Cosmetovigilance Market 2021 Regional Growth To 2027 By Top Players

Cosmetovigilance Market 2021 Regional Growth To 2027 By Top Players

The increased risk related to the use of cosmetic products is likely to drive cosmetovigilance industry growth over the forecast time period. The presence of numerous chemical compounds in cosmetics could cause skin allergy, acne, burning, and rashes. Rapidly surging occurrence of harsh cosmetics effects that impact human health in an adverse manner will further stimulate market growth over the coming years.

As per a Global Market Insights, Inc., research report, cosmetovigilance market is slated to surpass a valuation of $4 billion by 2025.   

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Stringent government regulations for cosmetic products will make a positive impact on the market growth as well. As per the European Commission cosmetics regulation, the system of cosmetovigilance requires reporting of any serious undesirable effects of cosmetics to relevant authorities and the responsible individual. It essentially ensures the overall safety of cosmetic products across the EU market is rigorously monitored throughout the region. Additionally, the concerned authority are also required to inform authorities of other member states. In terms of market surveillance, member states should also monitor compliance with the principles of good manufacturing practices. Such initiatives are expected to shape the industry growth over the forthcoming time period.

In terms of service type, pre-marketing services segment will grow around 6.8% over the forthcoming time period. Growing incidence of cosmetics with harmful effects is leading to number of infection cases among users, which is likely to augment the segment expansion. In an effort to overcome these problems, safety tests such as photosensitization, which ensures the quality of a cosmetic product, is increasingly being conducted today. All in all, growing use of such safety tests is likely to support market growth.

With respect to reported categories, perfumes & deodorants will witness substantial growth over the coming years. In 2018, the segment accounted for 11%  revenue share of the overall market. a plethora of chemicals like aluminum chloride hexahydrate, triclosan, paraben, and fragrances, are majorly used in deodorant. The presence of these chemicals might cause skin irritation, burning, and even cancer in users. The risks associated with the use of these cosmetic product would increase the demand for safe and clinically approved products, which will foster the growth of this segment.

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On the geographical front, in 2018, the U.S. cosmetovigilance market held nearly 93% of the revenue share and of the overall industry. The market is further anticipated to witness a substantial growth trend through the forecast timeframe. This projected growth is attributed to increasing emphasis on research & development activities for safe and effective cosmetics manufacturing. Additionally, the presence of favorable regulatory bodies and laws like the U.S. FD&C Act (Food, Drug, and Cosmetic Act) would further foster the revenue outlook. The FD&C regulates the safety of cosmetic products before they are marketed.

Moreover, programs like VCRP (Voluntary Cosmetic Registration Program), which helps the FDA in regulating cosmetics, would further stimulate market growth. The program is a reporting system which is used by cosmetic products distributors, packers, and manufacturers. it effectively helps the FDA keep track of all various activities associated with commercially distributed cosmetics in the U.S.

Cosmetovigilance market in Europe is anticipated to grow over 6.2% through the forecast timeframe. This growth is ascribed to high awareness among individuals regarding cosmetovigilance coupled with the efforts by numerous European associations in regulating consumer cosmetics. Moreover, favorable government policies are also likely to drive the regional market growth over the forecast timeframe.

Cliantha, OC Vigilance, Poseidon CRO, AxeRegel, ZEINCRO, MSL Solution Providers, PharSafer, iSafety, FMD K&L, Freyr, ZEINCRO, Pharmathen, and Skill Pharma among others are some of the key players operating in the cosmetovigilance market.

Partial Chapter of the Table of Content

Chapter 2. Executive Summary

2.1. Cosmetovigilance industry 3600 synopsis, 2014 - 2025

2.1.1. Business trends

2.1.2. Service type trends

2.1.3. Reported categories trends

2.1.4. Service provider trends

2.1.5. Regional trends

Chapter 3. Cosmetovigilance Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2014 - 2025

3.3. Industry impact forces

3.3.1. Growth drivers

3.3.1.1. Risk associated with the use of cosmetics

3.3.1.2. Favorable government regulations in developed countries

3.3.1.3. Technological advancements

3.3.1.4. Growing accessibility for reporting adverse events on cosmetic products

3.3.2. Industry pitfalls and challenges

3.3.2.1. Lack of awareness in developing and underdeveloped countries

3.4. Growth potential analysis

3.4.1. By service type

3.4.2. By reported categories

3.4.3. By service provider

3.5. Regulatory landscape

3.6. Porter’s analysis

3.7. Competitive landscape, 2017

3.7.1. Strategy dashboard

3.8. PESTEL analysis

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