Abstract
The cosmeceutical market comprises products that are dispensed by physicians
only. Growth will be fueled largely by a high aesthetic consciousness among
the US population, which drives patients to seek treatments to help them
eliminate the signs of aging and achieve a more rejuvenated appearance.
Cosmeceutical products were traditionally sold by dermatologists and plastic
surgeons. New physician specialties--especially general practitioners--are
continuing to enter the cosmeceutical market because of the high profit
margins these products can yield. As a result, more product recommendations
will be made to patients and patients can access these products at more
outlets. The global economic recession, which has reduced the disposable
income of many consumers, has fueled some patients' propensity to purchase
retail brand products, which are typically less expensive than their
cosmeceutical counterparts. Resultantly, lower patient demand for
cosmeceutical products in the latter part of 2008 and through 2009 will
restrict market growth. Nevertheless, upon economic recovery, which Millennium
Research Group assumes will occur starting in January 2010, the US
cosmeceutical market will achieve modest growth throughout the remainder of
the forecast period.
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