As consumers demand high-quality, effective products for both beauty and health, more physicians are carrying cosmeceutical products to support skin health, anti-aging and beyond. In fact, the worldwide physician-dispensed cosmeceuticals market will likely hit US$1.8 billion by 2018, according to a recent report from Transparency Market Research.
Projecting upward from US$560 million in 2011, the market is projected to grow at a compound annual growth rate (CAGR) of 18.15 percent from 2011 to 2018, the report revealed. Products marketed for skin care make up a large portion of the physician-dispensed cosmeceuticals market, and demand for these products and others is likely to continue due to a rise in innovative products and ingredients, increased consumer spending, the growing popularity of surgical procedures and an increase in the number of dispensing physicians.
Transparency Market Research’s report further indicated the rise in the number of dispensing physicians likely comes from consumers’ dissatisfaction with non-prescription products targeting skin care. In addition, people have become more conscious of both their skin and overall health—consumers today are realizing everything they intake or apply can and does affect their health, which has caused many to re-assess their personal care products.
E-commerce platforms and the Internet will continue to play a huge role in this market’s growth, according to the report. Physician-dispensed cosmeceuticals manufacturing companies will also continue looking for innovations to help improve market outcomes. Some major companies in the market include: Athena Cosmetics Inc., Biopelle Inc., Candem Pharma Inc., Clinique Laboratories LLC, exCel Manufacturing Co. Inc., Histogen Inc., La Roche-Posay Laboratoire Pharmaceutique, Allergen Inc., Neutrogena Corporation, Jan Marini Skin Research, Obagi Medical Products Inc., Pacific Bioscience Laboratories Inc., SkinCeuticals, SkinMedica Inc., Solta Medical Inc., and Stiefel Laboratories Inc.
Previous research also indicates the global cosmeceuticals market as a whole will significantly grow from 2014 to 2019.