Global Physician Dispensed Cosmeceuticals Market Size

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.