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.
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.
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.
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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, 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.