Physician Dispensed Cosmeceuticals Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 8.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Physician Dispensed Cosmeceuticals Market Analysis
The Physician Dispensed Cosmeceuticals Market is expected to grow at a CAGR of 8.6% over the forecast period (2022-2027).
The COVID-19 pandemic is expected to have a significant impact on the market. The COVID-19 pandemic influenced consumers' spending habits and purchase decisions, leading to a slight decline in market growth owing to various governments imposing multiple measures intended to slow down the spread of COVID-19. The number of research studies also increased during the pandemic to evaluate the demand and awareness regarding cosmetics among the target population. For instance, the article 'Changes in Consumers' Awareness and Interest in Cosmetic Products During the Pandemic' published in January 2022 stated that consumers perceived skin care as an important aspect during the pandemic globally, and this impacted skincare products positively. Also, according to the same source mentioned above, due to the current situation imposing prolonged use of face masks, consumers are suffering from acne, and they are focusing more on skincare products. Thus, such instances argue for the adoption of physician-dispensed (prescribed) cosmetics during the pandemic. Thus, the factors mentioned above are expected to considerably impact the market under study.
The factors, such as increasing beauty consciousness and growing awareness of physician-dispensed cosmeceuticals, are contributing to the overall growth of the studied market.
The market is experiencing an accelerating demand for anti-aging products like anti-wrinkle cream, face cream, serums, eye creams, and others. In addition, pollution and hard water conditions are boosting the need for cosmeceutical demand. The aging population is more prone to getting wrinkles and frown lines on their skin and forehead, and the target population is more actively taking skincare procedures and therapies to manage and maintain their appearance.For instance, according to the World Health Organization (WHO) 'Fact Sheet on Ageing and Health' published in October 2021, the share of the population aged 60 years and over will increase to 1.4 billion by the year 2030, and 1 in 6 people will be aged 60 years or over worldwide by 2030. This increasing geriatric population will directly propel the growth of physician-dispensed cosmeceuticals' demand for better treatment of such aesthetic issues.therefore, driving the market's growth.
Furthermore, the rise in the availability of advanced products, increasing awareness about enhancing aesthetic appeal, and the rise in disposable income levels and spending on personal care products are among the major factors driving the growth of the studied market. Currently, people are extremely concerned about their visual appearance, and the expenditure on personal care products is also increasing with the rise in disposable income levels of the population worldwide. For instance, surging demand for cosmetic procedures was seen worldwide in 2021. A survey conducted in 2021 by the Menarini Group, an Italian pharmaceutical company, among 100 dermatologists and plastic surgeons across India revealed that 65% of the respondents agree that facelift is the most sought-after facial aesthetic procedure in India and 37% of the respondents have observed an increased demand for aesthetic procedures since the onset of the global COVID-19 pandemic, with the desire to look good on social media. Thus, such instances show that there has been a rise in awareness among people for aesthetic appeal, which is creating more opportunities for physician-dispensed cosmeceuticals for aesthetic (face, hair, eye, and others) treatment. This is further expected to drive studied market growth.
Moreover, according to the National Library of Medicine data updated for 'cosmeceuticals' in June 2022, cosmetics have dominated the global personal care market undoubtfully. It would not be an exaggeration to say that over 30% to 40% of all dermatologists' prescriptions worldwide contain cosmeceuticals, despite the widespread uncertainty regarding their definition and scope. In addition, there is a huge product base in the studied market and the companies are focused on continuous product launches and other strategic activities to increase their market presence. For instance, in October 2021, Huons Biopharma signed a contract worth 97.2 billion won with German-based pharmaceutical company Haemato Pharm to distribute its botulinum toxin product exclusively to the European market. Thus, such instances show an increase in demand for physician-dispensed cosmeceuticals, which is ultimately driving the market growth.
Therefore, the market being studied is anticipated to witness growth over the analysis period owing to the factors stated above. However, the high cost of the products and the lack of trained and skilled professionals are the factors that are predicted to hinder the market's growth over the forecast period.
