Global Cosmetovigilance Market to Surpass $4.6 Billion by 2028, Driven by Regulatory Focus and Consumer Awareness - Long-term Forecasts to 2032 - ResearchAndMarkets.com

The "Cosmetovigilance Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.

Regulatory Compliance and Market Expansion Propel Growth

The cosmetovigilance market has seen a robust expansion, growing from $3.22 billion in 2023 to an expected $3.49 billion in 2024, with a compound annual growth rate (CAGR) of 8.6%.

The market is driven by factors such as stringent regulatory compliance, increased consumer awareness, global market expansion, emphasis on brand protection, and the necessity of reporting adverse events. These elements have contributed to the substantial growth seen during the historic period.

Emerging Trends and Market Dynamics

The market is projected to continue its strong growth trajectory, reaching $4.66 billion by 2028, with a CAGR of 7.5%. This anticipated growth is attributed to several factors including heightened regulatory scrutiny, consumer demand for transparency, evolving dynamics in emerging markets, and challenges associated with globalization. The next few years are expected to see key trends such as the integration of big data analytics, strategic partnerships for data sharing, increased focus on post-market surveillance, consumer education initiatives, and tighter integration with pharmacovigilance practices.

Influence of Social Media and Personal Care Awareness

The rising usage of cosmetics goes hand in hand with increased awareness driven by social media platforms, which act as key channels for consumer education and feedback about cosmetic products. This awareness has played an important role in detecting potential adverse reactions or safety concerns. Moreover, heightened public consciousness regarding personal care products urges consumers to seek high-quality and safe items, adding to the growth of the cosmetovigilance market.

Regulatory Developments Shaping the Future

Crucial changes in government regulations, such as the Modernization of Cosmetics Regulation Act of 2022 (MoCRA) in the United States, have reinforced the importance of cosmetovigilance with new mandatory adverse event reporting and increased regulation. Moves such as BID EQUITY's acquisition of a multi-vigilance software company signal a strengthened commitment to standardizing vigilance procedures according to international regulations, thus maintaining market integrity.

Geographic and Segment Overview

Europe emerged as the leading region in the global cosmetovigilance market in 2023. The market has been analyzed across various regions and countries, with the inclusion of Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Service types within this market include comprehensive pre- and post-marketing services, with segmentation across skincare, makeup, haircare, and other product categories. This comprehensive analysis caters to stakeholders interested in the cosmetovigilance market's intricate dynamics, providing a holistic view of the current and forecasted market conditions.

Conclusive Industry Insight

The cosmetovigilance market research consolidates vital statistics and examines future scenarios to guide industry stakeholders. By encompassing adverse event reporting, risk assessment, regulatory compliance, and quality management within its scope, the report is instrumental for those seeking an in-depth understanding of the market's trajectory. The data reflects the revenues from the sale of goods and services within the market, offering a well-rounded picture of the industry's state and potential.

A selection of companies mentioned in this report includes, but is not limited to:

• PharSafer Associates Ltd.
• Zeincro GmbH
• Skill Pharma Limited
• ClinChoice Inc.
• Poseidon Clinical Research Organization GmbH
• AxeRegel AG
• Freyr Solutions LLC
• OC Vigilance SAS
• Pure Drug Safety Inc.
• Société Générale de Surveillance
• Coronis Research S.A.
• Biorius Inc.
• B&B Associates LLP
• Pharma IQ LLC
• Medwork GmbH
• iSafety S.L.
• MSL Solution Providers LLC
• Pharmathen SA
• Cliantha Research B.V.
• Veristat LLC
• ClinAudits Inc.
• ProPharma Group International
• PrimeVigilance LLC
• Arriello Group
• Qserve Group Limited
• PharmaLex GmbH
• ELC Group LLC
• Groupe PARIMA
• Quality Assistance LLC
• PharmInvent NV

For more information about this report visit https://www.researchandmarkets.com/r/5iyc0l

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