Cosmetovigilance Global Market Report 2024

The cosmetovigilance market has grown strongly in recent years. It will grow from $3.22 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%.The expansion observed during the historic period can be credited to several factors, including a focus on regulatory compliance, heightened consumer awareness, requirements for reporting adverse events, the global expansion of markets, and the emphasis on brand protection.

The cosmetovigilance market is expected to see strong growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.The anticipated growth in the forecast period can be linked to a variety of factors, including a rise in regulatory scrutiny, heightened consumer demand for transparency, evolving market dynamics in emerging markets, challenges associated with globalization, increased collaboration with regulatory bodies, and rapid innovation in product development. Major trends expected in the forecast period include the integration of big data analytics, strategic partnerships for data sharing, a heightened focus on post-market surveillance, initiatives for consumer education, and an increased integration with pharmacovigilance practices.

The anticipated growth in the cosmetovigilance market is propelled by the increasing usage of cosmetics. Cosmetics, encompassing products used on the human body for various purposes, have seen a rise in demand. Cosmetovigilance plays a crucial role in helping consumers understand the quality and safety of cosmetic products. With a focus on safety monitoring, the growing usage of cosmetics creates a heightened demand for cosmetovigilance. For instance, in April 2023, premium beauty sales in the U.S. for Q1 2023 witnessed a significant year-over-year increase of 16%, reaching $6.6 billion, as reported by Global Cosmetic Industry. Additionally, in January 2021, skincare product sales in the U.S. rose by 13%, while makeup sales increased by 1%, according to information shared by Automat.ai, a Canada-based business services and software company. This surge in cosmetic usage is a key driver for the growth of the cosmetovigilance market.

The expanding reach of social media platforms is also expected to contribute to the growth of the cosmetovigilance market. Social media platforms, serving as online spaces for content creation and sharing, have become influential channels for communication. Consumers now have increased access to information about cosmetics and personal care products through these platforms, where they can share experiences, express concerns, and provide feedback. This heightened awareness contributes to the identification of potential adverse reactions or safety issues related to cosmetic products. For example, as of September 2022, Meta reported an average of 1.98 billion daily active users on Facebook, reflecting a 3% year-over-year increase. The increasing expansion of social networking platforms plays a significant role in driving the growth of the cosmetovigilance market.

The projected growth in the cosmetovigilance market is driven by increasing awareness among people regarding personal care. Personal care products, utilized for hygiene, grooming, and beautification, have gained significant attention, prompting individuals to seek high-quality and safe products. Cosmetovigilance plays a crucial role in analyzing the safety monitoring of personal care items, assisting consumers in making informed choices. For example, in 2023, according to Cosmetics Europe, 500 million consumers use personal care products daily, contributing approximately USD 31.23 billion (€29 billion) annually to the European economy. The growing awareness regarding personal care practices is fueling demand for the cosmetovigilance market.

An emerging trend in the cosmetovigilance market is the implementation of new government regulations. In December 2022, the Modernization of Cosmetics Regulation Act of 2022 (MoCRA) was enacted in the United States, representing a substantial expansion of the FDA's authority over cosmetics. This legislation introduces new requirements for the cosmetic industry, including adverse event reporting, facility registration, and product listing. MoCRA aims to enhance consumer safety by mandating prompt reporting of adverse events and maintaining safety substantiation records. The FDA will establish regulations for Good Manufacturing Practice, fragrance allergen labeling, and asbestos detection in talc-containing cosmetic products. The legislation offers exemptions for certain small businesses and introduces a Voluntary Cosmetic Registration Program. The FDA has underscored its commitment to implementing and ensuring compliance with the new requirements through webinars outlining MoCRA's key terms and provisions.

In January 2022, BID EQUITY, a Germany-based private equity company, acquired AB Cube, a France-based multi-vigilance software company, including cosmetovigilance. This strategic acquisition positions both companies to provide manufacturers and marketing authorization holders with standardized vigilance procedures across various product categories, ensuring ongoing compliance with FDA, EMA, and MHRA regulations. The move reflects a commitment to strengthening cosmetovigilance practices in response to evolving regulatory landscape and market needs.

Major companies operating in the cosmetovigilance market report are 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.

Europe was the largest region in the global cosmetovigilance market in 2023. The regions covered in the cosmetovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the cosmetovigilance market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary service types within cosmetovigilance are pre-marketing services and post-marketing services. Post-marketing services encompass activities such as maintaining product authorization, registering variations or renewals, conducting routine inspections of producers, wholesalers, distributors, and retailers, quality control testing, pharmacovigilance, overseeing promotion compliance, publicly reporting subpar products, managing market complaints, and facilitating the removal and disposal of non-compliant products. The reported categories of products include skincare, makeup, haircare, perfumes and deodorants, hair colorants, and others. These services are typically provided by various service providers, including clinical research organizations (CROs) and business process outsourcing (BPO) entities.

The cosmetovigilance market research report provides cosmetovigilance market statistics, including cosmetovigilance industry global market size, regional shares, competitors with a cosmetovigilance market share, detailed cosmetovigilance market segments, market trends, and opportunities, and any further data you may need to thrive in the cosmetovigilance industry. This cosmetovigilance market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The cosmetovigilance market includes revenues earned by providing adverse event reporting, risk assessment, regulatory compliance, safety monitoring, and quality management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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