North America Cosmetovigilance Market Share, Size, Trends, Industry Analysis Report, By Service Type (Skincare, Make-up, Haircare, and Perfume & Deodorants); By Service Type; By Phase Type; By Country; Segment Forecast, 2024 - 2032
- Published Date:Apr-2024
- Pages: 119
- Format: PDF
- Report ID: PM4866
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
North America cosmetovigilance market size was valued at USD 4.10 billion in 2023. The market is anticipated to grow from USD 4.31 billion in 2024 to USD 6.54 billion by 2032, exhibiting the CAGR of 5.3% during the forecast period.
Market Overview
Increasing consumer awareness about the ingredients used in cosmetic products, regulatory requirements, advancements in technology, and globalization of the cosmetic industry are prominent factors escalating the demand for cosmetovigilance. Also, the growing research & development activities in cosmetovigilance by major pharmaceutical and beauty companies to identify the risks and safety issues associated with their products is expected to propel global market growth at a rapid pace.
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Furthermore, the growing incidences of adverse effects of cosmetics on pregnancy and children as well are further creating demand for effective cosmetovigilance services as it has been reported that the use of hair dyes and hair-strengthening products are associated with several adverse effects in the first trimester of pregnancy. In addition, harmful ingredients present in baby products like Bromo, diocesan, and nitripropane led to skin irritation and allergies, thereby driving the demand for cosmetovigilance to ensure the quality of such products.
Growth Factors
Stringent regulations in the cosmetic sector to drive north america cosmetovigilance market growth
The substantial increase in the number of stringent government regulations to ensure the safety and efficacy of cosmetic products is driving the demand for cosmetovigilance services among leading cosmetics manufacturers. Major regulatory bodies like the U.S. Food and Drug Administration and the Consumer Product Safety Commission continuously impose stricter guidelines that must be complied with while developing cosmetic products; thereby, the need for innovative cosmetovigilance services is growing rapidly. For instance, in December 2023, the U.S. Food and Drug Administration (FDA) announced the Modernization of Cosmetics Regulation Act of 2022 to regulate cosmetics. The law ensures the safety and efficacy of cosmetic products used by consumers on a daily basis.
Growing advances in technology and integration to spur market growth
Several advances in cosmetovigilance software solutions and other technologies, like artificial intelligence and machine learning, have improved the accuracy and capabilities of cosmetovigilance services and drastically boosted their demand. Furthermore, key companies are looking for the integration of cosmetovigilance with pharmacovigilance to develop enhanced safety assessing techniques and streamline the overall monitoring efforts, which will foster the market’s growth.
Restraining Factors
Lack of awareness and knowledge about risks with cosmetics to restrain growth
A significant portion of the population is not aware of potential risks and side effects associated with the use of cosmetic products, which is one of the key factors restraining the global market's growth. Moreover, compliance with regulatory standards for cosmetics quality and safety can be expensive, mainly for emerging companies and SMEs, further hampering the market's growth.
Report Segmentation
The market is primarily segmented based on category, service type, phase type, and country.
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By Service Type |
By Phase Type |
By Category |
By Country |
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By Category Insights
The perfume & deodorants segment is expected to witness the highest growth.
The perfume & deodorants segment is expected to grow at a rapid pace. Segment’s growth is attributable to increased concerns among people regarding the harmful ingredients used in perfumes & deodorants like phthalates, triclosan, and talc and their negative impacts on human skin, including allergic reactions and skin irritation. As the knowledge among consumers about the potential risks associated with such kinds of ingredients is increasing, the demand for cosmetovigilance is rising to ensure people that they are using the right products.
The skin-care segment held a notable share. The segment’s dominance is attributed to the increasing demand and popularity of transparent and safer skincare products. Additionally, the substantial increase in the number of new skincare product launches necessitates the use of cosmetovigilance to ensure the safety and transparency of products and provide customers with a reliable option.
By Service Type Insights
Post-marketing segment captured the largest north america cosmetovigilance market share in 2023
The post-marketing segment captured the largest share. This dominance is due to their widespread use by pharmaceutical companies to manage or assess the several risks associated with their cosmetic products due to their ability to help in the early detection of side effects and adverse events and enable companies to take needed action on time.
