The global cosmetovigilance market is estimated to grow over the forecast year. The rise in importance of aesthetic appearance, increase in the purchasing power of developing countries and growing acceptance of consumer towards cosmetic products are key growth drivers for this market. Cosmetovigilance helps cosmetic industry to comply with safety regulations.
The cosmetovigilance market is segmented on the basis of service type into pre-marketing and post-marketing. Pre-marketing segment is anticipated to be fastest growing segment owing to the need of evaluating the safety and efficacy of the cosmetic product. Pre-marketing activities include clinical and animal testing that are highly regulated.
The cosmetovigilance market is segmented as per category into skincare, makeup, haircare, perfumes and deodorants, hair colorant and others. The haircare category is projected to grow owing to rising usage and incidences of ADR pertinent to haircare product. Hence, cosmetovigilance industry would be driven by the haircare segment
Based on service provider, the market is bifurcated into Clinical Research Organizations (CROs) and Business Process Outsourcing (BPO). The clinical research organization is anticipated to be the lucrative segment owing to rising trend of clinical trials outsourcing
High awareness regarding personal care and adverse effect of cosmetic product are responsible for dominant regional share of North America compared to other regions. Asia Pacific is anticipated to grow due to the increase in disposable income levels and rising number of CRO providing cosmetovigilance services in near future.
The key players operational in this market are iSafety, ZEINCRO, Skill Pharma, FMD K&L, Poseidon CRO, MSL Solution Providers, AxeRegel, Pharmathen, Cliantha, PharSafer, Freyr and OC Vigilance. The need for safer and regulated cosmetic product to ensure null adverse effect would drive the cosmetovigilance market in near future.
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