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.
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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.
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