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Cosmetovigilance Global Market Size, Revenue, Growth, Industry Insights, Regional Analysis and Forecast Till 2033
Cosmetovigilance Global Market
According to The Business Research Company's, The cosmetovigilance market size has grown strongly in recent years. It will grow from $3.22 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to regulatory compliance, increased consumer awareness, adverse event reporting requirements, global market expansion, brand protection..
The cosmetovigilance market size is expected to see strong growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to increasing regulatory scrutiny, consumer demand for transparency, emerging market dynamics, globalization challenges, collaboration with regulatory bodies, rapid product innovation.. Major trends in the forecast period include incorporation of big data analytics, strategic partnerships for data sharing, heightened focus on post-market surveillance, consumer education initiatives, integration with pharmacovigilance practices..
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Market Drivers and Trends:
The rising usage of cosmetics is expected to propel the growth of the cosmetovigilance market going forward. Cosmetics refers to a product used on the human body to cleanse, enhance, contribute to attractiveness, change appearance, or maintain or promote healthy skin or hair. Cosmetovigilance helps people using cosmetics to understand the quality of the cosmetic product by analyzing the safety monitoring of cosmetic products. As a result, the rising usage of cosmetics increases the demand for the cosmetovigilance market. For instance, in April 2023, according to Global Cosmetic Industry, a US-based company specializing in beauty, and personal care, U.S. premium beauty sales for Q1 2023 increased 16% year over year and reached $6.6 billion. Further, in January 2021, according to an article shared by Automat.ai, a Canada-based business services, software, and computer software company, in the US, sales of skincare products increased by 13% last year, while sales of makeup items increased by 1%. Therefore, the rising usage of cosmetics is driving the growth of the cosmetovigilance market.
Increasing awareness among people regarding personal care is expected to propel the growth of the cosmetovigilance market going forward. Personal care refers to consumer products that are used in personal hygiene and grooming for self-care and beautification. Cosmetovigilance analyzes the safety monitoring of personal care products and helps people to adopt quality products, as a result, the increasing awareness among the people regarding personal care increases the demand for the cosmetovigilance market. For instance, in 2023, according to Cosmetics Europe, a Belgium-based personal care association, every day,500 million consumers use personal care products to enhance their well-being and protect their health. Additionally, the personal care industry involves approximately USD 31.23 billion (€29 billion) annually to the European economy. Therefore, increasing awareness among people regarding personal care is driving the growth of the cosmetovigilance market.
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Major Key Players of the Market:
PharSafer Associates Ltd.; Zeincro GmbH; Skill Pharma Limited; ClinChoice Inc.; Poseidon Clinical Research Organization GmbH; AxeRegel AG; Freyr Solutions LLC; OC Vigilance SAS; Pure Drug Safety Inc.; Société Générale de Surveillance; Coronis Research S.A.; Biorius Inc.; B&B Associates LLP; Pharma IQ LLC; Medwork GmbH; iSafety S.L.; MSL Solution Providers LLC; Pharmathen SA; Cliantha Research B.V.; Veristat LLC; ClinAudits Inc.; ProPharma Group International; PrimeVigilance LLC; Arriello Group; Qserve Group Limited; PharmaLex GmbH; ELC Group LLC; Groupe PARIMA; Quality Assistance LLC; PharmInvent NV
Cosmetovigilance Market 2024 Key Insights:
• The cosmetovigilance market will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.
• Surge In Cosmetics Usage To Drive Market Growth
• Rising Awareness Of Personal Care Drives Growth In The Cosmetovigilance Market
• Europe was the largest region in the global cosmetovigilance market in 2023
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