Once an evaded vertical of sorts, cosmetovigilance market has now made it to the mainstream in the global healthcare space, governed by a mammoth proportion of regulations crafted for cosmetic product manufacturers. With the perpetual rise in the development and usage of cosmetics worldwide, involving the incorporation of myriad chemicals to cater to the changing beauty and skin care trends, it has become a mandate of sorts for companies to comply with the set rules and regulations as far as cosmetics manufacturing is concerned. The prevalence of a stringent regulatory landscape to monitor the safety and efficacy of cosmetics and the impact of their usage on human health will drive the global cosmetovigilance industry in the years ahead.
Conceived with the notion of consumer health and well-being, the global cosmetovigilance market is strictly governed by a regulatory frame of reference. The term ‘cosmetovigilance’ alone, indicates a form of health public surveillance targeted at ensuring public health. Aided by increasing disposable incomes and higher standards of living, the cosmetic industry has been on a roll lately, expanding into arenas that are more treatment-based and drug-driven, inviting strict monitoring and adherence to certain regulations. This has consequently had a drastic impact on the commercialization scale of cosmetovigilance market, currently characterized by the rising number of risks associated with specific cosmetics and the rising cases of adverse incidences reported, pertaining to cosmetics-induced skin allergies.
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Globally, regional governments and numerous other administrative bodies and safety departments have enforced a number of mandates pertaining to the usage of cosmetics, issued in public health interest. Say for example, in the United States, the FDA ensures the monitoring of the safety of cosmetic products that are being commercialized, and issues action on products deemed to cause harm to the consumer. The FDA has unearthed a number of ways for product monitoring, inclusive of the CIR (Cosmetic Ingredient Review) expert panel, Voluntary Cosmetic Registration Program (VCRP), Product Surveys, Inspections, and Reports from consumers and healthcare providers.
In Japan, the Ministerial Ordinance on Good Vigilance Practice for drugs, quasi-drugs, cosmetics, & medical devices, Article 7, emphasizes on the obligation of MAHs to gather safety information. With the rapid surge in cosmetic manufacturers and the robustly increasing number of beauty products in the mainstream, the spate of regulations for monitoring and surveillance has only served to increase, thereby propelling cosmetovigilance market outlook.
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Speaking of favorable regulatory support, it is vital to mention that Europe stands tall in the global cosmetovigilance market landscape as far as the government mandates pertaining to cosmetic production and supply are concerned. Cosmetic product manufacturers, under the new EU Regulation (EC) No 1223/2009, are required to provide all the information about their products there is, in a clear, precise manner, to the respective Regulatory Authorities. The companies need to provide details about their cosmetic product formulation and the safety assessment profiles of these products as well, derived from reports obtained from Health Care Professionals, Consumers, National Competent Authorities, Aesthetic Professionals, and scientific literature.
Aided by a positive regulatory framework, Europe accrued more than 33% of the global cosmetovigilance market share in the year 2018, and is anticipated to depict an exponential growth rate over the ensuing years. Adding further impetus to the Europe cosmetovigilance industry is the fact that even the European Commission is known to implement specific guidelines for reporting incidences against adverse events, indicating a favorable scenario for potential new entrants to penetrate in the industry.
The cosmetic industry across Europe is also on a steady rise, providing further impetus to the regional cosmetovigilance market. As per the CTPA, EU cosmetics market recorded a worth of EUR 77 billion at retail sales price in the year 2015, while the UK cosmetics market size alone, in 2016, was pegged at GBP 9,379 million, representing one of the top five biggest markets in the EU. Additionally, over 4600 SMEs boast of working in the EU cosmetics industry. The prevalence of such lucrative prospects in the cosmetics market will necessitate additional monitoring and surveillance, bringing forth a spate of growth opportunities for Europe cosmetovigilance market players.
All in all, the general consensus here is that the presence of a supportive regulatory frame of reference plays a vital role in impelling the cosmetovigilance market forecast. Merely a few days ago for instance, the tabloids were afloat with the news that California plans to consider passing a law to ban cosmetic products containing ingredients, which as per the State of California, are deemed either ‘poisonous’ or may be ‘deleterious substance[s]’, which may cause injury to users when used as instructed. With the scope of administrative governance getting stronger by the day, and the rising need to mitigate the risks associated with using treatment-based cosmetic brands or otherwise, the global cosmetovigilance market is all set to carve out a profit-driven growth path in the forthcoming years.