April 07, 2020
According to the research report titled ‘Cosmetovigilance Market Size By Service Type, By Reported Categories, By Service Provider Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report LLC, the global cosmetovigilance market is expect to surpass USD 4 billion by 2025.
Favorable government regulations which promote healthy and safe cosmetic products are driving the cosmetovigilance market growth. Cosmetics comprise of various compounds such as lead, mercury, methylisothiazolinone, paraben, mineral oil, 1,4-dioxane and coal tar which can result in acne, burning, rashes and allergy among the users. The potential risks associated with utilization of cosmetic products are further aiding the market expansion. However, lack of awareness about cosmetovigilance in emerging economies may hinder the overall market growth.
As per service type, the report states that pre-marketing services segment is expected to grow with a CAGR of 6.8% during 2019-2025. Increased pervasiveness of side effects associated with cosmetic products and rising adoption of safety tests are fueling the segmental growth.
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In terms of reported categories, perfumes & deodorants segment held 11% revenue share in 2018 and will witness consistent growth throughout the forecast period. Perfumes and deodorants comprise of aluminum chloride hexahydrate, triclosan, paraben and fragrances that can result in skin cancer, irritation and burning.
Based on service provider, cosmetovigilance market share from BPOs (business process outsourcing) is presumed to expand with a CAGR of 6% between 2019 and 2025. Increasing awareness pertaining to cosmetovigilance and advantages of BPO such as speed and cost effectiveness are facilitating the business scenario.
As per regional analysis, the report cites that U.S. cosmetovigilance market registered 93% revenue share in 2018 and is expected to display continuous growth in the subsequent years. Rising focus on R&D activities along with favorable federal reforms and FDA approvals are augmenting the regional demand.
On the other hand, Europe cosmetovigilance market is expected to grow with a CAGR of 6.2% through 2025, primarily due to increasing consciousness pertaining to cosmetovigilance and favorable European government regulations.
The prominent companies operating in cosmetovigilance market are OC Vigilance, Freyr, PharSafer, Cliantha, Pharmathen, AxeRegel, MSL Solution Providers, Poseidon CRO, FMD K&L, Skill Pharma, ZEINCRO and iSafety.
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