The global physician dispensed cosmeceuticals market currently encapsulates a number of players from the cosmetics and skincare industry. The market is expected to undergo fundamental changes in its competitive landscape because a number of dermatologists, specialists, and other experts of the field are aiming to commercialize their names to become market players themselves. This is projected to disrupt the current vendor landscape and invite a response from other renowned players.
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The leading market players in the contemporary times are Valeant Pharmaceuticals Inc., L’Oreal S.A., and Allergan plc. In 2015, the aforementioned market players accounted for 56% of the total market share, manifesting the consolidated nature of the market. L’Oreal S.A. alone held 28% of the total market share in the same year, thus, showing the stronghold of the company in the global market. There has been a great deal of speculation about the steps that the market players are expected to take in the future. It is prognosticated that the market players would bank on their ability to offer novel products in order to outsmart their competitors.
Transparency Market Research prophesies the growth track of the market over the period from 2017 to 2024. The market is projected to grow at a robust CAGR of 11.2% over the forecast period, which showcases the opportunities that lie ahead in the market. The market was valued at US$13.1 bn in 2017 and is expected to escalate to US$27.6 bn by the end of 2024.
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Based on the type of product, the skincare segment dominated the market with the highest market share in 2015. The supremacy of the segment owes to the increased consciousness about skin and beauty. Anti-aging products are also expected to remain popular across the market. On a regional level, North America would crawl ahead of all other regional market due to its technological finesse. However, the highest growth rate is anticipated to be exhibited by Asia Pacific due to the rising popularity of skin care products in the region.
The dermatologists are gradually venturing into entrepreneurship by converting their skincare clinic brand to manufacturing centers for cosmeceuticals. Since the dermatologist can accredit the products dispelled under their brand name, the customers could be easily persuaded into buying them. This has been the primary factor driving the demand for cosmeceuticals. On the other hand, the well-established brands have created a buzz around their products through effective marketing and advertising. This has also propelled demand across the market and has created more opportunities for the market players. The quest to buy branded cosmeceuticals has also boosted the demand within the market. The rising geriatric population and its concerns regarding skincare have played an instrumental role in increasing demand.
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Despite the plush growth of the market, several factors stand in the way of rapid growth. The consumers are apprehensive of the side effects that cosmeceuticals could have on their skin. This restrains the market and poses a threat to the market players. Furthermore, the low awareness quotient of the consumer with regards to the use of cosmeceuticals such as derma fillers also hinders growth. Nevertheless, the impetus on skincare in recent times is expected to keep soaring demand within the market.
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