North America Cosmetovigilance Market Size Worth $6.54 Billion By 2032 | CAGR: 5.3%

The North America cosmetovigilance market size is expected to reach USD 6.54 billion by 2032, according to a new study by Polaris Market Research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing importance of physical appearance among young generation, increasing consumption of cosmetics, and awareness among people about the potential side-effects associated with chemicals used in cosmetics like sulfates, toluene, lead, formaldehyde, and diethanolamine, are key factors fostering the market growth. In addition, the growing availability of counterfeit products that are developed with hazardous chemicals, including mercury, cadmium, talc, and phthalates that led to several health issues, including allergies, skin irritation, and tumors, further propels the need for cosmetovigilance services.

• For instance, in October 2023, counterfeit cosmetics are directly impacting the bottom line of cosmetic companies and emerging as a health hazard. It was estimated that cosmetic companies lost USD 5.16 in sales because of counterfeit products.

Furthermore, there have been several scientific research studies being conducted on cosmetic ingredients having side effects that are contributing to the development of the cosmetovigilance concept. Researchers across the region are increasingly focusing on the exploration of new methods of assessing cosmetic products' safety and efficacy coupled with the development of effective risk management strategies, which are positively impacting the market growth.

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Consumers, especially in developed economies, are becoming more aware of potential risks associated with cosmetics. They are demanding safety and transparency in products and complete labeling of ingredients used in their formulation. This is encouraging companies to invest more in cosmetovigilance services to meet consumer demands and requirements and stay ahead of their competitors.

North America Cosmetovigilance Market Report Highlights

• The perfume & deodorants segment will grow at the highest pace, which is attributed to the rising need to ensure the quality and safety of perfumes & deodorants
• Post-marketing segment accounted for a notable share on account of its significant use in the early detection of issues associated with cosmetic products
• Phase III segment will grow fastest due to its ability to offer several important information regarding product efficacy and safety
• The U.S. dominated the market, owing to the robust presence of leading pharmaceutical companies and consumer awareness about the side effects of cosmetics
• The key market players include BioPharm Systems, Bio-Rad Laboratories, Clinical Resolution Laboratory, Procter & Gamble, and Estee Lauder Companies

Polaris Market Research has segmented the North American cosmetovigilance market report based on category, service type, phase type, and country:

North America Cosmetovigilance, Category Outlook (Revenue - USD Billion, 2019 - 2032)

• Skincare
• Make-up
• Haircare
• Perfume & Deodorants

North America Cosmetovigilance, Service Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Pre-Marketing
• Post-Marketing

North America Cosmetovigilance, Phase Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Pre-clinical
• Phase I
• Phase II
• Phase III
• Phase IV

North America Cosmetovigilance, Country Outlook (Revenue - USD Billion, 2019 - 2032)

• U.S.
• Canada

North America Cosmetovigilance Market Report Scope