Cosmetovigilance Market

Global Cosmetovigilance Market Size (2023 to 2028)

The global market size for cosmetovigilance is expected to grow at a CAGR of 6.68% from 2023 to 2028. As a result, the market size is predicted to reach a value of USD 4.9 billion by 2028 from USD 3.55 billion in 2023.

The main goal of cosmetovigilance is to spot the adverse effects of cosmetic products and stop them by taking the appropriate safeguards. The purpose of cosmetovigilance is to prevent the harmful effects of cosmetics on human skin, examine the effects of cosmetics on human health, and perform routine inspection or detection of cosmetics. These functions include monitoring cosmetics after they have been sold, supervising clinical testing of the goods, and determining whether they are eligible for sale, managing the database of complaints filed regarding the product or a specific component used in that product, and managing the database of complaints.

Cosmetovigilance is the result of combining the phrases pharmacovigilance and cosmetics. Pharmacovigilance is the collection, detection, assessment, measurement, and prevention of adverse drug reactions. On the other hand, cosmetics are products that individuals employ to modify, enhance, or otherwise improve their looks. Combining the properties of both gives us cosmetovigilance.

Impact of COVID-19 on the global cosmetovigilance market:

Numerous effects of the epidemic are felt around the world. For instance, Covid 19 destroyed several industries due to lockdowns, quarantines, and limitations on the manufacture of goods and the delivery of services. Examples include the difficulty in treating patients with chronic illnesses because of inadequate hospital resources and the significant impact on the healthcare business of the surge in demand for healthcare personnel. Additionally, due to the pandemic, all hospital personnel and resources were redirected to care for COVID-19 patients.

Like in several other markets, the COVID-19 pandemic had a severe negative impact on the cosmetovigilance market due to the significant reduction in the sales of cosmetic products owing to the disruptions in the demand and supply chains of products and the fact that cosmetics are not a necessity and more of a luxury that people wouldn't pay much attention to during a pandemic. Additionally, as the healthcare and medical staff all shifted their research and treatment attention entirely towards the vaccine for covid-19, the other healthcare research was temporarily on hold, including cosmetovigilance procedures. Therefore, the market had a negative impact from the pandemic.

MARKET DRIVERS:

The prevalence of more prominent platforms and channels for reporting incidents related to the use of cosmetic products is one of the major factors propelling the cosmetovigilance market.

An increase in incidents involving the use of potentially hazardous materials in the production of cosmetics to improve the appearance and consumer awareness of improvements in the aesthetic appeal are contributing to the growth rate of the cosmetovigilance market. In addition, due to social media, the promotional impact on cosmetic products has grown significantly, resulting in the highest number of sales and fuelling the need for cosmetovigilance. As a result, the demand for cosmetovigilance is growing considerably in the regions such as Asia Pacific and Latin America, where the adoption of cosmetics is high among young people.

Rising innovations and government focus on promoting the cosmetovigilance market growth.

Technological developments, the launch of innovative products, the construction of a reliable surveillance system, the development of cosmetovigilance software solutions, and the simplification of the cosmetovigilance process are anticipated to promote the market’s growth rate. Furthermore, the government's burdensome regulations for reporting the impacts of cosmetics, increasing cosmetovigilance market awareness, rising disposable incomes, and changing lifestyles that favor the development of the outward appearance are projected to promote the cosmetovigilance market growth.

MARKET RESTRAINTS:

The growth of the cosmetovigilance market is expected to be restrained due to a scarcity of proper awareness regarding the importance and existence of the market, especially in developing regions. In addition, the pandemic's ill effects have also led to the market's downfall. 

REPORT COVERAGE:

This report on the global cosmetovigilance market has been segmented and sub-segmented into service type, reported categories, service providers, and region.

Global Cosmetovigilance Market - By Service Type:

• Pre-Marketing Services
  • Document Writing 
  • Clinical Safety Testing
  • Risk Management
  • Others
• Post-Marketing Services
  • Case Triage
  • Case Intake
  • Data Entry & Acquisition
  • Tracking And Reporting
  • Others

Based on the service type, the pre-marketing segment is anticipated to grow at the fastest CAGR during the forecast period due to the requirement to evaluate the safety and effectiveness of the cosmetic product. The highly regulated pre-marketing processes include clinical and animal testing. The post-marketing services sector is predicted to grow throughout the forecast period. The propensity toward unfavorable effects (UEs) and severe adverse effects (SUEs) connected with cosmetics has raised the necessity for cosmetovigilance services.

Global Cosmetovigilance Market - By Reported Categories:

• Perfumes And Deodorants
• Skincare
• Makeup
• Haircare
• Hair Colorants
• Others

Based on the reported categories, the haircare segment accounted for the largest share of the cosmetovigilance market worldwide in 2022, owing to the rising use of hair care as a solution to pertaining problems like hair fall, thinning, dandruff, etc., and the occurrence of ADR related to hair care products. As a result, the demand for hair care is growing.

Global Cosmetovigilance Market - By Service Providers:

• Business Process Outsourcing (BPOs)
• Clinical Research Organizations (CROs)

Due to the growing trend of outsourcing clinical trials, clinical research organizations are projected to be the most lucrative industry. However, the business process outsourcing (BPO) segment is anticipated to expand throughout the projected period. In addition, businesses are outsourcing surveillance tasks more frequently, fuelling segment expansion. Future expansion will also be aided by using modern Cosmetovigilance technologies by business process outsourcing firms.

Global Cosmetovigilance Market - By Geography:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

The European region is expected to dominate the market during the forecast period. Due to the widespread use of cosmetics in the area and the strict regulations regarding the use of cosmetic products in the EU, businesses are placing more emphasis on developing safe cosmetics. The regulations set forth by the EU require companies to gather and evaluate reports of adverse health effects from their marketed cosmetic products. A centralized procedure for reporting unfavorable cosmetic item occurrences is leading the region's market to flourish.

The North American market is also expected to grow significantly during the forecast period due to the significant consumer spending on cosmetics, support from the local government for reporting adverse cosmetic effects, customer concern for appearance and attractiveness, and worry over the safety of components used in cosmetic items.

The Asia- Pacific market will also flourish due to the continuously changing lifestyles in the region and the increased concerns about beauty and appearance, along with an increase in disposable incomes for the countries like China and India.

KEY MARKET PLAYERS:

There are several dominant organizations in the cosmetovigilance market from different regions. Some of them are ZEINCRO, Cliantha, PharSafer, FMD K&L, Freyr, OC Vigilance, MSL Solutions, Skill Pharma, Poseidon CRO, iSafety, AxeRegel, KMJ Pharma, TheraSkin, and Pure Drug Safety.

RECENT HAPPENINGS IN THIS MARKET:

• In September 2022, according to a report from Thai PBS World, Thailand's Food and Drugs Authority announced that it had limited the use of kratom in food and cosmetics, pending more studies in public safety. In addition, while kratom, hemp, and cannabis have all been decriminalized, allowing for the possibility of their usage in consumer products, the latter is categorized as a food ingredient and needs further research and paperwork before being approved for commercial use, while the former two do not.
• In August 2022, Dove, a worldwide beauty brand owned by Unilever, is attempting to persuade more European customers to support the EU's ban on animal experimentation in one final push towards cruelty-free cosmetics. To encourage customers to sign the European Citizens' Initiative titled "Save cruelty-free cosmetics - Commit to a Europe without animal testing," Dove and The Body Shop established cooperation with several top international animal protection organizations in August last year. In addition, it urges the European Commission to modernize EU research, change EU chemical regulations, and safeguard and reinforce the ban on animal cosmetics experimentation.