The Global Physician Dispensed Cosmeceuticals Market is Projected to Reach US$2.2 Billion by 2024
Growing Consumer Confidence
in Physician-Prescribed Products to Fuel Demand for Physician Dispensed
Cosmeceuticals, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Physician Dispensed
Cosmeceuticals market. The global Physician
Dispensed Cosmeceuticals market is projected to reach US$2.2 billion by 2024, driven by the
ineffectiveness of several non-prescription products in providing the desired
outcomes and the growing consumer confidence in physician-prescribed products.
The
beauty and skincare markets are packed with new options entering the scene each
year. The products, with claims to enhance an individual’s appearance, range
from simple over-the-counter topical creams to products for plastic surgery at
the extreme. However, the efficacy of most topical applications available at
retail counters is limited by their inability to pass the skin barrier, while
systemic applications have potential side effects. Many consumers are thus
exhibiting preference for cosmeceuticals as they feature ingredients promising
not just cosmetic benefits but also health or medicinal advantages.
Cosmeceuticals, which are applied in the same way as cosmetics, can penetrate
deep into the skin owing to the presence of added ingredients, thus ensuring
delivery of essential nutrients for promoting healthy skin or hair. Growing
demand for cosmeceutical products, providing reliable and effective outcomes
and also pleasing the senses, has led to the advent of physician dispensed
cosmeceuticals.
Physician
dispensed cosmeceuticals market globally is witnessing steady growth driven
primarily by the rising demand from patients with high levels of aesthetic
consciousness. The ineffectiveness of non-prescription cosmetics to meet the
consumer needs and the promise of enhanced results offered by prescription
products are driving growth in the physician dispensed cosmeceuticals market.
Patients exhibit greater confidence in products recommended by physicians owing
to their ability to improve appearance of the skin. Rising consumer demand for
effective and high-quality products for promoting both health and beauty is
driving physicians to prescribe cosmeceutical products for offering support to
overall skin health and prevent signs of aging.
Changing consumer preferences, the highly stressful lives of consumers,
increasing pollution levels and the subsequent damage caused to skin, hair and
eyes of people is driving growth in the global market for physician dispensed
cosmeceuticals. The growing awareness about maintaining physical appearance
among the world’s expanding elderly population and changing attitudes of the
geriatric and middle aged population in developing economies present
significant opportunities for the physician dispensed cosmeceuticals market.
Rising awareness about new skin conditions attributed to pollution and climate
change and the growing demand for branded cosmeceuticals due to their improved
efficacy and safety levels are expected to foster growth in the global
physician dispensed cosmeceuticals market.
As
stated by the new market research report on Physician Dispensed
Cosmeceuticals,
the United States represents the largest regional market, worldwide. Despite
being the largest region, growth will be curbed by saturating conditions and
high level of product discounting offers, specifically through online retail
channels. Asia-Pacific is forecast to register the fastest CAGR of 8.8% over
the analysis period. Growth will be influenced 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.
Major
players in the market include Allergan Plc, SkinMedica Inc., Athena Cosmetics
Inc., Biopelle Inc., Clinique Laboratories LLC, iS CLINICAL, Jan Marini Skin
Research Inc., La Roche-Posay Laboratoire Pharmaceutique, Neutrogena Corp.,
Obagi Medical Products Inc., Pacific Bioscience Laboratories Inc.,
SkinCeuticals, Solta Medical Inc., Stiefel Laboratories Inc., and ZO® Skin
Health Inc., among others.
The
research report titled “Physician Dispensed
Cosmeceuticals: A Global Strategic Business Report” announced by Global
Industry Analysts Inc., provides a comprehensive
review of market trends, issues, drivers, mergers, acquisitions and other
strategic industry activities of global companies. The report provides market
estimates and projections for all major geographic markets such as the US,
Canada, Japan, Europe, Asia-Pacific (China, India and Rest of Asia-Pacific),
Latin America (Brazil, Mexico and Rest of Latin America) and Rest of World. Global
and the US markets for Physician-Dispensed Cosmeceuticals are additionally
analyzed by the segments - Eyelash Products and Skin Care Products.
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