The global cosmetovigilance market size was valued at USD 3.1 billion in 2021 and is poised to grow at a significant CAGR of 6.2% during the forecast period 2022-28. Cosmetovigilance is a relatively new concept that combines two terms: pharmacovigilance, which refers to activities such as collecting, detecting, evaluating, measuring, and deterring adverse effects while using medications, and cosmetics, which are products used by humans for the purpose of enhancing, improving attractiveness, or changing appearance. Cosmetovigilance is a service that constantly monitors cosmetics for regulatory compliance supplied by the authorities. It is the systematic and ongoing monitoring of the safety of cosmetics in human health settings. This service not only comprises leading product clinical studies and determining whether the product is commercially viable, but it also provides cosmetics monitoring after they have been sold. This service maintains a database of grievances filed against a product or a specific material utilised in that product, as well as the product's consequences. Its major purpose is to detect negative effects of cosmetic goods and to prevent them by taking appropriate actions.
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Major factors that are expected to boost the growth of the cosmetovigilance market in the forecast period are the impressive stringent guidelines by the authorities concerning the reporting the effects of cosmetics, the obtainability of larger platforms or channels for reporting for the increasing of the prevalence related to the utilization of the cosmetic products and the rise in the incidences concerning the utilization of harmful materials in the production of cosmetics. On the hand, absence of knowledge and the information concerning the obtainability of this service in several advancing countries are a few of the factors further estimated to impede the growth of the cosmetovigilance market in the near future.
The global cosmetovigilance market segmentation:
1) By Type: Skin Care Safety, Hair Colorant Safety, Perfume Safety, Hair Care Product Safety and Others.
2) By Application: Clinical Research Organizations and Business Process Outsourcing.
Due to the rigorous regulations regarding the use of cosmetic goods in the EU, the European area is likely to contribute significantly to the worldwide Cosmetovigilance Market revenue throughout the forecasted timeframe. However, the implementation of a centralised notification system has led to a significant increase in the present regulatory scenario, benefiting both multinational and non-EU firms. This, in turn, is expected to drive European market patterns.
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Some of the major key players in the Cosmetovigilance Market are Pharmathen, Skill Pharma, Cliantha, Poseidon CRO, AxeRegel, PharSafer, Freyr, OC Vigilance, MSL Solutions Providers, FMD K&L, ZEINCRO
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