Physician Dispensed Skin Care Product Market Report Overview
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The global physician dispensed skin care product market size was USD 1828.97 million in 2021 and is expected to reach USD 3580.87 million in 2031, exhibiting a CAGR of 6.95% during the forecast period.
Skin care products, commonly referred to as cosmeceuticals, are known to target and treat a variety of skin issues, including dermatitis, acne, and many more. While a prescription is not necessary for over-the-counter skin care products, physician dispensed skin care product must have legal authorization from a reputable physician. These medicinal skin care products also address skin problems below the skin to resolve concerns. Products for skin, hair, eye care, and other comparable items are among the skin care supplies prescribed by doctors. The skin care products prescribed by doctors give users a certain aesthetic appearance that enhances their beauty.
The rise in public awareness of the importance of taking care of one's skin is primarily responsible for the physician dispensed skin care product market growth. The market for physician dispensed skin care product has grown as a result of the rising desire among consumers to enhance their facial beauty and seem a certain way. The influence of social media and the expanding number of e-commerce websites offering a wide range of physician dispensed skin care product have significantly increased physician dispensed skin care market sales. The rise of the physician dispensed products and the rising consumer demand for facial aesthetics has also fuelled the market for physician dispensed skin care product. The physician dispensed skin care market has been expanding gradually, and it is anticipated that it will continue as more people become concerned about treating environmental-related skin problems.
COVID-19 Impact: High Demand Facilitated Market Expansion During Pandemic
The global COVID-19 pandemic has been unprecedented and staggering, with physician dispensed skin care product market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
The majority of markets experienced losses as a result of the COVID-19 outbreak in the year 2020. The lockdown that followed in response to the pandemic hindered the development of several industries. They were forced to stop production and other business operations, which had a detrimental impact on the revenues of the various marketplaces. Similarly, during the pandemic's early stages, the market for physician dispensed skin care product experienced a fall in sales since there weren't enough produced items available. The demand for physician dispensed skin care product was high despite the disrupted global supply chain, which aided in the market's growth during the outbreak.
Latest Trends
"Introduction Of Custom Products Could Augment Market Value"
The physician dispensed skin care product market is anticipated to grow further due to the launch of various custom-made skin care products. Customers are looking for items specifically designed for their problem as skin concerns become more prevalent. The market for physician dispensed skin care product is estimated to expand during the forecast period as a result of the custom-made skin care products ability to penetrate deeper into the skin and treat skin problems while also providing better and smoother final results for consumers.
Physician Dispensed Skin Care Product Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into skin care products and eye care products. Skin care products segment is predicted to drive the market by type during the forecasted market years.
- By Application Analysis
Based on application, the market can be divided into hospital pharmacy, retail pharmacy, and online sales. Hospital pharmacy segment is anticipated to lead the market by application during the forecast years of 2021-2027.
Driving Factors
"Growing Popularity Of E-Commerce Sites Proliferate Market Expansion"
Numerous e-commerce websites are aggressively promoting the recently added, innovative physician dispensed skin care product worldwide. Since the pandemic, more individuals are considering online purchases, which has increased their possibilities for purchasing skin care products. This development has largely contributed to the success of the physician dispensed skin care products market in recent years.
"Increasing Skin Issues Drives Product Demand"
The world's population has become more susceptible to a variety of skin conditions due to the escalating environmental problems brought on by the planet's continually changing climate. The increase in airborne environmental contaminants, which injure the skin and contribute to conditions including acne, moles, skin cancer, hyperpigmentation, and others, is the primary factor driving the market for physician dispensed skin care product. Consumers' knowledge of the importance of appearance is another factor driving the industry.
Restraining Factors
"High Competition In The Market To Hamper Its Growth"
The development of numerous important companies has adorned the market and helped the market expand significantly as a result of the physician dispensed skin care products market's meteoric rise in popularity over the past few years. However, as more companies enter the market, there is more competition, which has increased the number of options available to consumers. The market for physician prescribed skin care products is suffering as a result of the abundance of available options. Since many individuals rely on online reviews, the physician dispensed skin care market may hamper the product demand in the market.
Physician Dispensed Skin Care Product Market Regional Insights
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"North America Dominates Market Due To High Awareness"
North America holds most of the physician dispensed skin care product market shares. This is due to the area being home to many well-informed consumers who, by wanting a particular aesthetic style, are assisting in the market's expansion. The market for physician dispensed skin care product is expanding rapidly in the North American region due to the accessibility of a wide range of cutting-edge goods.
The majority of market shares for physician dispensed skin care product are held by the European area, which is ranked second. Due to increased research and development efforts aimed at expanding the market, the European region is expanding. The market for physician administered skin care products in the region is flourishing for the same reasons that the North American market is: a greater awareness of achieving certain facial aesthetics.
Key Industry Players
"Key Players Focus on Partnerships to Gain a Competitive Advantage "
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
List of Market Players Profiled
- Revision skincare (U.S.)
- Jan marini Skincare (U.S.)
- Skinceuticals (U.S.)
- La Roche-Posay (United Kingdom)
- Bausch Health (Canada)
- Allergan (U.S.)
- Biopelle (U.S.)
Report Coverage
This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors such as segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 1828.97 Million in 2021 |
Market Size Value By |
US$ 3580.87 Million by 2031 |
Growth Rate |
CAGR of 6.95% from 2021 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global physician dispensed skin care product market expected to touch by 2031?
The global physician dispensed skin care product market is expected to touch USD 3580.87 million by 2031.
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What CAGR is the physician dispensed skin care product market expected to exhibit during 2024-2031?
The physician dispensed skin care product market is expected to exhibit a CAGR of 6.95% over 2024-2031.
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Which are the driving factors of the physician dispensed skin care product market?
Growing popularity of e-commerce sites and increasing skin issues due to environmental pollutants have been driving the physician dispensed skin care product market.
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Which are the top companies operating in the physician dispensed skin care product market?
Some of the top companies operating in the physician dispensed skin care product market are: Revision skincare (U.S.), Jan marini Skincare (U.S.), Skinceuticals (U.S.), La Roche-Posay (United Kingdom), and Bausch Health (Canada)
