Global Cosmetovigilance Market was valued US$ 2.6 Bn in 2018 and is expected to reach US$ 5.1 Bn by 2026, at CAGR of 8.79% during forecast period.
The increased risk associated with the use of cosmetic products is expected to drive cosmetovigilance industry growth during the forecast period. Cosmetics like skin brightening creams, moisturizers and skin ointments contain several chemical compounds that may not suit every individual and may generate a certain type of skin reactions resulting in high demand for cosmetovigilance services. In addition, beauty products and shampoos can also cause skin irritations and rashes.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Adverse events are reported against these conditions that prove beneficial for industry growth as it upsurges the demand for fixation of the condition. However, lack of awareness regarding cosmetovigilance in developing and underdeveloped countries will hinder cosmetovigilance market growth in predictable future.
Based on a service provider, business process outsourcing (BPO) segment is projected to show over 6% CAGR during the forecast period. Increasing preference of companies towards outsourcing vigilance activities to retain its focus on the company’s core competencies will favour segmental growth. Growing adoption of advanced cosmetovigilance software by business process outsourcing firms will further accelerate the business growth.
On the basis of reported categories, perfumes and deodorants segment accounted for over 11% revenue share in 2018 and will grow significantly over the forecast period. Group of chemicals like paraben, fragrances, triclosan, and aluminum chloride hexahydrate is used in deodorant. These chemicals might lead to skin burning, irritation and cancers. Also, risks related to the cosmetic product will favor segmental growth.
Region-wise, Europe is expected to leading the market for a cosmetovigilance during the forecast period. EU Commission implements certain guidelines for reporting cases against adverse events. So, a scenario in Europe is promising for new entrants willing to grab potential share in cosmetovigilance market as the laws and trade policies are favorable. Additionally, awareness regarding the availability of the technologically advanced cosmetovigilance system is considerably high that will prove helpful for the regional industry growth.
Several leading players operating in cosmetovigilance market globally. Pharsafer Ltd. offers pharmacovigilance and medical information services. The company delivers cosmetovigilance, business development and outsourcing, consultancy, training, and audits & regulatory inspection solutions.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding Global Cosmetovigilance Market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, and SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in Global Cosmetovigilance Market.
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