Physician Dispensed Cosmeceuticals Market Trends
This section covers the major market trends shaping the Physician Dispensed Cosmeceuticals Market according to our research experts:
Anti-aging by Skin Care Segment is Expected to Witness Growth Over the Forecast Period
These physician-dispensed cosmeceuticals are custom-made products that penetrate deeper into the skin than normal over-the-counter (OTC) products. As these products are deeply penetrated, they provide earlier and better results. Most physician lines are designed and formulated by physicians, skin professionals, and scientists who have researched ingredients for many years and put them into action in their own practices to treat intended targets. Additionally, growing awareness about anti-aging and increasing awareness about the safety and efficacy of physician-dispensed cosmeceuticals are the factors that are contributing to the growth of the segment.
Consumers, especially the aging population, are increasingly looking for methods and products to maintain and improve their appearance to look youthful and beautiful, more so with the rising awareness of anti-aging products. Additionally, middle-aged people are increasingly experiencing aging anxiety due to the high prevalence of extrinsic signs of aging. Anti-aging skin products are known as cosmeceuticals, as they overlap the distinction between cosmetics and pharmaceuticals. In addition, wrinkles, fine lines, excessive dryness, and loss of skin elasticity and firmness are the signs of aging. But cosmeceuticals used for anti-aging offer several benefits. According to an article published by 'Adiveda Natural' in March 2022, anti-aging products such as anti-aging serums provide several benefits to the skin, such as skin tightening and hydration; gaining skin glow and radiance; preventing the occurrence of age-related dark spots and uneven skin tone; and using these serums, target populations become less prone to encountering dermal issues. Thus, the advantages of anti-aging products are anticipated to fuel segment growth over the forecast period.
Moreover, according to the American Academy of Dermatology Association (AADA) data updated in 2022, a moisturizer with anti-aging properties reduces fine wrinkles. Since it works so well, moisturizer is frequently used as an anti-aging ingredient. Also, the source mentioned above stated that dermatologists also suggest the use of sunscreen and moisturizer as the two most effective anti-aging products. Thus, the advantages of anti-aging products are anticipated to drive the segment's growth over the forecast period.
Thus, all the aforementioned factors are expected to boost segment growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America is expected to dominate the market owing to factors such as the easy availability of advanced products and high awareness among consumers about their physical and aesthetic appearance. An increase in the usage of cosmeceuticals for effective and long-lasting results is among the key factors that contribute to the growth of the studied market in the region.
In the United States, cosmeceuticals are regulated by the Food and Drug Administration (FDA), and the FDA regulates these products under the authority of the Federal Food, Drug, and Cosmetic Act (FD&C Act) and the Fair Packaging and Labeling Act (FPLA). As per a press release by the FDA in February 2022, except for color additives, cosmetic items and ingredients are exempt from the requirement for FDA premarket approval. The FDA can, however, take enforcement action against businesses or people who break the law, as well as against items that are currently on the market that are not compliant. Such regulations, to ensure the safety of the consumers in the country, are creating opportunities for the availability of better and safer cosmeceuticals, which the physicians can trust and dispense to the target population. Thus, market growth is expected to increase in the country over the forecast period.
Furthermore, the availability of numerous market players in the aesthetic industry, which focus on innovative cosmeceuticals and make their way to customers is another prime factor driving the market growth. For instance, in May 2022, Eucerin, one of the trusted skincare brands expanded its presence in the United States sun protection market with its revolutionary new Eucerin Sun line. Eucerin Sun is the only dermatological sun care line with a special compound of five antioxidants to go beyond sun protection and help maintain healthy-looking skin. It was created in collaboration with dermatologists and consists of seven products for the face and body. Such developments are anticipated to boost market growth over the forecast period.
Therefore, owing to the factors mentioned above, North America is anticipated to dominate the market studied over the forecast period.
