30-Sep-2020 | Zion Market Research
As per Zion Market Research, the global cosmetovigilance market was capitalized at USD 2,684.6 Million in 2019 and is predicted to grow at a CAGR of 6.7% between 2020 and 2026. Major players in the global market are ZEINCRO, iSafety, FMD K&L, Skill Pharma, MSL Solution Providers, Poseidon CRO, Pharmathen, AxeRegel, PharSafer, Cliantha, OC Vigilance, and Freyr.
Increasing Adoption Of Cosmetic Goods In Developing And Developed Nations To Power The Growth Of The Global Market
Increasing adoption of cosmetic goods in developing and developed nations will majorly power the growth of the global market. Awareness amongst users related to enhancements in aesthetic appearance will increase the requirement for cosmetics in the years to come. As per Cosmetics Europe, Germany shelled out almost USD 16 billion on cosmetics in 2019. Risks related to cosmetic goods have increased the requirement for cosmetovigilance offerings. Rising number of negative impacts by the employment of cosmetics is predicted to power the growth of the global cosmetovigilance market in the coming period.
Government Rules Regarding Adverse Impacts Reported For Different Cosmetic Goods To Favor Growth Of The Global Market
In addition to this, strict government rules regarding adverse impacts reported for different cosmetic goods will favor growth of the global market. Side effects of cosmetics due to existence of adulterants or impurities are reported that drives growth of the market. Rising awareness amongst users in developed nations related reporting of side effects caused owing to cosmetic goods will power the growth of global cosmetovigilance market. On the other hand, lack of awareness in under developed and developing nations related to cosmetovigilance might hinder market growth over the years to come.
Europe To Maintain Huge Income Share For The Global Market Over The Years To Come
Europe added up for over 1/3rd of the income share for the global market in 2019 and is predicted to maintain the same situation over the years to come due to strict laws for cosmetic goods in the EU. The rules laid by EU need firms to assess and collect reports of side effects on health from their marketed cosmetic goods. In addition to this, launch of centralized alert system has resulted in huge enhancements in the present regulatory situation and has benefitted the non-EU as well as multinational firms. Hence, focus of firms on launching safe cosmetics will increase the regional growth of the market.
Browse the full “Cosmetovigilance Market by Service Type (Pre-Marketing Services [Clinical Safety Testing, Document Writing, Risk Management, and Others], and Post-Marketing Services [Case Intake, Case Triage, Data Entry & Acquisition, Tracking & Reporting, and Others]), by Reported Categories (Skincare, Makeup, Haircare, Perfumes & Deodorants, Hair Colorants, and Others), by Service Provider (Clinical Research Organizations, and Business Process Outsourcing), and by Region: Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 - 2026.” Report at https://www.zionmarketresearch.com/report/cosmetovigilance-market
The global cosmetovigilance market is segmented as follows:
By Service Type
By Reported Categories
By Service Provider
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