The pre-marketing segment is projected to register substantial growth. This growth is fueled by increasing demand and proliferation for products that have undergone pre-marketing surveillance to ensure the safety and reliability of cosmetic products. Pre-marketing surveillance also helps companies save hefty amounts on product recalls by helping them detect issues early in the product development process, which also contributes to the segment’s growth.
By Phase Type Insights
Phase III segment is expected to witness the highest growth.
The phase III segment is anticipated to exhibit the highest growth rate. Segment’s growth is attributable to the rising importance of this trial as it offers a wide range of information regarding the product's potential interactions, efficacy, and safety before the commercialization of the product. Moreover, companies are heavily investing in phase III cosmetovigilance for the early detection of issues in their products and to provide customers with quality cosmetic products to gain a competitive edge in the market over their competitors.
The Phase IV segment held the majority share. This dominance is accelerated by the growing prevalence of drug testing on a larger patient base and the use of phase IV clinical trials to identify potential adverse medication reactions while providing an extra layer of safety to cosmetics undergoing clinical trials.
Regional Insights
U.S. dominated the regional market in 2023
The U.S. dominated the regional market with a noteworthy share. Region’s dominance is driven by the presence of stringent government regulations regarding the safety and quality of cosmetic products and growing consumer awareness about the side effects associated with chemicals being used in cosmetic products. The introduction of cosmetic products with new formulations and ingredients is resulting in an increased need for solutions to monitor and assess products, thus driving the demand for efficient cosmetovigilance services. For instance, in October 2022, Givaudan announced the launch of a new fragrance with sustainable ingredients to cater to the demand for natural and sustainable products from consumers.
Canada will grow at a rapid pace, owing to the availability of stringent regulations regarding the safety and labeling of cosmetic products and rising consumer disposable income in Canada, which allows them to spend more on premium and safer cosmetics products that are tested for side effects and adverse reactions. For instance, as per the Canadian Cosmetic Cluster, the average spending of a consumer on skincare is 264 Canadian dollars every year in Canada, and skincare products are the second most purchased items after haircare.
Key Market Players & Competitive Insights
Investments in R&D and new technologies incorporation to drive competition
The North American cosmetovigilance market is highly consolidated and anticipated to witness competition with the presence of numerous players. Major players compete on several factors, such as significant investments in research and development activities and the incorporation of new and advanced technologies that improve product capabilities and characteristics.
Some of the major players operating in the global market include:
- AdverseEvents Inc.
- BioPharm Systems
- Bio-Rad Laboratories Inc.
- Clarivate Analytics
- Clinical Resolution Laboratory Inc.
- Estee Launder Companies
- Johnson & Johnson Consumer Inc.
- Pharmacovigilance Services
- Procter & Gamble
- Toxikon Corporation
Recent Developments in the Industry
- In March 2023, ClinChoice Medical Development announced the acquisition of CROMSOURCE, a service contract research organization with seven subsidiaries in the US. This acquisition will strengthen the company’s capabilities and services, including pharmacovigilance, cosmetovigilance, toxicology, and others.
Report Coverage
The North American cosmetovigilance market report emphasizes key regions across the globe to provide users with a better understanding of the product. The report also provides market insights into recent developments and trends and analyzes the technologies that are gaining traction around the globe. Furthermore, the report covers an in-depth qualitative analysis pertaining to various paradigm shifts associated with the transformation of these solutions.
The report provides a detailed analysis of the market while focusing on various key aspects such as competitive analysis, category, service type, phase type, and futuristic growth opportunities.
North America Cosmetovigilance Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 4.31 billion |
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Revenue forecast in 2032 |
USD 6.54 billion |
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CAGR |
5.3% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
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Country scope |
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Competitive Landscape |
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Report Format |
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Customization |
Report customization as per your requirements with respect to countries and segmentation. |
FAQ's
The North America cosmetovigilance market size is expected to reach USD 6.54 billion by 2032
Key players in the market are BioPharm Systems, Bio-Rad Laboratories, Clinical Resolution Laboratory
North America cosmetovigilance market exhibiting the CAGR of 5.3% during the forecast period.
The North America Cosmetovigilance Market report covering key segments are category, service type, phase type, and country
