Cosmetovigilance Market by Service Type, Reported Categories, Service Provider and Region – Global Market Size Estimation, Industry-Wide Analysis, Competitive Landscape Assessment & Long-Term Forecast to 2030
Overview
Cosmetovigilance Market was valued at USD 3.13 Bn in 2023 and is expected to reach USD 5.65 Bn by 2030, at a CAGR of 8.79% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders, followers, and disruptors. Since the lockdown was implemented differently in various regions and countries; the impact of the same is also seen differently by regions and segments. The report has covered the current short-term and long-term impact on the market, and it would help the decision-makers to prepare the outline and strategies for companies by region.
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Cosmetovigilance Market Dynamics:
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 reaction resulting in high demand for cosmetovigilance services. In addition, beauty products and shampoos can also cause skin irritations and rashes.
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 the predictable future.
Cosmetovigilance Market Segment Analysis:
Based on a service provider, the 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 favor segmental growth. The growing adoption of advanced cosmetovigilance software by business process outsourcing firms will further accelerate business growth.
On the basis of reported categories, the perfumes and deodorants segment accounted for over 11% revenue share in 2023 and will grow significantly over the forecast period. A 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.
Cosmetovigilance Market Regional Insights:
Region-wise, Europe is expected to leading the market for 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 prioritizing the efforts and investment in the near future to the emerging segment in the Global Cosmetovigilance Market.
Cosmetovigilance Market, Key Highlights:
1. Global Cosmetovigilance Market analysis and forecast, in terms of value.
2. Comprehensive study and analysis of market drivers, restraints and opportunities influencing the growth of the Global Cosmetovigilance Market
3. Global Cosmetovigilance Market segmentation on the basis of type, source, end-user, and region (country-wise) has been provided.
4. Global Cosmetovigilance Market strategic analysis with respect to individual growth trends, future prospects along with the contribution of various sub-market stakeholders have been considered under the scope of study.
5. Global Cosmetovigilance Market analysis and forecast for five major regions namely North America, Europe, Asia Pacific, the Middle East & Africa (MEA) and Latin America along with country-wise segmentation.
6. Profiles of key industry players, their strategic perspective, market positioning and analysis of core competencies are further profiled.
7. Competitive developments, investments, strategic expansion and competitive landscape of the key players operating in the Global Market are also profiled.
Cosmetovigilance Market Report Scope: Inquire before buying
| Cosmetovigilance Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | USD 3.13 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 8.79% | Market Size in 2030: | USD 5.65 Bn. |
| Segments Covered: | by Service Type | Pre-marketing services Clinical safety testing Document writing Risk management Others Post- marketing services Case intake Case triage Data entry & acquisition Tracking and reporting Others |
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| by Reported Categories | Skincare Makeup Haircare Hair colorants Others |
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| by Service Provider | Clinical research organizations (CROs) Business process outsourcing (BPOs) |
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Cosmetovigilance Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Cosmetovigilance Market, Key Players
1. iSafety
2. ZEINCR
3. Skill Pharma
4. FMD K&L
5. Poseidon CRO
6. MSL Solution Providers
7. AxeRegel
8. Pharmathen
9. Cliantha
10. PharSafer
11. Freyr
12. OC Vigilance.
13. PHARMALEX GMBH
14. AB Cube
15. Klinexa
16. SGS SA
17. Pure Drug Safety
18. KMJ pharma sp. z o.o.
19. TheraSkin
Frequently Asked Questions:
1. Which region has the largest share in Global Cosmetovigilance Market?
Ans: Europe region held the highest share in 2023.
2. What is the growth rate of Global Cosmetovigilance Market?
Ans: The Global Cosmetovigilance Market is growing at a CAGR of 8.79% during forecasting period 2024-2030.
3. What is scope of the Global Cosmetovigilance Market report?
Ans: Global Cosmetovigilance Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Cosmetovigilance Market?
Ans: The important key players in the Global Cosmetovigilance Market are – iSafety,ZEINCR,Skill Pharma,FMD K&L,Poseidon CRO,MSL Solution Providers,AxeRegel,Pharmathen,Cliantha,PharSafer,Freyr,OC Vigilance.,PHARMALEX GMBH,AB Cube,Klinexa,SGS SA,Pure Drug Safety,KMJ pharma sp. z o.o.,TheraSkin,CORONIS Research SA.
5. What is the study period of this Market?
Ans: The Global Cosmetovigilance Market is studied from 2023 to 2030.