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.
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The global physician dispensed cosmeceuticals market features the presence of prominent names from the skincare and cosmetic industry. The market is currently undergoing a paradigm shift with a large pool of skincare specialists, dermatologists, and trichologists emerging as entrepreneurs, states Transparency Market Research (TMR) in a new study. However, the top three companies, L’Oreal S.A., Valeant Pharmaceuticals Inc., and Allergan plc, held more than 56% of the market in 2015. Of these, L’Oreal S.A. accounted for a larger share of 28% in the same year.
Since the physician dispensed cosmeceuticals market offers a plethora of products, it is important for manufacturers to cater to the consumer preference to gain a strong footing in the market. Product differentiation has therefore become a preferred strategy among competitors to enhance the marketability of their products. Even local manufacturers are focusing on advanced cosmeceuticals with a myriad of benefits to elevate rivalry.
Increased Sales Opportunities Expected as Dermatologists Venture into Cosmeceuticals Manufacturing
With dermatologists manufacturing cosmeceuticals alongside running their skincare centers, the market is expected to gain momentum in the forthcoming years. However, consumer apprehensions related to potential side effects associated with the use of cosmeceuticals may stand in the way of the market’s growth. Besides this, the lack of awareness among customers regarding the revenue generating cosmeceuticals such as derma fillers and Botox is likely to create bottlenecks or the market in developing and under-developed countries. “Since the products offered in the market are highly sensitive to prevailing economic trends, financial downturns are also expected to have a negative impact on their sale,” said a lead analyst at TMR.
“Nevertheless, the rising demand for branded cosmeceuticals due to their safety and efficacy is expected to boost opportunities for the market in the near future,” he added. Furthermore, the knowledge about new skin conditions caused by exposure to pollution and climate changes will also boost sales of cosmeceuticals.
Among the products currently available in the market, the skincare products segment accounted for the leading market share in 2015. The increasing demand for cosmeceuticals across emerging economies and due to the rising geriatric population for treating various skin conditions will boost demand from this segment.
North America Exhibits Most Lucrative Opportunities for Cosmeceuticals Sale
Regionally, North America has been exhibiting the most lucrative prospects for the sales of cosmeceuticals. As per TMR, the regional market stood at US$4.7 bn in 2015 and is expected to reach US$10.52 by the end of 2024. If these valuations hold true, the physician dispensed cosmeceuticals market in North America will exhibit a CAGR of 9.6% between 2016 and 2024. However, TMR forecasts opportunities for the market in Asia Pacific to increase at the fastest CAGR. The Asia Pacific physician dispensed cosmeceuticals market is therefore expected to surge at a CAGR of 12.3% during the forecast period.
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According to TMR, the global physician dispensed cosmeceuticals market stood at US$11.2 bn in 2015. Rising at a CAGR of 10.6% between 2016 and 2024, the market is expected to reach US$27.6 bn by 2024.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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