Physician dispensed cosmeceuticals are cosmetic products that contain active ingredients to target the clinically visible signs of aging, infection, or other imperfections in one’s personal appearance.
The market is expected to expand at a rapid pace, marked by a sea change in market dynamics, with dermatologists, trichologists, and skin care specialists turning into entrepreneurs. Consequently, the market is gradually becoming fragmented due to mushrooming skin and hair clinics and treatment centers, which are startups by physicians who prescribe branded cosmeceuticals products. Some of these physician-turned entrepreneurs also recommend locally manufactured low-cost products developed by their own clinics.
Dermatologists claim that there is an increasing tendency of pharmacy benefit managers as well as consumers to reject cosmeceuticals that are not able to produce visible results and are expensive. Therefore, the product should prove its claims to remain competitive in this market. The global physician dispensed cosmeceuticals market was valued at US$ 13,146.80 Mn in 2017. It is expected to expand at a CAGR of 10.3% from 2018 to 2026.
The global physician dispensed cosmeceuticals market has been segmented based on product type and region. Furthermore, in terms of product type, the market has been divided into skin care products, hair care products, eye care products, injectable Botox, and others. The skin care products segment accounted for a prominent share of the global physician dispensed cosmeceuticals market in 2017, as the nature of cosmeceuticals demanded by consumers is largely to treat dermatological conditions.
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Increasing awareness about personal maintenance among the geriatric population and changing attitudes of middle-aged and geriatric population in developing countries have fuelled the demand for cosmeceuticals in order to eliminate the outwardly signs of aging. The anti-aging segment is expected to maintain its dominance in the market during the forecast period. Similarly, dermal fillers and injectable Botox segments are expected to expand considerably from 2018 to 2026.
In terms of region, the global physician dispensed cosmeceuticals market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is mature and technically developed, as compared to the other regions. Hence, the region accounted for a notable share of the global market, in terms of revenue, in 2017. The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period. Increasing preference to retain beauty and youthful appearance propels the demand for effective cosmeceuticals.
The global physician dispensed cosmeceuticals market has been segmented based on product type and region. In terms of product type, the global market has been divided into skin care products, hair care products, eye care products, injectable Botox, and others. The skin care products segment is likely to account for a leading share of the global market during the forecast period owing to an increase in the prevalence of dermatological conditions and increasing awareness about personal appearance among the geriatric population. The market size and forecast for each of these segments have been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year.
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Global Physician Dispensed Cosmeceuticals Market: Regional Outlook
In terms of region, the global physician dispensed cosmeceuticals market has been segmented into five major regions and key countries/sub-regions: North America (the U.S. and Canada), Europe (the U.K., Germany, France, Spain, Italy, and Rest of Europe), Asia Pacific (India, China, Japan, Australia & New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and Middle East & Africa (South Africa, GCC Countries, and Rest of Middle East & Africa). The market size and forecast for each of these regions and countries/sub-regions have been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year. The research study also covers the competitive scenario in these regions.
