The global cosmetovigilance market size was valued at USD 11.20 billion in 2023 and is anticipated to reach around USD 17.60 billion by 2033, growing at a CAGR of 4.62% from 2024 to 2033.
To Access our Exclusive Data Intelligence Tool with 15000+ Database, Visit: Precedence Statistics
The Europe cosmetovigilance market size was estimated at USD 4.23 billion in 2023 and is projected to surpass around USD 6.65 billion by 2033 at a CAGR of 4.40% from 2024 to 2033.
North America is expected to witness the fastest growth rate in the cosmetovigilance market during the forecast period. The growth of the market in the region is attributed to the increasing consumer spending on cosmetic products, the presence of stringent government regulation, rising awareness about the safety of cosmetics products, and growing awareness amongst consumers concerning appearance, beauty, and appeal. In addition, favorable government support regarding reporting undesirable or adverse effects of cosmetics and increasing concern of the government about the safety of ingredients used in cosmetic products to protect from hazardous chemicals. Thus, this is expected to boost the cosmetovigilance market growth in the North American region during the forecast period.
The European cosmetovigilance market is expected to grow at a rapid CAGR during the forecast period. Several factors will influence the regional market growth positively, including high consumer expenditure on cosmetics, growing consciousness concerning personal health, and increasing availability of the technologically advanced cosmetovigilance system. Moreover, the implementation of a centralized notification system has improved the current regulatory scenario. Thereby, it has been beneficial for both multinational corporations and non-EU-based businesses.
Cosmetovigilance deals with intense monitoring and evaluation of the safety of cosmetic products. It is crucial to ensure the safety and well-being of consumers who use cosmetic products daily. Cosmetovigilance is also defined as the constant monitoring service of cosmetics products concerning the regulatory compliances offered by authorized authorities. Cosmetovigilance falls on the responsibility of the consumer and their physician. Cosmetovigilance assists in preventing any possible risks against toxic ingredients by reporting adverse effects caused by cosmetics products.
Healthcare professionals must have enough knowledge about ingredients and their associated side effects to provide effective preventive health services to their patients. Generally, the laws for cosmetic products address the safety of products that are used by large populations. Cosmetovigilance involves not only managing the clinical trials and feasibility of commercialization but also continuous monitoring of cosmetics after commercialization.
| Report Coverage | Details |
| Global Market Size in 2023 | USD 11.20 Billion |
| Global Market Size in 2024 | USD 11.72 Billion |
| Global Market Size by 2033 | USD 17.60 Billion |
| Growth Rate from 2024 to 2033 | CAGR of 4.62% |
| Largest Market | Europe |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Segments Covered | By Service Type, By Categories, By Phase Type, and By Service Provider |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver: Increasing use of cosmetics products
The rising use of cosmetics products across the globe is expected to drive the growth of the cosmetovigilance market during the forecast period. Cosmetic products are used on the human body to enhance the aesthetic appearance, contribute to attractiveness, and maintain healthy skin or hair. The cosmetovigilance market has witnessed the increasing use of the technologically advanced cosmetovigilance system.
The integration of innovative technologies assists safety agency bodies in detecting the undesirable effects of cosmetic products. In addition, the rising number of adverse effects related to the use of cosmetics products has fueled the market’s expansion during the forecast period. Thus, the rising adoption of cosmetics products is anticipated to fuel the growth of the cosmetovigilance market during the forecast period.
Restraint: High costs
The high costs associated with implementing and maintaining cosmetovigilance systems are anticipated to hamper the market's growth. The market has also observed a lack of skilled professionals in underdeveloped countries. In addition, a lack of standardized reporting systems and definitions for adverse events in the cosmetics industry in middle and lower-income countries may restrict the expansion of the global cosmetovigilance market.
Opportunity: Stringent government regulation
The presence of stringent government regulation is projected to offer lucrative opportunities to the cosmetovigilance market during the forecast period. Cosmetovigilance is the compilation, evaluation, and monitoring of cosmetic products’ safety concerning human health. The implementation of government regulations for constant inspection on the safety of cosmetics to notice adverse effects of cosmetic products and to deter adverse effects by taking reasonable steps.
By enforcing necessary measures, the government intends to prevent the adverse effects of cosmetics on the human epidermis. Such stringent government regulations compel cosmetic product manufacturers to use appropriate ingredients in cosmetics to protect the human epidermis.
The post-marketing services market segment accounted for the dominant share of the cosmetovigilance market in 2023 and is projected to continue its dominance over the forecast period. This is due to the rising use of cosmetics, which has significantly increased the need for cosmetovigilance services to reduce undesirable effects (UEs) and serious undesirable effects (SUEs). Cosmetovigilance deals with monitoring cosmetic products in terms of safety. The post-marketing surveillance of cosmetics is gaining attention globally; problems related to cosmetics products can be identified and solved, and hence, safety can be achieved.
Cosmetovigilance plays a vital role in post-market surveillance of the cosmetic products that are available to consumers. This post-market surveillance facilitates keeping a record of adverse reactions that may occur with the use of the cosmetic product and performs follow-up corrective actions when required. Cosmetovigilance allows for the control or ruling out of harmful ingredients that may be present in the daily use of cosmetic products. The post-marketing services include case triage, case intake, tracking & reporting, data entry & acquisition, and others.
The pre-marketing services segment is expected to witness considerable growth in the global cosmetovigilance market over the forecast period. This can be attributed to the rising need to evaluate the safety and efficacy of cosmetic products. Moreover, there are several pre-marketing services, including product information files, security assessments, cosmetic product safety reports, and others. Therefore, these services are gaining traction due to the presence of robust cosmetic product pipelines.
The skincare segment held the largest share of the cosmetovigilance market in 2023, and the segment is expected to sustain its position throughout the forecast period. The rapid growth of the segment is attributed to increasing market demand for sunscreens, body lotions, fairness creams, and others. Several different types of face creams and moisturizers are becoming increasingly popular around the world as people are becoming more conscious about their physical appearance as well as about their skin conditions and skin-related diseases. Such supportive factors are bolstering the segment’s growth.
The perfumes and deodorants segment is expected to grow significantly during the forecast period owing to the increasing consumer demand for perfumes and deodorants. The market has observed the rising demand for safe and clinically proven perfume products. The expansion of the increasing number of side effects associated with perfume & deodorant products, such as dizziness, headaches, skin rash, and others, is anticipated to boost the cosmetovigilance market growth.
The clinical research organizations (CRO) segment is anticipated to hold the dominating share of the cosmetovigilance market during the forecast period, owing to the increasing need for clinical trial outsourcing. CROs provide real-time safety management of cosmetics products, which includes pre- and post-market studies. CROs directly connect with clients and regulatory bodies to ensure control at all stages of the project.
The business process outsourcing (BPO) segment is expected to grow at a notable rate in the cosmetovigilance market owing to the rising companies' preferences for outsourcing surveillance activities to focus on their core competencies. Additionally, the rising adoption of advanced cosmetovigilance software by BPO firms is anticipated to accelerate the segment’s growth in the coming years.
Segments Covered in the Report
By Service Type
By Categories
By Phase Type
By Service Provider
By Geography
PROCEED TO BUY :
ASK FOR SAMPLE
No cookie-cutter, only authentic analysis – take the 1st step to become a Precedence Research client
