Market Trends of Global Physician Dispensed Cosmeceuticals Industry
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.
