The Cosmetovigilance Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Cosmetovigilance Global Market
Report 2024, The cosmetovigilance market size has grown strongly in recent
years. It will grow from $3.22 billion in 2023 to $3.49 billion in 2024 at a
compound annual growth rate (CAGR) of 8.6%. The
growth in the historic period can be attributed to regulatory
compliance, increased consumer awareness, adverse event reporting requirements,
global market expansion, brand protection..
The cosmetovigilance market size is expected to see strong growth in the next
few years. It will grow to $4.66 billion in 2028 at a compound annual growth
rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to
increasing regulatory scrutiny, consumer demand for transparency, emerging
market dynamics, globalization challenges, collaboration with regulatory
bodies, rapid product innovation.. Major trends in the forecast period include
incorporation of big data analytics, strategic partnerships for data sharing,
heightened focus on post-market surveillance, consumer education initiatives,
integration with pharmacovigilance practices..
The rising usage of cosmetics is expected to propel the growth of the
cosmetovigilance market going forward. Cosmetics refers to a product used on
the human body to cleanse, enhance, contribute to attractiveness, change
appearance, or maintain or promote healthy skin or hair. Cosmetovigilance helps
people using cosmetics to understand the quality of the cosmetic product by
analyzing the safety monitoring of cosmetic products. As a result, the rising
usage of cosmetics increases the demand for the cosmetovigilance market. For
instance, in April 2023, according to Global Cosmetic Industry, a US-based
company specializing in beauty, and personal care, U.S. premium beauty sales
for Q1 2023 increased 16% year over year and reached $6.6 billion. Further, in
January 2021, according to an article shared by Automat.ai, a Canada-based
business services, software, and computer software company, in the US, sales of
skincare products increased by 13% last year, while sales of makeup items
increased by 1%. Therefore, the rising usage of cosmetics is driving the growth
of the cosmetovigilance market.
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The cosmetovigilance market covered in this report is segmented –
1) By Service Type: Pre-Marketing Services, Post-Marketing Services
2) By Reported Category: Skincare, Makeup, Haircare, Perfumes And Deodorants,
Hair Colorants, Other Reported Categories
3) By Service Providers: Clinical Research Organizations (CROs), Business
Process Outsourcing (BPOs)
Increasing awareness among people regarding personal care is expected to propel
the growth of the cosmetovigilance market going forward. Personal care refers
to consumer products that are used in personal hygiene and grooming for
self-care and beautification. Cosmetovigilance analyzes the safety monitoring
of personal care products and helps people to adopt quality products, as a
result, the increasing awareness among the people regarding personal care
increases the demand for the cosmetovigilance market. For instance, in 2023,
according to Cosmetics Europe, a Belgium-based personal care association, every
day,500 million consumers use personal care products to enhance their
well-being and protect their health. Additionally, the personal care industry
involves approximately USD 31.23 billion (€29 billion) annually to the European
economy. Therefore, increasing awareness among people regarding personal care
is driving the growth of the cosmetovigilance market.
The cosmetovigilance market report table of contents includes:
1. Executive Summary
2.
Cosmetovigilance Market Characteristics
3.
Cosmetovigilance Market Trends And Strategies
4.
Cosmetovigilance Market - Macro Economic Scenario
5. Global
Cosmetovigilance Market Size and Growth
.
31. Global Cosmetovigilance Market Competitive Benchmarking
32. Global
Cosmetovigilance Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Cosmetovigilance Market
34.
Cosmetovigilance Market Future Outlook and Potential Analysis
35.
Appendix
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