According to the report, the global physician dispensed cosmeceuticals market was valued at US$11.2 bn in 2015 and is expected to rise to US$27.6 bn by the end of 2024. This represents a solid CAGR of 10.60% from 2016 to 2024.
The global cosmeceuticals market has been driven in recent years by the rising awareness regarding their claimed health benefits and the easy availability of various cosmeceuticals due to the entry of several cosmetics market players into the cosmeceuticals market. This has allowed individual cosmetics specialists and dermatologists to set up cosmeceuticals practices, which has driven the physician dispensed cosmeceuticals market. This is likely to remain a key driver for the global physician dispensed cosmeceuticals market in the coming years.
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The consistent and successful research efforts in the field of dermatology, which have been necessitated by the rising pollution levels across the world, have also led to a rising awareness among the general populace about the multiple skin conditions caused by various environmental contaminants. This has driven the demand for cosmeceuticals and is likely to remain influential in the coming years, as the global pollution levels have shown no sign of dropping significantly.
On the other hand, the apprehensions among consumers about the side effects of cosmeceuticals, which are still an innovative and novel medicine and haven’t overcome initial skepticism, is one of the key restraints on the global physician dispensed cosmeceuticals market. The lack of comprehensive testing on cosmeceuticals is another restraint, as it has further undermined patients’ confidence.
Geographically, the report segments the global physician dispensed nutraceuticals market into North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. Of these, North America is the leading contributor to the global physician dispensed cosmeceuticals market and is expected to be valued at US$10.5 bn by 2024. However, Asia Pacific and Latin America are likely to emerge as key regional markets for physician dispensed cosmeceuticals in the coming years due to the increasing availability of dermatological procedures.
Key physician dispensed cosmeceuticals market players profiled in the report include L’Oreal S.A., Allergan plc, and Valeant Pharmaceuticals Inc. The information about these and other leading players will provide readers with key insights into the competitive dynamics of the global physician dispensed cosmeceuticals market.
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Last updated on: 04/10/2016
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