Cosmeceuticals are a class of cosmetic products that are claimed to have medicinal benefits. While cosmetic products and pharmaceutical products have both received steady demand in the last few years, the emergence of the cosmeceuticals industry has been rapid. According to a new Transparency Market Research report, the global market for physician dispensed cosmeceuticals was valued at US$11.2 bn by the end of 2015. The market is likely to rise to a value of US$27.6 bn by 2024 at a robust CAGR of 10.60% between 2016 and 2024.
Browse the full Global Physician Dispensed Cosmeceuticals Market Report:http://www.mrrse.com/physician-dispensed-cosmeceuticals-market
Increasing Participation of Dermatologists Set to Drive Physician Dispensed Cosmeceuticals Market
One of the prime drivers for the global physician dispensed cosmeceuticals market is the increasing number of dermatologists setting up individual cosmeceuticals manufacturing units and selling them in their own capacity. The ease of producing cosmeceuticals has made it likely that more dermatologists will enter the physician dispensed cosmeceuticals market in the coming years, ensuring steady growth of the market.
The increasing awareness among the population in developed countries about cosmeceuticals has also been vital for the global physician dispensed cosmeceuticals market. The entry of individual dermatologists into the physician dispensed cosmeceuticals market has also allowed them to retain their patient relationships, which has acted as a key promotional and sales outlet for the industry.
On the other hand, the lack of a standard testing protocol for cosmeceuticals has made several potential consumers wary about side effects. This is likely to remain influential in the short term, as the cosmeceuticals industry is still far from consolidation and formal structuring.
North America to Remain Dominant in Global Physician Dispensed Cosmeceuticals Market
Geographically, the global physician dispensed cosmeceuticals market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is the key regional market for physician dispensed cosmeceuticals, with the market’s 2015 valuation of US$4.7 bn expected to rise to US$10.5 bn by the end of 2014. The high awareness about physician dispensed cosmeceuticals among the population in North America and their easy availability due to the rising number of dermatologists entering the physician dispensed cosmeceuticals market have been the key drivers for the North America market.
In the coming years, Asia Pacific is likely to exhibit robust growth, with a 12.3% CAGR expected of the regional market in the 2016-2024 forecast period. The steady development of the healthcare sector in several APAC countries and the rising disposable income of APAC consumers are the key drivers for the APAC physician dispensed cosmeceuticals market in the coming years.
Browse the full Press Release of Global Physician Dispensed Cosmeceuticals Market at http://www.mrrse.com/global-physician-dispensed-cosmeceuticals-market
Due to the ease of producing cosmeceuticals locally, leading players such as Allergan plc, L’Oreal S.A., and Valeant Pharmaceuticals Inc. have focused on product differentiation to establish a firm foothold in the global physician dispensed cosmeceuticals market. Mergers and acquisitions could become a preferred expansion strategy for key players in the physician dispensed cosmeceuticals market in the coming years to acquire new products and extend their geographical reach.