The global physician dispensed cosmeceuticals market includes a number of renowned names from the cosmetic and skincare industry. This market is presently experiencing a great shift and includes a huge pool of dermatologists and skincare specialists. In addition, owing to the fact that physician dispensed cosmeceuticals market presents a number of products, it is vital for manufacturers to fulfil the different preferences of consumers in order to gain a strong market foothold. This is why, product differentiation has emerged as a key strategy amongst competitors for enhancing their product marketability in this market.
Adverse Impacts of Pollution to Boost Use of Physician Dispensed Cosmeceuticals
The harmful impacts of stressful lifestyles, the changing consumer preferences, the adverse impact of pollution, and damages caused to eyes, skin, and hair by the use of UV rays are amongst the prime factors fuelling the global physician dispensed cosmeceuticals market. On the other hand, cosmeceuticals products including Botox and dermal fillers have a very limited demand, particularly in underdeveloped and developing regions. This is owing to their soaring cost and the absence of knowledge amongst consumers residing in these regions. These factors may negatively impact the development of the global physician dispensed cosmeceuticals market.
Skincare Products held Dominant Share in 2015
There are primarily five main types of physician dispensed cosmeceuticals products available, namely hair care products, skincare products, injectable botox, eyecare products, and others. Of these, the segment of skincare products dominated the market in 2015 due to the rising preference for advanced cosmeceuticals for the treatment of dermatological conditions globally. Furthermore, the growing consciousness amongst the geriatric population toward their aesthetic appearance will contribute to the demand for anti-aging products, a key sub-segment of skincare products. On the other hand, the segment of injectable botox is predicted to gain more demand in the coming years in comparison to anti-aging products.
North America Physician Dispensed Cosmeceuticals Market to Touch US$10.52 bn by 2024
On the basis of geography, the North America physician dispensed cosmeceuticals market came up as dominant market in 2015 in terms of volume due to being technologically more advanced in comparison to other regions. This market was valued at US$4.7 bn in 2015 and is poised to touch US$10.52 bn by 2024 end, expanding at a 9.60% CAGR between 2016 and 2024.
Asia Pacific to Hold Lucrative Opportunities in Market
Asia Pacific is anticipated to hold more lucrative opportunities in the market in the coming years due to the rising willingness amongst middle class and aging population to expend on skincare and beauty products, resulting in huge demand for cutting-edge cosmeceuticals in this region. The Asia Pacific physician dispensed cosmeceuticals market is expected to grow at a 12.30% CAGR from 2016 to 2024. Similarly, the demand for physician dispensed cosmeceuticals market across Saudi Arabia, the UAE, and South Africa, and Brazil is also predicted to rise in the coming years.
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Jan Marini Skin Research, Inc., Johnson & Johnson, Allergan plc, L’Oreal S.A., Procter & Gamble Co., Unilever plc, ZO Skin Health Inc., and Valeant Pharmaceuticals Inc., among others, are the prominent players in the global physician dispensed cosmeceuticals market.