Global Cosmetovigilance Market Size 2024, Forecast To 2033
6 Mar, 2024
The cosmetovigilance market has experienced robust growth in recent years, escalating from $3.22 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. This growth during the historical period is attributed to factors such as regulatory compliance, heightened consumer awareness, requirements for adverse event reporting, the expansion of the global market, and the imperative need for brand protection. Moving forward into 2028, the market is poised for continued strength, reaching $4.66 billion at a CAGR of 7.5%. Projected growth in the forecast period is linked to factors such as the intensification of regulatory scrutiny, increasing consumer demand for transparency, the evolution of emerging market dynamics, challenges posed by globalization, collaborative efforts with regulatory bodies, and the rapid innovation of products. Notable trends in the forecast period encompass the incorporation of big data analytics, the establishment of strategic partnerships for data sharing, a heightened emphasis on post-market surveillance, consumer education initiatives, and the integration with pharmacovigilance practices.
Global Cosmetovigilance Market Key Driver
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, U.S. premium beauty sales for Q1 2023 increased 16% year over year and reached $6.6 billion. Further, in January 2021, 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.
Get A Free Sample Of The Global Cosmetovigilance Market ReportGlobal Cosmetovigilance Market Segments
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)
By Geography:The regions covered in the cosmetovigilance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Europe was the largest region in the global cosmetovigilance market in 2023. The regions covered in the cosmetovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Cosmetovigilance Industry Players
PharSafer Associates Ltd., Zeincro GmbH, Skill Pharma Limited, ClinChoice Inc., Poseidon Clinical Research Organization GmbH, AxeRegel AG, Freyr Solutions LLC, OC Vigilance SAS, Pure Drug Safety Inc., Société Générale de Surveillance, Coronis Research S.A., Biorius Inc., B&B Associates LLP, Pharma IQ LLC, Medwork GmbH, iSafety S.L., MSL Solution Providers LLC, Pharmathen SA, Cliantha Research B.V., Veristat LLC, ClinAudits Inc., ProPharma Group International, PrimeVigilance LLC, Arriello Group, Qserve Group Limited, PharmaLex GmbH, ELC Group LLC, Groupe PARIMA, Quality Assistance LLC, PharmInvent NV
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Cosmetovigilance Market Overview
Cosmetovigilance refers to industry-wide monitoring to address the security of cosmetics products through a regular monitoring service of cosmetics concerning the regulatory compliances provided by the authorities. It is used for gathering, assessing, and monitoring spontaneous reports of unfavorable outcomes noticed during or after typical or reasonably foreseeable cosmetic product usage.
Cosmetovigilance Global Market Report 2023 provides data on the global cosmetovigilance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The cosmetovigilance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.