The market for physician dispensed cosmeceuticals has been undergoing a sea change with skincare specialist, dermatologists, and trichologists venturing into the market as entrepreneurs. Consequently, the vendor landscape in the market is becoming highly fragmented due to the mushrooming skin and hair treatment centers and clinics. The market therefore exhibits an abundance of products. It is important for products to conform to consumer expectations to gain a stronghold in this market.
The ground level knowledge about the dynamic consumer preferences, adverse effects of a stressful lifestyle, damages caused to skin, eyes, and hair by UV rays, and the impact of pollution, are the primary factors fuelling the demand for quality physician dispensed cosmeceuticals. As per Transparency Market Research (TMR), these favorable factors will lead the global physician dispensed cosmeceuticals market to report a CAGR of 10.6% between 2016 and 2024. The market is expected to reach US$27.6 bn by the end of 2024, from a valuation of US$11.2 bn in 2015.
Skincare Products Segment leads the Market, but Demand for Injectable Botox to Grow Rapidly
By product type, the skincare products segment held the lion’s share in 2015. The prominence of skincare products can be attributed to the increasing demand for effective cosmeceuticals to treat dermatological conditions. Hence, the increasing consciousness among the aging population about their looks and the changing attitude of the middle-aged and geriatric population in developing countries bode well for the demand for physician dispensed cosmeceuticals.
The anti-aging products segment is therefore expected to continue its dominance in the market through the forecast period. However, according to TMR, the demand for injectable Botox is expected to increase at a higher pace in the near future.
North America Emerges as Key Region in Global Physician Dispensed Cosmeceuticals Market
North America, being a mature market, makes a sizeable contribution to physician dispensed cosmeceuticals revenues worldwide. In 2015, the region also emerged dominant in the global market because it is technologically ahead of other geographical segments. As per TMR, the North America physician dispensed cosmeceuticals market stood at US$4.7 bn in 2015. Rising at a CAGR of 9.6%, the market is expected to reach US$10.52 bn by the end of 2024.
However, TMR forecasts that the market in Asia Pacific will grow at the fastest rate during the forecast period. The increasing willingness among the aging and middle-income group population to pay for beauty and skincare products transcends into high demand for quality cosmeceuticals from this region. Furthermore, Asia Pacific boasts a high consumer base for skin whitening, acne treatment, and hyperpigmentation products due to its tropical climate and the higher ratio of teenage population. Bolstered by these factors, the market Asia Pacific is projected to rise at a CAGR of 12.3% between 2016 and 2024.
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Emerging Economies to Exhibit Impressive Opportunities for Increased Sales
Likewise, the demand for physician dispensed cosmeceuticals across other emerging markets such as South Africa, Brazil, Saudi Arabia, and the UAE is expected to rise at a robust pace during the forecast period. On the flip side, high revenue generating cosmeceuticals products such as dermal fillers and Botox have a miniscule consumer base in developing and underdeveloped regions. This is mainly because of their high cost, apprehensions associated with using such products, and lack of sufficient knowledge regarding the use of these products. These factors have an adverse impact on the overall prospects of the market.
Some of the key players operating in the market include Johnson & Johnson, Jan Marini Skin Research, Inc., Allergan plc, Procter & Gamble Co., L'Oreal S.A., Unilever plc, Valeant Pharmaceuticals Inc., and ZO Skin Health Inc. Among these enterprises L'Oreal S.A has emerged as the dominant player in the market.
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