888-776-0942 from 8 AM - 10 PM ET
SAN FRANCISCO , June 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Physician Dispensed Cosmeceuticals - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE What's New for 2022?
Edition: 18; Released: March 2022 Executive Pool: 761 Companies: 120 - Players covered include Allergan Plc; SkinMedica, Inc.; Biopelle, Inc.; Clinique Laboratories, LLC; Cutera, Inc.; Emerson Ecologics, LLC; iS CLINICAL; Jan Marini Skin Research, Inc.; La Roche-Posay Laboratoire Pharmaceutique; Neutrogena Corp.; Obagi Medical Products, Inc.; SkinCeuticals; Stiefel Laboratories, Inc. and Others. Coverage: All major geographies and key segments Segments: Product Type (Skin Care, Hair Care, Eye Care, Other Product Types); Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Other Distribution Channels) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Spain ; Russia ; Rest of Europe ; Asia-Pacific ; Australia ; India ; South Korea ; Rest of Asia-Pacific ; Latin America ; Argentina ; Brazil ; Mexico ; Rest of Latin America ; Middle East ; Iran ; Israel ; Saudi Arabia ; UAE; Rest of Middle East ; Africa .
Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
Amid the COVID-19 crisis, the global market for Physician Dispensed Cosmeceuticals estimated at US$18 Billion in the year 2022, is projected to reach a revised size of US$25.9 Billion by 2026, growing at a CAGR of 8.7% over the analysis period. Skin Care, one of the segments analyzed in the report, is projected to grow at a 9.9% CAGR, while growth in the Hair Care segment is readjusted to a revised 8.3% CAGR for the next 7-year period. Physician dispensed cosmeceuticals are medicated aesthetic products that are prescribed by trichologists, dermatologists, and cosmetic surgeons. With a growing focus on appearance and beauty and increased awareness about anti-aging, such physician-dispensed cosmeceuticals continue to grow in popularity. Consumers are inclined towards physician-dispensed cosmeceuticals as they are considered safer and address specific consumer skincare problems such as acne or age spots. Physician-dispensed cosmeceuticals work on the skin below the stratum corneum. Consumers are more inclined to buy them on account of their efficacy and safety. These products are dispensed at beauty and wellness centers, hair and beauty clinics, and select retail outlets. Cosmeceuticals have gained in popularity on account of their several therapeutic effects. The skincare, eye care, and hair care products must meet the needs of the prospective customers and address their beauty problems. They are being promoted through physicians who have turned entrepreneurs. Such cosmeceuticals and topical formulations must be cost-effective to appeal to beauty-conscious consumers.
The cosmeceuticals industry is rapidly growing as it is promoted by dermatologists and a rapidly-aging population prefers these products. The skincare segment to treat dermatological conditions is the most popular section in the global physician-dispensed cosmeceuticals market. Anti-aging formulations and procedures are the most popular segment of the physician-dispensed cosmeceuticals market. Older persons and young adults are increasingly opting for cosmetics that can retain their youthfulness. Dermal fillers and injectable botox are a popular beauty trend. The market for injectable Botox and dermal fillers is expected to grow in the coming years. The changing lifestyles and value systems of the population have influenced the growth of the anti-aging skincare cosmeceuticals market. This has led to lucrative opportunities for beauty brands offering anti-aging products. The market for physician-dispensed cosmeceuticals is highly competitive and there are several governmental regulations regarding their sale, which can inhibit the growth of the global market for physician-dispensed cosmeceuticals.
Skincare products account for a major share of the global physician dispensed cosmeceuticals market. Physician-dispensed skin care products are designed to target the root cause of various skin problems, thus ensuring comprehensive and long-term benefits. Such products typically include high-concentrations of active ingredients, when compared to over-the-counter products or mass products, thus playing a vital role in enhancing their overall effectiveness. These products can be used either alone or in combination with other treatments (aesthetic) for enhancing results. The segment's substantial share is also due to the growing demand for effective cosmeceuticals for use in the treatment of various dermatological conditions. There is especially opportunity from the expanding elderly population, due to the increasing instances of skin conditions in this demographic group. Rising consumer demand for cosmeceuticals from emerging economies also presents growth potential for the skincare products market.
