Market Trends of Physician Dispensed Cosmeceuticals Industry
The Anti-aging Sub-segment is Expected to Witness Growth Over the Forecast Period
These physician-dispensed cosmeceuticals are custom-made products that penetrate deeper into the skin than normal over-the-counter (OTC) products. The growing awareness about anti-aging and the safety and efficacy of physician-dispensed cosmeceuticals are contributing to the segment's growth. Consumers, especially the aging population, are increasingly seeking methods and products to maintain and improve their appearance to look youthful and beautiful, especially with the rising awareness of anti-aging products.
With a growing emphasis on maintaining youthful and radiant skin, anti-aging products, particularly serums, have become a cornerstone of many skincare routines. These products promise not only to combat the visible signs of aging but also to enhance overall skin health. For instance, according to an article published by Adiveda Natural in March 2022, anti-aging products, particularly serums, offer numerous skin benefits. These include skin tightening, enhanced hydration, a radiant glow, and prevention of age-related dark spots and uneven skin tone. Furthermore, individuals using these serums are less likely to face dermal issues. In conclusion, the anti-aging sub-segment is expected to thrive, driven by innovative products that deliver tangible benefits.
With advancements in dermatological research, products like moisturizers and sunscreens have become essential in combating the signs of aging. Moreover, according to the American Academy of Dermatology Association (AADA) data updated in 2022, moisturizers with anti-aging properties were found to reduce fine wrinkles. Since they work so well, moisturizers are frequently used as anti-aging ingredients. Also, the source mentioned above stated that dermatologists suggest using sunscreen and moisturizer as the two most effective anti-aging products. Thus, the growing advantages of anti-aging products are anticipated to drive the sub-segment's growth over the forecast period.
Furthermore, new company activities, such as agreements and collaboration in developing new anti-aging products, are expected to boost segment growth over the forecast period. For instance, in November 2023, Elevai Labs Inc., a medical aesthetic firm focused on physician-dispensed skincare, entered a licensing agreement with Yuva Biosciences Inc. The collaboration aims to merge Yuva Biosciences' mitochondrial research with Elevai's PREx (Precision Regenerative Exosome Technology). The goal was to create topical skincare formulations using exosomes, targeting cosmetic skin and hair issues linked to aging. In summary, the anti-aging skincare segment is poised for significant growth, driven by innovative collaborations and advancements in product development.
The anti-aging sub-segment is set for substantial growth, fueled by innovative products and strategic collaborations. With a focus on maintaining youthful and radiant skin, products that combat visible signs of aging and enhance overall skin health are expected to drive the sub-segment's growth, providing consumers with effective solutions for maintaining youthful skin and hair.
North America is Expected to Hold a Significant Share in the Market Over the Forecast Period
North America is expected to register significant growth in the market owing to factors such as the higher availability of advanced products and high consumer awareness about their physical and aesthetic appearance. The increase in the usage of cosmeceuticals for effective and long-lasting results is among the key factors contributing to the growth of the market studied in the region.
In the United States, cosmeceuticals are regulated by the Food and Drug Administration (FDA). The FDA regulates these products under the authority of the Federal Food, Drug, and Cosmetic Act (FD&C Act) and the Fair Packaging and Labeling Act (FPLA). As per a press release by the FDA in February 2022, except for color additives, cosmetic items and ingredients are exempt from the requirement for FDA premarket approval. The FDA can, however, take enforcement action against businesses or people who break the law, as well as against items currently on the market that are not compliant. Such regulations, to ensure the safety of the consumers in the country, are creating opportunities for better and safer cosmeceuticals, which the physicians can trust and dispense to the target population. Thus, market growth is expected to increase in the region over the forecast period.
Furthermore, the availability of numerous market players in the aesthetic industry, which focus on innovative cosmeceuticals and make their way to customers, is another prime factor driving the market growth. For instance, in May 2022, Eucerin, one of the skincare brands, expanded its presence in the US sun protection market with its revolutionary Eucerin Sun line. It was created in collaboration with dermatologists and consists of seven products for the face and body. Such developments are anticipated to boost market growth over the forecast period. Therefore, owing to the abovementioned factors, such as new safety and efficacy guidelines for cosmeceuticals and expansion of the products in the region, North America is anticipated to record significant growth in the market over the forecast period.
