Global Cosmetovigilance Market was valued at US$ 2.6 Bn in 2019 and is expected to reach US$ 5.1 Bn
by 2027, at a CAGR of 8.79% during the forecast period.
The report includes an analysis of the impact of COVID-19 lockdown on the revenue of market leaders,
followers, and disruptors. Since the lockdown was implemented differently in various regions and
countries; the impact of the same is also seen differently by regions and segments. The report has
covered the current short-term and long-term impact on the market, and it would help the decision-
makers to prepare the outline and strategies for companies by region.
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Global Cosmetovigilance Market Dynamics:
The increased risk associated with the use of cosmetic products is expected to drive cosmetovigilance
industry growth during the forecast period. Cosmetics like skin brightening creams, moisturizers, and
skin ointments contain several chemical compounds that may not suit every individual and may
generate a certain type of skin reaction resulting in high demand for cosmetovigilance services. In
addition, beauty products and shampoos can also cause skin irritations and rashes.
Adverse events are reported against these conditions that prove beneficial for industry growth as it
upsurges the demand for fixation of the condition. However, lack of awareness regarding
cosmetovigilance in developing and underdeveloped countries will hinder cosmetovigilance market
growth in the predictable future.
Global Cosmetovigilance Market Segment Analysis:
Based on a service provider, the business process outsourcing (BPO) segment is projected to show over
6% CAGR during the forecast period. Increasing preference of companies towards outsourcing vigilance
activities to retain its focus on the company’s core competencies will favor segmental growth. The
growing adoption of advanced cosmetovigilance software by business process outsourcing firms will
further accelerate business growth.