Physician Dispensed Cosmeceuticals Market - Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2024

Albany, NY -- (SBWire) -- 12/05/2018 --The global physician dispensed cosmeceuticals market currently encapsulates a number of players from the cosmetics and skincare industry. The market is expected to undergo fundamental changes in its competitive landscape because a number of dermatologists, specialists, and other experts of the field are aiming to commercialize their names to become market players themselves.

The market is projected to grow at a robust CAGR of 11.2% over the forecast period, which showcases the opportunities that lie ahead in the market. The market was valued at US$13.1 bn in 2017 and is expected to escalate to US$27.6 bn by the end of 2024. Based on the type of product, the skincare segment dominated the market with the highest market share in 2015. The supremacy of the segment owes to the increased consciousness about skin and beauty.

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Anti-aging products are also expected to remain popular across the market. On a regional level, North America would crawl ahead of all other regional market due to its technological finesse. However, the highest growth rate is anticipated to be exhibited by Asia Pacific due to the rising popularity of skin care products in the region.

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.

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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.