The global physician dispensed cosmeceuticals market currently
encapsulates a number of players from the cosmetics and skincare
industry. The market is expected to undergo fundamental changes in
its competitive landscape because a number of dermatologists,
specialists, and other experts of the field are aiming to
commercialize their names to become market players themselves. This
is projected to disrupt the current vendor landscape and invite a
response from other renowned players.
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The leading market players in the contemporary times are Valeant
Pharmaceuticals Inc., L'Oreal S.A., and Allergan plc. In 2015, the
aforementioned market players accounted for 56% of the total market
share, manifesting the consolidated nature of the market. L'Oreal
S.A. alone held 28% of the total market share in the same year, thus,
showing the stronghold of the company in the global market. There has
been a great deal of speculation about the steps that the market
players are expected to take in the future. It is prognosticated that
the market players would bank on their ability to offer novel
products in order to outsmart their competitors.
Transparency Market Research prophesies the growth track of the
market over the period from 2017 to 2024. The market is projected to
grow at a robust CAGR of 11.2% over the forecast period, which
showcases the opportunities that lie ahead in the market. The market
was valued at US$13.1 bn in 2017 and is expected to escalate to
US$27.6 bn by the end of 2024.
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Based on the type of product, the skincare segment dominated the
market with the highest market share in 2015. The supremacy of the
segment owes to the increased consciousness about skin and beauty.
Anti-aging products are also expected to remain popular across the
market. On a regional level, North America would crawl ahead of all
other regional market due to its technological finesse. However, the
highest growth rate is anticipated to be exhibited by Asia Pacific
due to the rising popularity of skin care products in the region.
The dermatologists are gradually venturing into entrepreneurship by
converting their skincare clinic brand to manufacturing centers for
cosmeceuticals. Since the dermatologist can accredit the products
dispelled under their brand name, the customers could be easily
persuaded into buying them. This has been the primary factor driving
the demand for cosmeceuticals. On the other hand, the
well-established brands have created a buzz around their products
through effective marketing and advertising. This has also propelled
demand across the market and has created more opportunities for the
market players. The quest to buy branded cosmeceuticals has also
boosted the demand within the market. The rising geriatric population
and its concerns regarding skincare have played an instrumental role
in increasing demand.
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Despite the plush growth of the market, several factors stand in the
way of rapid growth. The consumers are apprehensive of the side
effects that cosmeceuticals could have on their skin. This restrains
the market and poses a threat to the market players. Furthermore, the
low awareness quotient of the consumer with regards to the use of
cosmeceuticals such as derma fillers also hinders growth.
Nevertheless, the impetus on skincare in recent times is expected to
keep soaring demand within the market.
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