Increasing Per Capita Spending by Individuals Globally to Improve their Aesthetic Appeal to Support Growth of Physician-Dispensed Cosmeceuticals
Physician dispensed skin care products help in targeting the main cause of a particular skin problem in order to present long-term and effective benefits. The products dispensed usually have active ingredients with higher concentrations in comparison to the products deployed in the mass market or OTC. Physician-dispensed cosmeceuticals have been gaining demand owing to the increasing ineffectualness of non-prescription cosmetic products. In addition, the products suggested by physicians are gaining a higher confidence owing to their effectiveness and ability to deploy enhanced results.
Transparency Market Research (TMR), a market research company, presents a bird’s eye view of the physician-dispensed cosmeceuticals market by providing insights into the leading product and geographical segments in this market.
Q. What are the key factors driving and restraining the growth of the global physician dispensed cosmeceuticals market?
The increasing penetration of internet, the rising count of dispensing physicians, and the rising awareness amongst individuals on the potency of products deployed by experienced physicians will fuel the growth of the overall market. In addition, the growing deployment of e-commerce as a marketing channel in order to promote the sales of physician dispensed cosmeceuticals will positively impact the development of the overall market. Furthermore, the increasing damage caused to hair, eyes, and skin by UV rays and the detrimental effects of pollution will provide impetus to the growth of this market.
On the other hand, the increasing side-effects related with the utilization of cosmeceuticals have resulted in consumer apprehensiveness in the adoption of these cosmeceuticals. This factor will hamper the development of the market for physician dispensed cosmeceuticals. In addition, the absence of awareness amongst individuals on cosmeceuticals including Botox and derma fillers will restrain revenue generation in the market, hence impeding the growth of the overall market.
Q. Which product segment holds a dominant share in the market and why?
The segment of skincare products constituted a dominant share in the market in 2015. This is owing to the increasing per capita spending on products utilized to improve the aesthetic appeal of individuals. Although the geriatric population has come up as a prime factor for fuelling the development of age-defying and appearance-enhancing skin cosmeceuticals, still the growing utilization of anti-aging skin care products even by the younger population globally is also providing impetus to the growth of skincare products. The younger population is increasingly utilizing skin lighteners and skin brighteners owing to their inability to prevent skin pigmentation issues.
Furthermore, a number of companies have been launching new improved skin care products in the market. For instance, a private company, named MDRejuvena, Inc., targeting skin health problems, has recently introduced MDResurfacing, the first resurfacing system launched in the U.S. presenting condition-specific options for treatment and addresses pigmentation and photo aging for non-facial and facial areas. These product introductions will further fuel the growth of the segment of skincare products.
Q. Which is the most lucrative region in the global physician dispensed cosmeceuticals market?
Currently, the North America physician dispensed cosmeceuticals market holds a dominant share in terms of revenue and constituted a significant share in 2015. As stated by TMR, the market in North America valued at US$4.7 bn in 2015 and is predicted to reach US$10.52 bn by 2024 end, expanding at a healthy 9.60% CAGR from 2016 to 2024. On the other hand, the Asia Pacific physician dispensed cosmeceuticals market is also predicted to hold lucrative opportunities in the market in the coming years. This is owing to rising willingness amongst the middle-class and aged population to expend on skincare and beauty products in this region.