Physician-Dispensed Cosmeceuticals Market Size and Growth Rate:
Size of the global physician-dispensed cosmeceuticals market was valued at US$ 13,146.80 Million in 2017. It is anticipated to expand at a CAGR of 10.3% from 2018 to 2026.
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Practitioner directed cosmeceuticals are products that contain active ingredients to target the clinically obvious indications of aging, disease, or different defects in one’s personal appearance.
Physician-Dispensed Cosmeceuticals Market Growth Drivers and Restraints:
The market is anticipated to expand at a rapid pace, marked by a change with trichologists, dermatologists, and skin care professionals turning into entrepreneurs. In addition, the business is gradually becoming fragmented due to mushrooming skin and hair clinics and treatment centers, which are startups by physicians who prescribe branded cosmeceuticals products. Each of these physician-turned entrepreneurs recommends locally manufactured low-cost products produced by their own clinics. Dermatologists claim that there is an increasing tendency of pharmacy benefit managers as well as consumers to reject cosmeceuticals that are not able to produce visible results and are expensive.
Similarly, other emerging markets such as Brazil, South Africa, the UAE, and Saudi Arabia are expected to expand at a steady pace during the forecast period. Great revenue generating cosmeceutical products such as injectable Botox and dermal fillers have a minuscule consumer base in underdeveloped and developing countries due to high cost, reduction of sufficient knowledge, apprehensions, and lower popularity among end-users. Furthermore, the insertion of small players, especially in the emerging markets of Asia, is being witnessed. Nevertheless, rigorous regulatory framework and high-quality standards set by market leaders are demanded to restrain the diffusion of new players in the market.
Physician-Dispensed Cosmeceuticals Market Geographical Segmentation:
In terms of geography, the global physician-dispensed cosmeceuticals market has been segmented into Europe, Asia Pacific, North America, Latin America, and Middle East & Africa. North America is mature and technically advanced, as compared to the other regions. Therefore, the region accounted for a notable share of the global market, in terms of income, during 2017. The market in the Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Increasing preference to retain the beauty and youthful appearance propels the demand for effective cosmeceuticals. These factors are expected to drive the market in this region.
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Key Players of the Physician-Dispensed Cosmeceuticals Market:
Some of the Key players operating in the global physician-dispensed cosmeceuticals market include Allergan plc, Jan Marini Skin Research, Inc., Johnson & Johnson, L'Oreal S.A., Procter & Gamble Co, and L'Oreal S.A. Those companies have diverse product offerings and extensive configuration systems across the world.
Physician-Dispensed Cosmeceuticals Market Segmentation:
By Product Type:
· Skin Care Products
· Hair Care Products
· Eye Care Products
· Injectable Botox
· North America
· South America
· Asia Pacific
· Middle East and Africa
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