Cosmetovigilance Market: Global Opportunity Analysis and Industry Forecast, 2023-2030 Market

The term cosmetovigilance is a recent concept derived from two terms; pharmacovigilance referring to activities such as collection, detection, evaluation, measuring and prevention of adverse effects while using medications, and cosmetics that are products intended to be applied to the human body for cleansing, beautifying, enhancing attractiveness, or altering the appearance. Cosmetovigilance is a term that refers to the various activities related to the collection, evaluation, and monitoring of undesirable adverse effects observed during or after foreseeable use of a cosmetic product. This cosmetics surveillance system was first initiated by the French health products safety agency and was meant to be a part of pharmacovigilance system for cosmetics. Whereas today, cosmetovigilance is recognized as a public health concept to promote the safety of cosmetic products globally. FDA was not regulating these class of products before July 2013, however, today there are several issued guidelines and regulations for cosmetic products that aim to detect the safety concerns of these products that are utilized by large populace all over the word. It is also considered as the responsibility of cosmetic products manufacturers to make sure their products do not cause any adverse effects on consumer populace.

COVID – 19 scenario analysis: 

• The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses.
• Industry closures and people are asked to stay in their homes, which has taken a huge toll in terms of money and economic growth.
• Over 4 million people affected globally, with 300,000 losing their lives due to SARS-CoV-2.
• Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers.
• Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to cosmetic products has been reduced and this segment have to face negligence subsequently causing negative impact on cosmetovigilance market

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

Increasing demand for cosmetic products across the globe is the key driver for the global cosmetovigilance market growth. Rising awareness regarding improvements in aesthetic appearance, beautifying, enhancing attractiveness will fuel the demand for cosmetovigilance, thereby fueling the growth of the cosmetovigilance market. According to Cosmetics Europe, German consumer populace expended around $15.4 billion on cosmetic products in the year 2017 alone. The rising desire for better aesthetic appearance and body beatification, increase in the purchasing power of developing countries and growing need of consumers toward cosmetic products would further surge the demand for cosmetics thereby, increasing the incidences of risks associated with high usage of cosmetic products has elucidated the need for cosmetovigilance services. Increasing number of cases owing to adverse effects due to presence of impurities or adulterants in the cosmetic products will facilitate growth of this market. In addition to this, strict government regulations to contain the harmful drawbacks for various cosmetic products on consumer health will favor market growth.

Technological advancements and innovative product launches, introduction of efficient surveillance system monitoring and evaluating the health issues and harmful effects of cosmetics on the consumers, development of cosmetovigilance software solutions coupled with the streamlining of the cosmetovigilance process is expected to create new growth avenues for the cosmetovigilance industry in the near future.

However, lack of awareness regarding cosmetovigilance and its benefits in emerging and under-developed economies can potentially hamper the industry growth.

Growing demand for cosmetic products to augment the market growth

Owing to attributes such as improvements in aesthetic appearance, beautification and enhancing attractiveness, cosmetic products are increasingly popular, especially among the younger generations worldwide, which would ensure the growth of the cosmetovigilance industry in the long run. Several factors such as use of social media campaigns for promoting the cosmetic products, launch of innovative products and affordable costs associated with cosmetics are the key factors propelling the market growth. The rising incomes are also boosting the market as rising incomes provide better purchasing power to the consumers, thereby facilitating the growth of the cosmetovigilance industry.

European Union region to hold highest market share while Asia-Pacific region emerging rapidly

Pertaining to high use of cosmetics in the region and strict regulatory guidelines for reporting cases against adverse events implemented by EU Commission would favor the market growth. Additionally, introduction of centralized notification system for reporting adverse incidents related to cosmetic products is an immense enhancement in the present regulatory scenario in Europe, thereby promising new entrants with abundant growth opportunities in cosmetovigilance market.

Asia-Pacific region is estimated to grow with healthy growth rates pertaining to increase in disposable income levels and rising number of CRO providing cosmetovigilance services. Countries in the region, for instance India are experiencing changing trends related to lifestyle empowering the beautification of external beauty, and high consumption of beauty products.

Key benefits of the report:

• This study presents the analytical depiction of the global cosmetovigilance market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global cosmetovigilance market share.
• The current market is quantitatively analyzed to highlight the global cosmetovigilance market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed global cosmetovigilance market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the Cosmetovigilance Market research report:

• Which are the leading market players active in the cosmetovigilance market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What are the projections for the future that would help in taking further strategic steps?

 Cosmetovigilance Market: Global Opportunity Analysis and Industry Forecast, 2020-2027 Report Highlights