Physician Dispensed Cosmeceuticals Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Eye Care, Hair Care, Skincare, and Others), By Application (Skin Lightening or De-pigmenting, Rhytide Reduction, Anti-wrinkle/Aging, Scar-reducing, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2022-2030

The Global Physician Dispensed Cosmeceuticals Market size was valued at USD 8.3 billion in 2021 and is expected to grow by USD 14.12 billion in 2030 at a CAGR of 7.8% during the forecast period. Cosmetics with therapeutic characteristics are known as cosmeceuticals. There is no legal requirement for these products. Physician dispensed cosmetics are products that will only be obtained through a medically directed industry and are intended to have biological effects on the skin below the stratum corneum. Many doctors whose practices or expertise involve skin health prefer to dispense these cosmeceuticals. Physician-dispensed cosmetics include items such as skincare, hair care, eye care, and other cosmetics.

The expanding importance of beauty and appearance, as well as rising anti-aging awareness, will propel the physician dispensed cosmeceuticals market forward. Factors such as growing awareness of the safety and effectiveness of physician dispensed cosmeceuticals, as well as an increase in user preference for a specific solution to various skin problems such as age spot or acne spot reduction, are expected to drive the Physician Dispensed Cosmeceuticals Market forward during the forecast period.

COVID-19 ANALYSIS

During the COVID-19 epidemic, the rising eCommerce industry and widespread adoption of online shopping applications made it easier for people to order things from the comfort of their own homes. These discoveries are causing the market for physician-dispensed cosmeceuticals to grow. However, businesses must address negative market attitudes, as cosmeceuticals demand is growing slowly due to delayed product movement. Nonetheless, brands and manufacturers are rethinking their supply chains in order to avoid product delivery delays.

LATEST TREND

Increasing Beauty Consciousness

The need for cosmeceuticals to eliminate outward ageing indications is driven by a rise in personal maintenance awareness among the old age population and changing views among the middle aged and ageing population in developing nations. Furthermore, as more middle and upper-class women as well as men in developed nations become aware of cosmeceuticals, the global physician-dispensed cosmeceuticals market grows. In poor places, women's education has increased access to newspapers, journals, and advertisements, which tend to give prominent knowledge to judge real and effective cosmeceuticals.  

DRIVING FACTORS

Entry of Dermatologists to Propel Market Demand

Dermatologists and skincare professionals are starting their own businesses with low-cost, locally manufactured goods developed in their own clinics. As a result of this tendency, new firms have entered Asia Pacific's developing markets. Dermatologists that have lately entered the global physician dispensed cosmeceuticals business, such as ZO Skin Health, Inc., operate a variety of cosmetic professional enterprises specializing in manufacturing and marketing cosmeceuticals. 

RESTRAINTS

Consumer Concerns about Cosmetics' Potential Side Effects Are Stifling Market Growth.

Consumers in undeveloped countries are less aware of the market's modern and innovative cosmeceuticals. They are unaware of product outcomes as well as the high cost of medical consultations and cosmeceutical products. This creates a barrier to utilization of cosmeceutical. 

SEGMENTATION

The Global Physician Dispensed Cosmeceuticals Market is segmented by Product Type, Application, and Region. Based on the Product Type, the market is categorized into Eye Care, Hair Care, Skincare, and Others. Based on Application, the market is categorized into Skin Lightening or De-pigmenting, Rhytide Reduction, Anti-wrinkle/Aging, Scar-reducing, and others. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.          

REGIONAL INSIGHTS

The Global Physician Dispensed Cosmeceuticals Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.    

North America holds a significant part of the worldwide physician-dispensed cosmeceuticals market due to the presence of major market players in this region. The regional market is also benefiting from the rising demand for physician-dispensed cosmeceutical products to retain beauty.   

Asia Pacific physician-dispensed cosmeceutical market is expected to increase significantly. The desire to maintain a young appearance and beauty for a long time is driving demand for effective physician-dispensed cosmeceuticals in the region. Moreover, the Asia Pacific market will be driven by key market players' increasing focus on expansion in Asia Pacific countries, the region's large customer base, and increased awareness of physician-dispensed cosmeceuticals. Due to the increased choice of individuals to adopt various techniques to maintain long-lasting beauty and young appearance, Asia Pacific holds the greatest share of the global physician dispensed cosmeceuticals market. Furthermore, the presence of a robust consumer base is another important factor supporting regional market growth. 

KEY INDUSTRY PLAYERS

The market is moderately competitive owing to there are so many small and large firms. Due to increased investments in R&D for product innovation and boosting product efficiency by bringing new items into the market, market rivalry is fierce. ALLERGAN, Merz Pharma, iS CLINICAL, Obagi Cosmeceuticals LLC, SkinCeuticals, and others are key participants in the market.

KEY INDUSTRY DEVELOPMENTS:

In April 2021, Neutrogena's 'People with Skin' campaign is part of the company's long-term commitment to enhancing skin health for everyone. Through this program, the company is committed to improving skin health in the United States through advocacy, knowledge, education, and openness.

In April 2019, Merz Pharma, a global leader in medical aesthetics, announced the launch of Belotero Revive dermal filler containing a unique combination of HA and glycerol that is intended to improve skin hydration, elasticity, and firmness while also addressing the appearance of fine lines and wrinkles.

LIST OF KEY COMPANIES PROFILED:

• AbbVie Inc. (ALLERGAN)
• Merz Pharma
• iS CLINICAL.
• Obagi Cosmeceuticals LLC
• SkinCeuticals
• L’Oréal S.A.
• Jan Marini Skin Research.
• Athena Cosmetics, Inc.
• ZO Skin Health Inc
• GALDERMA LABORATORIES, L.P.
• Procter & Gamble
• The Estée Lauder Companies
• Johnson & Johnson Private Limited

SEGMENTATION

By Product Type

• Eye Care
• Hair Care
• Skincare
• Others

By Application

• Skin Lightening or De-pigmenting
• Rhytide Reduction
• Anti-wrinkle/Aging
• Scar-reducing
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa