Global Physician Dispensed Cosmeceuticals Market to Reach $24.9 Billion by 2026

The term `physician-dispensed cosmeceuticals` refer to cosmeceutical products that are sold through physician clinics or offices. Physician dispensed cosmeceuticals can be used on their own or in combination with other aesthetic procedures or treatments. Physician dispensed cosmeceuticals market globally is witnessing a steady growth, driven primarily by the rising demand from patients with high aesthetic consciousness. Despite the easy and increasing availability of professional skin care products, customers are demonstrating preference for cosmeceuticals sold by the physician`s office, as they are thought to offer better results. Patients are also expressing higher confidence in using products prescribed by their physicians, especially given the explosion in options available in the mass marketplace which are difficult to compare or differentiate. The market is also sensitive to economic environment, with financial downturns having an adverse impact on the market for physician dispensed cosmeceuticals market.

Amid the COVID-19 crisis, the global market for Physician Dispensed Cosmeceuticals estimated at US$15.3 Billion in the year 2020, is projected to reach a revised size of US$24.9 Billion by 2026, growing at a CAGR of 8.5% over the analysis period 2020-2027.Skin Care, one of the segments analyzed in the report, is projected to grow at a 9.5% CAGR to reach US$12 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Hair Care segment is readjusted to a revised 8.2% CAGR for the next 7-year period. This segment currently accounts for a 23.3% share of the global Physician Dispensed Cosmeceuticals market.

The U.S. Market is Estimated at $6 Billion in 2021, While China is Forecast to Reach $1.9 Billion by 2026

The Physician Dispensed Cosmeceuticals market in the U.S. is estimated at US$6 Billion in the year 2021. The country currently accounts for a 37.66% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.9 Billion in the year 2026 trailing a CAGR of 10.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.2% and 7.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 7.9% CAGR while Rest of European market (as defined in the study) will reach US$2.1 Billion by the close of the analysis period.

The market is being fuelled by the ineffectiveness of non-prescription cosmetics in meeting the consumer needs and the promise of enhanced results offered by prescription products. Patients are showing greater confidence in products recommended by physicians owing to their ability to improve appearance of the skin. Driven by the growing level of consumer confidence in physician-prescribed products, the market for physician dispensed cosmeceutical products is expected to post steady growth in the coming years. Rising consumer demand for effective and high-quality products for promoting both health and beauty is driving physicians to prescribe cosmeceutical products for offering support to overall skin health and prevent signs of aging. Changing consumer preferences, the highly stressful lives of consumers, increasing pollution levels and the subsequent damage caused to skin, hair and eyes of people is driving growth in the global market for physician dispensed cosmeceuticals. The growing awareness about maintaining physical appearance among the world`s expanding elderly population and changing attitudes of the geriatric and middle aged population in developing economies present significant opportunities for the physician dispensed cosmeceuticals market. Rising awareness about new skin conditions attributed to pollution and climate change and the growing demand for branded cosmeceuticals due to their improved efficacy and safety levels are expected to foster growth in the global physician dispensed cosmeceuticals market. Companies are increasingly investing in research and development initiatives to create new products and to stay competitive. Going forwards, product premiumization is set to fuel overall sales. Another factor expected to bring significant sales improvement is the continuous increase in the number of dispensing physicians every year. Besides, deepening Internet penetration and increasing usage of Internet and e-Commerce as a marketing channel is expected to drive future sales.

Eye Care Segment to Reach $4.3 Billion by 2026

This segment includes prescription drops, artificial tears, and other eye care products. The segment covers eye care products aimed at strengthening and stimulating the re-growth of eyelashes. In the global Eye Care segment, USA, Canada, Japan, China and Europe will drive the 7.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$2.1 Billion in the year 2020 will reach a projected size of US$3.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$434.5 Million by the year 2026, while Latin America will expand at a 8.7% CAGR through the analysis period.