The market is expected to continue gaining momentum in the coming years driven by the advent of innovative ingredients and products, and the increased willingness of consumers to spend on cosmeceuticals. The steady rise in number of physicians prescribing cosmeceuticals to support beauty and health also favors segment growth. With non-prescription skin care products failing to provide the desired results, consumers are showing preference for physician-dispensed products. Rising consumer awareness about the potential health implications of using topical skincare products is also leading them to take a re-look at the type of personal care products being used.
Demand for physician branded skincare products in aesthetic medical practices is experiencing strong growth, led by the rising interest in specialty products that meet specific needs of customers opting for cosmetic procedures. These products are being considered to not only help enhance profit margins, but also to improve patients' loyalty. The products help improve the treatments which clients receive in the physician's office, as they include a high percentage of active ingredients, than found in products available in mass market. Basic private label companies, custom line and the proprietary line are the three options available to physicians for procuring their products. While private label companies offer existing product lines that enable the physician to choose from a range of products that fulfils specifications, the custom line enables the physician to work with a developer to include specific ingredients into the products or alter an existing product line. The proprietary line, on the other hand, enables the physicians to own unique ingredients or products.
Within the physician-dispensed skin care products market, growth will be fueled by the physician-dispensed skin lightening and anti-aging products. Demand for physician-dispensed scar products will be driven by the advent of new products and growing awareness about their effectiveness. The huge existing market for over-the-counter scar products is likely to foster demand for physician dispensed scar products. Given the large unmet needs of the scar prevention market and the absence of effective innovations in this space, the development of an innovative and effective product could have favorable impact on the market. Demand for physician dispensed scar repair products is expected to increase in future, backed by the growing awareness of the efficacy of these products and new products launched in the market. However, a saturated market, a well-established OTC market for scar products and societal acceptance of scars as normal, are the key factors restricting higher gains in this segment.
North America , the leading market for physician dispensed cosmeceuticals, is a relatively mature market. The region's dominant share is due to its technological superiority compared to other geographic markets. Despite being the largest region, growth in the North American physician dispensed cosmeceuticals market will be curbed by saturating conditions and high level of product discounting offers, specifically through online retail channels. The United States represents the largest market for physician dispensed cosmeceuticals in the region. Europe on the other hand will grow led by growing awareness among consumers about the advantages of physician-prescribed cosmeceuticals when compared to surgical treatments.
Asia-Pacific and China are forecast to post high growth through the analysis period. Growth will be driven by the increasing willingness of the elderly and the mid-income consumer category to spend on skincare and beauty products, which in turn enhances the demand for high-quality cosmeceuticals.
Given the region's tropical climate and the expanding teen population, Asia-Pacific witnesses high consumer affinity for skin whitening, hyperpigmentation and acne treatment products, thus providing growth opportunities for the physician dispensed cosmeceuticals market. Asia-Pacific market for physician-dispensed cosmeceuticals is poised to grow on account of the changing cultural attitudes, lifestyle patterns, and a growing consumer base. Lifestyle patterns, pollution, and stress wreak havoc on the eyes, skin, and hair. This has led to a demand for cosmetic products to treat several dermatological conditions. Consumers are now more aware of premium international brands and have the purchasing power to buy these products. Other emerging markets across Latin America Middle East and Africa , including countries such as Brazil , UAE, Saudi Arabia and South Africa , are also witnessing strong growth in physician dispensed cosmeceuticals market. More
MarketGlass™ Platform Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android
About Global Industry Analysts, Inc. & StrategyR™ Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS: Zak Ali Director, Corporate Communications Global Industry Analysts, Inc. Phone: 1-408-528-9966 www.StrategyR.com Email: [email protected]
LINKS Join Our Expert Panel https://www.strategyr.com/Panelist.asp
Connect With Us on LinkedIn https://www.linkedin.com/company/global-industry-analysts-inc./
Follow Us on Twitter https://twitter.com/marketbytes
Journalists & Media [email protected]
SOURCE Global Industry Analysts, Inc.
More news releases in similar topics
Cision Distribution 888-776-0942 from 8 AM - 9 PM ET