ALBANY, N.Y., April 27, 2021 /PRNewswire/ -- The need for provisioning quality cosmeceuticals drives the business propositions of new dispensing strategies. The approaches that engage clinicians at various stages are getting more popular than ever, the reason to do with the high worldwide demand for cosmeceuticals available through skin and hair clinics and treatment centers. In various developing and developed nations, physician-turned entrepreneurs are actively getting into dispensing low cost and products whose efficacy can be endorsed. Physician dispensed cosmeceuticals are garnering sales increasingly for treating wide range of dermatological conditions. The share of demand from skin care products in the global physician dispensed cosmeceuticals market is notable.
Clocking a CAGR of 10.3% during 2018 - 2026, the opportunities in the physician dispensed cosmeceuticals market are projected to touch US$ 31,322.14 Mn by 2026
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Key Findings of Physician Dispensed Cosmeceuticals Market Study
Products Must Meet Current Beauty Standards for Commercialization
The demand for cosmeceuticals has caught on marked momentum in the cosmetics industry due to their supposedly numerous therapeutic effects. They are usually topical formulations, and notably include skin care and eye care products, and hair care products. Market players have thrown their weight behind the emerging dispensing strategies that are being promoted by some entrepreneur-turned physicians. Pharmacy benefit managers and prospective consumers both seek efficacy in cosmeceuticals for accepting their value. Thus, the physician dispensed cosmeceuticals market is evolving on back of relentless urge to make the products meet the current beauty standards of prospective consumers. This means that products dispensed by physicians also have to meet the efficacy standard and must be cost-effective to attract a steady consumer base.
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Anti-aging Formulations Tops the List of Desired Products
The demand for anti-aging formulations and procedures imparts a constant impetus to the popularity physician dispensed cosmeceuticals have gained over the years. Elderly and young adults both are attracted to the products recommended and dispensed by dermatologists. There is a growing demand for cosmetics that can meet the specific skin care conditions in geriatrics. Growing incidence of dermatological conditions in young adults is boosting the market. Injectable Botox and dermal fillers offer value-grab opportunities for consumers seeking avenues from emerging markets. Changes in lifestyle and value-systems of populations in these economies have made lucrative businesses for brands in the market. They are willing to spend on products that help them conform to new beauty trends. Further, growing dermatologists recommendations for products spurs popularity of skincare cosmeceuticals in developing markets.
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Physician Dispensed Cosmeceuticals Market: Key Driving Factors and Avenues
- Widespread demand for authentic products for skin care is a key trend powering the wheels of prospective demand in the cosmeceuticals market
- Increasing engagement of dermatologists in well-founded dispensing approaches boosts market
- Rapidly aging populations is a key demographical dividend for players in the market,
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Physician Dispensed Cosmeceuticals Market: Key Participants
- Allergan plc.
- Johnson and Johnson
- ZO Skin Health Inc.
- Procter & Gamble
- L'Oreal S.A.
- Bausch Health Companies Inc.
- Unilever plc.
A growing number of cosmetic manufacturers are expanding their product portfolio, and market players are consolidating their distribution channels, notably in emerging economies such as in Asia Pacific, to gain a stronghold therein.
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Physician Dispensed Cosmeceuticals Market: Regional Dynamics
The global dispensed cosmeceuticals market has seen maturing demand in North America. Asia Pacific is expected to be a potentially lucrative regional market throughout the forecast period. Rise in demand for topical formulations to meet beauty needs in substantial portion of population is a key trend in the regional market. However, in less developed regions of the world, there is still low level of awareness about cosmeceuticals.
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