed by their physicians. These sites allow manufacturers to advertise their products and increase the need to purchase products based on physician's prescription.

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Face-care Segment to Dominate Global Market

In terms of product type, the global physician dispensed cosmeceuticals market has been bifurcated into face-care and skincare. The face-care segment accounted for a leading share of the global physician dispensed cosmeceuticals market in 2020. The demand for physician dispensed face-care products has increased, as most people are seeking physician consultation to treat various facial conditions in order to reduce the use of chemicals and other ingredients that can aggravate facial conditions.

Scar-reducing to be Highly Lucrative Segment

Based on indication, the global physician dispensed cosmeceuticals market has been categorized skin lightening or de-pigmenting, rhytide reduction, anti-wrinkle/aging, scar-reducing, and others. The scar-reducing segment accounted for a major share of the global market in 2020. This can be attributed to increase in usage of physician prescribed scar reduction products to clean and treat various scars.

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North America to Dominate Global Market

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 dominated the global physician dispensed cosmeceuticals market in 2020, followed by Europe. North America's dominance can be attributed to increase in skin conscious consumers and focus of existing & new players in the region.

North America is the leading market for physician dispensed cosmeceuticals due to early adoption of innovative medicated products for skin and face treatment. Moreover, large number of companies offer physician dispensed products in the U.S. and Canada. This increases awareness about cosmeceuticals, which, in turn, is expected to increase the uptake of these products in treating various conditions.

Emerging markets in Asia Pacific hold immense growth potential due to initiatives taken by the governments to promote healthcare and robust economic growth.

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Competition Landscape

The global physician dispensed cosmeceuticals market is fragmented in terms of number of players. Key players in the global physician dispensed cosmeceuticals market include AbbVie, Inc. (Allergan), L'Oreal S.A., Jan Marini Skin Research, Inc., Athena Cosmetics, Inc., ZO Skin Health, Inc., Galderma Laboratories, L.P., Procter & Gamble Co., The Estée Lauder Companies, Inc., Merz Pharma, Obagi Cosmeceuticals LLC, iS CLINICAL, Neutrogena, Velius, LLC, Sonoma Pharmaceuticals, Inc., Sientra, Inc., Dynamic Techno Medicals, Implantech Associates, Inc., and CCA Industries, Inc.

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