Physician Dispensed Cosmeceuticals Market to Report a CAGR of 11.2% Between 2017 and 2024

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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Physician Dispensed Cosmeceuticals Market to Reach US$ 27.6 Billion by the End of 2024

The report analyzes the current and future prospects of the physician dispensed cosmeceuticals market across the globe for the forecast period from 2016 to 2024. The research is a combination of primary and secondary research. Primary research formed the bulk of our research efforts, with information collected from telephonic interviews and interactions via e-mails. Secondary research involved study of company websites, annual reports, press releases, stock analysis presentations, and various international and national databases. The report provides market size in terms of US$ Mn and compound annual growth rate (CAGR %) for each product segment during the forecast period from 2016 to 2024, considering 2014 and 2015 as base years.

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The report also includes market size in terms of US$ Mn for the geography segment considering the macro and micro environmental factors. Growth rates for each segment within the global physician dispensed cosmeceuticals market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, consumer preferences, and regulatory requirements. The market report comprises an elaborate executive summary, providing market snapshot for various segments and sub-segments of the market. It also provides information and data analysis of the global physician dispensed cosmeceuticals market with respect to market dynamics, price trend analysis, value chain analysis, and competitive landscape in terms of key market players. Based on product type, the global physician dispensed cosmeceuticals market has been segmented into skincare (anti-aging products, acne treatment, skin whitening and hyperpigmentation, and dermal fillers), hair care (hair repair, anti-dandruff, anti-hair fall, and scalp repair), eye care (prescription drops, artificial tears, and other eye care products), injectable Botox, and other products (stretch marks, burns, scars or marks, etc.).

Market size estimations involved in-depth study of product features of different types of cosmeceuticals prescribed by cosmetologists, trichologists, ophthalmologists, dermatologists, or any other skin or hair specialists engaged in medical practice. Additionally, increasing preference for cosmeceuticals to retain beauty and youth, eliminate aging signs, and demand for organic and innovative cosmeceuticals are considered key drivers in the physician dispensed cosmeceuticals industry analysis. Moreover, availability, access, and number of physicians engaged in skin and hair care research clinics and treatment centers have been taken into consideration while estimating the market. In addition, brand value of leading and innovative products entering the market and overall market dynamics of the industry were considered for product segment and sub-segment market trends in various geographies.

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Geographically, the market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market size and forecast for each of these regions has been provided for the period from 2014 to 2024, along with their respective CAGRs for the forecast period from 2016 to 2024, considering 2014 and 2015 as base years. The report also provides with market size and forecast for select countries in the respective regions such as the U.S., Canada, the U.K., Germany, Japan, China, Brazil, and Saudi Arabia. A detailed qualitative analysis of factors responsible for driving and restraining the market growth and future opportunities has been provided in the market overview section. This section of the report also provides value chain analysis and price trend analysis.

The report also includes market strategies adopted by leading players, providing a thorough analysis of the overall competitive scenario in the global physician dispensed cosmeceuticals market. A list of strategic recommendations has been provided for new entrants as well as existing market players. These recommendations would assist them in channelizing their business goals and resources to establish a strong presence in the market. The report also profiles major players in the market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments. The global physician dispensed cosmeceuticals market is highly fragmented, marked by the presence of several global companies as well as local manufacturers. Key players in the global physician dispensed cosmeceuticals market include Allergan plc, Jan Marini Skin Research, Inc., Johnson & Johnson, L'Oreal S.A., Procter & Gamble Co., Valeant Pharmaceuticals Inc., Unilever plc, and ZO Skin Health Inc.

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Physician Dispensed Cosmeceuticals Market Trends and Growth Propellers 2024

The market for physician dispensed cosmeceuticals has been undergoing a sea change with skincare specialist, dermatologists, and trichologists venturing into the market as entrepreneurs. Consequently, the vendor landscape in the market is becoming highly fragmented due to the mushrooming skin and hair treatment centers and clinics. The market therefore exhibits an abundance of products. It is important for products to conform to consumer expectations to gain a stronghold in this market.

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The ground level knowledge about the dynamic consumer preferences, adverse effects of a stressful lifestyle, damages caused to skin, eyes, and hair by UV rays, and the impact of pollution, are the primary factors fuelling the demand for quality physician dispensed cosmeceuticals. As per Transparency Market Research (TMR), these favorable factors will lead the global physician dispensed cosmeceuticals market to report a CAGR of 10.6% between 2016 and 2024. The market is expected to reach US$27.6 bn by the end of 2024, from a valuation of US$11.2 bn in 2015.

Skincare Products Segment leads the Market, but Demand for Injectable Botox to Grow Rapidly

By product type, the skincare products segment held the lion’s share in 2015. The prominence of skincare products can be attributed to the increasing demand for effective cosmeceuticals to treat dermatological conditions. Hence, the increasing consciousness among the aging population about their looks and the changing attitude of the middle-aged and geriatric population in developing countries bode well for the demand for physician dispensed cosmeceuticals.

The anti-aging products segment is therefore expected to continue its dominance in the market through the forecast period. However, according to TMR, the demand for injectable Botox is expected to increase at a higher pace in the near future.

North America Emerges as Key Region in Global Physician Dispensed Cosmeceuticals Market

North America, being a mature market, makes a sizeable contribution to physician dispensed cosmeceuticals revenues worldwide. In 2015, the region also emerged dominant in the global market because it is technologically ahead of other geographical segments. As per TMR, the North America physician dispensed cosmeceuticals market stood at US$4.7 bn in 2015. Rising at a CAGR of 9.6%, the market is expected to reach US$10.52 bn by the end of 2024.

However, TMR forecasts that the market in Asia Pacific will grow at the fastest rate during the forecast period. The increasing willingness among the aging and middle-income group population to pay for beauty and skincare products transcends into high demand for quality cosmeceuticals from this region. Furthermore, Asia Pacific boasts a high consumer base for skin whitening, acne treatment, and hyperpigmentation products due to its tropical climate and the higher ratio of teenage population. Bolstered by these factors, the market Asia Pacific is projected to rise at a CAGR of 12.3% between 2016 and 2024.

Emerging Economies to Exhibit Impressive Opportunities for Increased Sales

Likewise, the demand for physician dispensed cosmeceuticals across other emerging markets such as South Africa, Brazil, Saudi Arabia, and the UAE is expected to rise at a robust pace during the forecast period. On the flip side, high revenue generating cosmeceuticals products such as dermal fillers and Botox have a miniscule consumer base in developing and underdeveloped regions. This is mainly because of their high cost, apprehensions associated with using such products, and lack of sufficient knowledge regarding the use of these products. These factors have an adverse impact on the overall prospects of the market.

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Some of the key players operating in the market include Johnson & Johnson, Jan Marini Skin Research, Inc., Allergan plc, Procter & Gamble Co., L'Oreal S.A., Unilever plc, Valeant Pharmaceuticals Inc., and ZO Skin Health Inc. Among these enterprises L'Oreal S.A has emerged as the dominant player in the market.

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