Physician Dispensed Cosmeceuticals Industry Overview
The studied market is competitive due to the presence of many small and large market players both globally and regionally. The level of competition in the market is high due to the increasing investments in research and development for product innovation and increasing production efficiency by launching new products into the market. Key market players in the respective market are Allergan, Merz Pharma, INNOVATIVE SKINCARE, Obagi Cosmeceuticals LLC, and SkinCeuticals International, amongst others.
Physician Dispensed Cosmeceuticals Market Leaders
Merz Pharma
INNOVATIVE SKINCARE
Obagi Cosmeceuticals LLC
SkinCeuticals International
Abbvie Inc (Allergan PLC)
*Disclaimer: Major Players sorted in no particular order
Physician Dispensed Cosmeceuticals Market News
- In April 2022, Topix Skin Health launched a new physician-dispensed Phyto Multi-Correction Serum for sensitized skin under their new business name.
- In March 2022, Young Pharmaceuticals, a global provider of physician-dispensed skincare products, entered into an exclusive distribution agreement with Copenhagen-based Lactobio, the maker of BAK Probiotic Skincare.
Physician Dispensed Cosmeceuticals Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Beauty Consciousness
4.2.2 Growing Awareness About Physician Dispensed Cosmeceuticals
4.3 Market Restraints
4.3.1 High Cost of the Products
4.3.2 Lack of Trained and Skilled Professionals
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type
5.1.1 Skin Care
5.1.1.1 Anti-Ageing
5.1.1.2 Sunscreens
5.1.1.3 Other Skin Care Products
5.1.2 Eye Care
5.1.2.1 Eye Drops
5.1.2.2 Other Eye Care Products
5.1.3 Hair Care
5.1.3.1 Hair Repair
5.1.3.2 Anti-dandruff
5.1.3.3 Other Hair care Products
5.1.4 Others
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle-East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle-East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbvie Inc (Allergan PLC)
6.1.2 Merz Pharma
6.1.3 Innovative Skincare
6.1.4 Obagi Cosmeceuticals LLC
6.1.5 SkinCeuticals International
6.1.6 Cuskin
6.1.7 Khiron Life Sciences Corp
6.1.8 La Roche-Posay
6.1.9 AestheticsRX
6.1.10 RATIONALE
6.1.11 Seba Pharma
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Physician Dispensed Cosmeceuticals Industry Segmentation
As per the scope of the report, physician-dispensed cosmeceuticals refer to products that are only available through a medically directed business and are geared towards creating actual biological actions on the skin below the stratum corneum. Many physicians whose practices or specialties involve skin health, choose to dispense these cosmeceuticals or have them specially compounded, to offer heightened results to their patients and to enhance their results with other treatments. The Physician Dispensed Cosmeceuticals Market is segmented by Type (Skin Care, Eye Care, Hair Care and Others), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The report offers the value (in USD million) for the above segments.
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Physician Dispensed Cosmeceuticals Market Research FAQs
What is the current Global Physician Dispensed Cosmeceuticals Market size?
The Global Physician Dispensed Cosmeceuticals Market is projected to register a CAGR of 8.60% during the forecast period (2024-2029)
Who are the key players in Global Physician Dispensed Cosmeceuticals Market?
Merz Pharma, INNOVATIVE SKINCARE, Obagi Cosmeceuticals LLC, SkinCeuticals International and Abbvie Inc (Allergan PLC) are the major companies operating in the Global Physician Dispensed Cosmeceuticals Market.
Which is the fastest growing region in Global Physician Dispensed Cosmeceuticals Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Physician Dispensed Cosmeceuticals Market?
In 2024, the North America accounts for the largest market share in Global Physician Dispensed Cosmeceuticals Market.
What years does this Global Physician Dispensed Cosmeceuticals Market cover?
The report covers the Global Physician Dispensed Cosmeceuticals Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Physician Dispensed Cosmeceuticals Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Physician Dispensed Cosmeceuticals Industry Report
Statistics for the 2024 Physician Dispensed Cosmeceuticals market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Physician Dispensed Cosmeceuticals analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
