Transparency Market Research (TMR) has published a new report titled, “Physician Dispensed Cosmeceuticals Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026”. According to the report, the global physician dispensed cosmeceuticals market was valued at US$ 14,311.52 Mn in 2018. It is projected to expand at a CAGR of 10.3% during forecast period. The global physician dispensed cosmeceuticals market is anticipated to be driven by factors such as emphasis on beauty and appearance, rising awareness about anti-aging, and assurance about safety and efficacy of physician-dispensed cosmeceuticals. The physician dispensed cosmeceuticals market in Asia Pacific is expected to expand at a high CAGR of 12.0% due to changes in lifestyle and cultural attitudes, increasing pollution levels, and potential high consumer base. The region has witnessed increase in purchasing power and better exposure to international brands.
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Increasing demand for cosmeceuticals
Physician dispensed cosmeceuticals include medicated esthetic products that are referred by dermatologists, trichologists, cosmetic surgeons, and allied medical professionals. These products are dispensed at skin and hair clinics, beauty and wellness centers, and are available as OTC products through selected retail outlets. Increasing levels of stress, pollution, and climate change can cause damage to the skin, hair, and eyes. This has created a demand for cosmetic products to treat a wide range of dermatological conditions. Cosmeceutical companies, therefore, are developing newer and advanced cosmeceuticals to target these medical conditions. Consistent demand for advancements in skin care and beauty products is leading to exciting new entries of various products in the physician dispensed cosmeceuticals market.
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Entry of new players in the market
Various locally based cosmetic professional startups specializing in the manufacture and marketing of cosmeceuticals owned by dermatologists have recently entered the physician dispensed cosmeceuticals market in order to cater to the demand for cosmeceuticals among the local population. New entrants in the cosmeceuticals industry from developing countries include ZO Skin Health, Inc. (Japan), CU SKIN Co., Ltd. (Korea), Dr. Batra’s Skin & Hair Clinic, VLCC, and Kaya Skin Clinic (India). Hence, newer and advanced products are anticipated to enter the physician dispensed cosmeceuticals market in the next few years. Emergence of new concept of herbal medicine is paving the way for the demand for organic physician dispensed cosmeceuticals. These factors drive the global physician dispensed cosmeceutical market.