The global physician dispensed cosmeceuticals market size was valued at USD 10.70 Billion in 2023. It is estimated to reach USD 23.83 Billion by 2032, growing at a CAGR of 8.3% during the forecast period (2024–2032).
A niche in the beauty market has been created by the physician dispensing cosmeceuticals. These are in direct competition with conventional cosmetics, requiring physician supervision and aiming at the low layers of skin for what seems to be biologically active effects. This translates to medically-validated solutions for addressing concerns like aging, acne, or other issues managed by dermatologists and allied healthcare professionals. Physicians' cosmeceuticals are a unique category within the wider beauty sector, distinguishing them from over-the-counter products, because of their focus on deeper skin health and measurable results.
The growth of the market for physician dispensed cosmetics will be driven by the growing importance of beauty and outlook, as well as the increasing awareness of antiaging. Factors such as the growing knowledge about the security and effectiveness of Physician Dispensed Cosmeceuticals and escalating disposition of users towards a certain solution to diverse skin problems about age spot or acne spot reduction are anticipated to further propel the physician dispensed cosmeceuticals market growth.
More and more, with the growing awareness of antiaging products, consumers are looking for methods and products that keep them young and attractive, in particular among the elderly population. In addition, because of the high incidence of intrinsic signs of ageing, older people are becoming increasingly anxious. The term cosmeceuticals is used to describe antiaging skin products, as they are in common with cosmetics and pharmaceuticals. Moreover, the signs of aging include wrinkles, dark circles, excessively dry skin and loss of elasticity or firmness. But there are a number of benefits to using cosmeceuticals for the prevention of aging. According to an article published by 'Adiveda Natural' in March 2022, anti-aging products such as anti-aging serums provide several benefits to the skin, such as skin tightening and hydration; gaining skin glow and radiance; preventing the occurrence of age-related dark spots and uneven skin tone; and using these serums, target populations become less prone to encountering dermal issues.
One of the main factors driving growth in this market is the availability of advanced products, increasing awareness about enhancing appearance and rising disposable income levels as well as spending on personal care. At present, people are increasingly interested in their appearance and spending on personal care products is also increasing due to an increase of the world's income levels per person. For instance, surging demand for cosmetic procedures was seen worldwide in 2021. A survey conducted in 2021 by the Menarini Group, an Italian pharmaceutical company, among 100 dermatologists and plastic surgeons across India revealed that 65% of the respondents agree that facelift is the most sought-after facial aesthetic procedure in India and 37% of the respondents have observed an increased demand for aesthetic procedures since the onset of the global COVID-19 pandemic, with the desire to look good on social media. This shows, therefore, that there has been an increase in awareness about the aesthetic appeal of people and this is leading to more opportunities for physician prescribe of cosmeceuticals such as hair colour, eye colour, eyes or other cosmetic products.
Physician-dispensed cosmeceuticals offer a double-edged sword. The main obstacle to their superior results is their cost, although their science backed formulations and targeted ingredients deliver superior results. Unlike drugstores, pricing is based on the use of more potent ingredients and may include increased R&D costs, doctor involvement, consultations, prescriptions or possibly enhanced formulations. This will lead to better results, but it may create obstacles for some consumers. However, the perceived value of a doctor's advice, the potential for faster or more dramatic results, as well as the promise of stronger formulations, may still make them attractive to those who are willing to invest in their skin's health and appearance.
Retail revolution is taking place on the physician prescription market for cosmeceutical products. A trio of benefits: increased accessibility for remote consumers, improved convenience through online browsing and consultation, as well as potential competitive pricing due to lower overheads are offered by the development of Internet platforms specifically targeted at these products. Although regulatory and consumer preference for in person consultation remain obstacles, online platforms have the potential to redefine how consumers interact with such specialised products.
The evolving consumer is a major driver of the physician dispensed medicinal product market. Today's beauty consumers are increasingly sophisticated and demanding data driven solutions for their specific needs. There is often a lack of scientific support for traditional cosmetics for consumers. Physician-dispensed cosmeceuticals fill this gap by offering clinically-tested ingredients and research-backed formulations. This is evidenced by the fact that physician prescribed cosmeceuticals are positioned as premium categories of cosmetic products in the beauty industry, thereby providing demonstrably effective solutions to skin concerns.
| Study Period | 2020-2032 | CAGR | 8.3% |
| Historical Period | 2020-2022 | Forecast Period | 2024-2032 |
| Base Year | 2023 | Base Year Market Size | USD 10.70 Billion |
| Forecast Year | 2032 | Forecast Year Market Size | USD 23.83 Billion |
| Largest Market | North America | Fastest Growing Market | Asia Pacific |
Based on region, the global physician dispensed cosmeceuticals market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
North America is the most significant global market shareholder and is expected to expand substantially during the forecast period. The physician dispensed cosmeceutical market in North America is flourishing, thanks to major players, high levels of spending and the antiaging mania. Skin care rules, with online and retail options challenging hospital dominance for these doctor-backed beauty solutions. As awareness and preventive health care focus increase, look for further growth.
The United States physician dispensed cosmeceuticals market. The US regulatory regulations ensure of the consumers in the country, are creating opportunities for the availability of better and safer cosmeceuticals, which the physicians can trust and dispense to the target population. Therefore, market growth in the country is expected to rise over the period under consideration.
The Canadian market for physician dispensed cosmeceuticals. Canada's market is growing due to, rising disposable income, increasing focus on anti-ageing solutions, and increasing demand for dermatologist-recommended skincare products.
These factors are estimated to drive the North American market growth.
Asia-Pacific region is a pivotal market for the physician dispensed cosmeceuticals industry. The market in Asia Pacific will also be stimulated by the increasing focus of key players on expanding into new Asian markets, a large customer base and rising awareness about medical prescription cosmeceuticals.
China physician dispensed cosmeceuticals market. Due to its large population, rising disposable income, and increasing awareness of these products, the Asia Pacific region is the largest market in the world.
South Korea physician dispensed cosmeceuticals industry. A well-established market with a focus on beauty and innovativeness. This growth is driven by strong consumer demand for antiaging solutions and a culture of preventive healthcare.
Thus, the factors above are estimated to boost the Asia-Pacific physician dispensed cosmeceuticals market growth.
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports
The global market is bifurcated into product type and distribution channel.
Based on product type, the market is segmented into skin care products, hair care products, eye care products, and others.
Skin Care Products dominates the application segment. Greater consumer demand for antiaging and other skin solutions, coupled with higher profit margins for manufacturers, cements skin care products as the dominant segment of the market for physician dispensed skin care products.
Based on distribution channel, the market is segmented into hospital pharmacy, retail pharmacy, and online pharmacy.
Hospital pharmacy dominates the distribution channel segment. Hospital pharmacy’s dominance is reinforced by established trust, attention to specialised treatments and close contacts with doctors. But in the future, retail pharmacies and online platforms could pose a threat to their low reach and convenience factor.
A focus on strategic partnerships between key players and online platforms to exploit the growing demand for convenience and wider product availability is suggested in the analyst's view of the physician dispensed cosmetics market. In addition, it will be essential for market expansion to address the legal situation in different regions, especially those that are developing markets. The key drivers of continued growth and market leadership in the physician dispensed cosmetics market will be this dual focus on e commerce adoption and navigating regulatory obstacles.
