The cosmetovigilance market is poised to record substantial gains backed by favorable government policies and regulations across developed countries. Presence of regulatory bodies and committees that provide an opinion on the safety and health risks associated with the use of cosmetics is anticipated to drive the overall industry growth. For instance, European regulations require the reporting of serious and undesirable effects of cosmetics to product manufacturers and authorities of other member states.
Cosmetics contain several chemical compounds including paraben, coal tar, mercury, lead, 1,4-dioxane, mineral oil and methylisothiazolinone that can cause various skin problems like rashes, burning, allergy and acne. The need to prevent such severe side effects of cosmetics on human health could drive the requirement for cosmetovigilance.
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Conceived with the notion of consumer health and well-being, the global cosmetovigilance market is strictly governed by a regulatory frame of reference. The term ‘cosmetovigilance’ alone, indicates a form of health public surveillance targeted at ensuring public health. Aided by increasing disposable incomes and higher standards of living, the cosmetic industry has been on a roll lately, expanding into arenas that are more treatment-based and drug-driven, inviting strict monitoring and adherence to certain regulations. This has consequently had a drastic impact on the commercialization scale of cosmetovigilance market, currently characterized by the rising number of risks associated with specific cosmetics and the rising cases of adverse incidences reported, pertaining to cosmetics-induced skin allergies.
Speaking of favorable regulatory support, it is vital to mention that Europe stands tall in the global cosmetovigilance market landscape as far as the government mandates pertaining to cosmetic production and supply are concerned. Cosmetic product manufacturers, under the new EU Regulation (EC) No 1223/2009, are required to provide all the information about their products there is, in a clear, precise manner, to the respective Regulatory Authorities. The companies need to provide details about their cosmetic product formulation and the safety assessment profiles of these products as well, derived from reports obtained from Health Care Professionals, Consumers, National Competent Authorities, Aesthetic Professionals, and scientific literature.
Increasing incidence of harsh effects such as infections caused by cosmetics could fueling the need for pre-marketing services such as clinical safety testing, risk management and document writing. The segment is expected to grow by 6.8% until 2025. In a bid to protect customers from such side-effects, safety tests such as photosensitization that ensures quality of the cosmetics are being conducted. Growing implementation of these safety tests will propel the cosmetovigilance industry expansion.
European regulatory bodies examine the chemical safety and encourage manufacturers to make skin-friendly cosmetics. Favorable government policies and spread of awareness regarding cosmetic ingredients will boost the need for cosmetovigilance services in the region. Estimates suggest that the Europe cosmetovigilance market could grow over 6.2% by 2025.
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Partial Chapter of the Table of Content
Chapter 5. Cosmetovigilance Market, By Reported Categories
5.1. Key segment trends
5.2.1. Market size, by region, 2014-2025 (USD Million)
5.3.1. Market size, by region, 2014-2025 (USD Million)
5.4.1. Market size, by region, 2014-2025 (USD Million)
5.5. Perfumes and deodorants
5.5.1. Market size, by region, 2014-2025 (USD Million)
5.6. Hair colorants
5.6.1. Market size, by region, 2014-2025 (USD Million)
5.7.1. Market size, by region, 2014-2025 (USD Million)
Chapter 6. Cosmetovigilance Market, By Service Provider
6.1. Key segment trends
6.2. Clinical Research Organizations (CROs)
6.2.1. Market size, by region, 2014-2025 (USD Million)
6.3. Business Process Outsourcing (BPOs)
6.3.1. Market size, by region, 2014-2025 (USD Million)
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