Global Physician Dispensed Skincare Market Reached Valuation of US$ 4.2 Bn by 2034; Expected to Grow at a CAGR of 7.4% over the Forecast Period (2024 – 2034)
Wilmington, Delaware, May 31, 2024 (GLOBE NEWSWIRE) — Physician dispensed skincare has emerged as a dynamic segment within the broader skincare market, offering advanced formulations and personalized solutions for various dermatological concerns. With the increasing emphasis on aesthetics, coupled with rising awareness regarding skincare among consumers, this market has witnessed substantial growth in recent years. In this article, we delve into the growth drivers, opportunities, and trends propelling the physician dispensed skincare market forward.
With growing concerns about skin health and appearance, there is a rising demand for skincare products that offer effective solutions for conditions such as aging, acne, hyperpigmentation, and skin sensitivity. Physician dispensed skincare products are often formulated with higher concentrations of active ingredients, making them more potent and efficacious than over-the-counter alternatives. As disposable incomes rise worldwide, individuals are increasingly willing to invest in premium skincare products recommended by dermatologists and skincare professionals. The growing popularity of aesthetic procedures such as chemical peels, laser treatments, and injectables has created a complementary demand for post-procedure skincare regimens, further driving the growth of the physician dispensed skincare market.
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The global demographic shift towards an aging population is creating a significant opportunity for physician dispensed skincare products targeting age-related concerns such as wrinkles, sagging skin, and age spots. With consumers increasingly prioritizing preventive skincare measures to maintain youthful skin, there is a growing market for anti-aging formulations backed by clinical evidence. As consumers become more conscious of the ingredients they apply to their skin, there is a rising demand for natural and organic skincare products. Physicians are capitalizing on this trend by offering physician dispensed skincare lines formulated with botanical extracts, antioxidants, and other natural ingredients, catering to the preferences of eco-conscious consumers.
Personalized skincare regimens tailored to individual skin types, concerns, and lifestyle factors are gaining traction within the physician dispensed skincare market. Advances in technology, such as genetic testing and artificial intelligence, enable physicians to analyze patients’ skin at a molecular level and recommend customized skincare formulations for optimal results. Consumers are gravitating towards multifunctional skincare products that offer multiple benefits in a single formulation, such as anti-aging, moisturizing, and sun protection properties. Physicians are responding to this trend by formulating skincare products that address multiple concerns simultaneously, offering convenience and efficacy to consumers.
In conclusion, the physician dispensed skincare market presents lucrative opportunities driven by increasing consumer demand for advanced skincare solutions, technological advancements, and evolving consumer preferences. By leveraging these growth drivers and staying abreast of emerging trends, stakeholders in the physician dispensed skincare market can capitalize on the market’s potential and drive continued expansion in the years to come.
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Global Physician Dispensed Skincare Market: Key Takeaways of the Report:
- Acne treatment products are poised to experience rapid growth within the physician dispensed skincare market, with an anticipated revenue share of 18.4%. This surge is fueled by the increasing prevalence of acne-related concerns globally, coupled with the growing demand for effective solutions recommended by dermatologists. Advanced formulations and personalized treatment regimens offered by physicians contribute to the attractiveness of these products, driving their adoption and market expansion.
- In 2023, creams and lotions emerged as the dominant segment within the physician dispensed skincare market, capturing the highest share. This prominence can be attributed to the versatility and widespread applicability of creams and lotions across various skincare concerns, including moisturization, anti-aging, and treatment of dermatological conditions. Physicians recommend these formulations for their efficacy, ease of application, and ability to deliver active ingredients directly to the skin, driving their significant market presence.
- The unisex segment is poised to experience rapid growth in the physician-dispensed skincare market, projecting a revenue share of 17.8% over the forecast period. This surge can be attributed to the increasing demand for skincare products that cater to both genders, reflecting a shift towards inclusive beauty standards. With a focus on efficacy and versatility, unisex products appeal to a broader consumer base, driving their accelerated adoption and market expansion.
- Offline segment dominated the physician-dispensed skincare market with a revenue share of 64.7% in 2023. This can be attributed to several factors including the trust consumers place in face-to-face consultations with healthcare professionals, the personalized recommendations offered in brick-and-mortar settings, and the assurance of product authenticity. Many consumers prefer the tactile experience of testing products in-store before making a purchase, further bolstering the offline segment’s stronghold in the market.
- North America emerged as the leading region in the global physician dispensed skincare market in 2023. The region’s advanced healthcare infrastructure, high disposable income facilitating skincare expenditures, increasing awareness of skincare treatments, and a proactive approach to anti-aging solutions. The presence of key market players and innovative product offerings further propelled North America’s leadership position in the market.
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Following are the major companies active within the global physician dispensed skincare market:
- AbbVie Inc.
- Biopelle, Inc.
- Clinique Laboratories, LLC
- Cutera, Inc.
- GALDERMA
- JMSR, Inc.
- La Roche-Posay
- Neutrogena Corp.
- Obagi Medical Products, Inc.
- Procter & Gamble
- SkinCeuticals
- SkinMedica, Inc.
- Stiefel Laboratories, Inc.
- Other Industry Participants
Global Physician Dispensed Skincare Market
By Product Type
- Anti-Aging Products
- Acne Treatment Products
- Skin Lightening and Brightening Products
- Moisturizers and Hydrators
- Sun Protection Products
- Exfoliants and Peels
- Scar Treatment Products
- Others
By Formulation Type
- Gels
- Creams and Lotions
- Toners
- Mask and Peels
- Serums
- Others
By End User
- Women
- Men
- Unisex
By Distribution Channel
- Online
- Offline
- Hospital Pharmacy
- Retail Pharmacy
- Medical Spas
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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