Global Cosmetovigilance Market: Overview
Cosmetovigilance market report aims to provide an in-depth overview of various growth opportunities and challenges in the market. Cosmetovigilance are safety related clinical trials which help cosmetic industry sectors to comply with regulations.
Food and Drug Administration or the FDA did not monitor cosmetic products directly prior to July 2013. However, today it relies on general guidelines and continuous methodical assessments to assess safety. Hence, it is considered the responsibility of individual manufacturers to make sure their products do not cause any harm. Usually players in the cosmetovigilance market are expected to test cosmetic products for safety before they are marketed, and then document the side-effects through a continuous process.
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According to the FDA, the cosmetic products are “articles intended to be rubbed, poured, sprinkled, or sprayed on”. Products included in this category are lipsticks, perfumes, skin moisturizers, facial makeup preparations, and shampoos. US state have independent authority to legislate cosmetic products despite the general guideline of the FDA. European laws regarding cosmetovigilance. The 1976 legal guideline says, cosmetic products, ‘must not cause damage to human health’. The legislation in Europe also requires companies to file a report on a regular basis. European lawmakers defined ‘serious adverse effect’ as temporary functional incapacity, hospitalization, disability, and congenital anomalies, etc. Broadly defined legislations and growing demand for cosmetic products are expected to drive growth of the cosmetovigilance market.
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Global Cosmetovigilance Market: Notable Developments
· Global Trade association recently reported optimism regarding the global regulatory convergence. According to them, regulation agencies like CSAR or China’s Cosmetic Supervision and Administration Regulations have moved from being heavily regulated towards in-market control. This is expected to be a major boost to the cosmetovigilance market.
· Portugal announced decision to implement EU regulations related to cosmetics in the country. EU regulations have been widely praised by trade associations for their efficacy. The expansion of these regulations in a new market are expected to emerge as a boon for the cosmetovigilance market.
· A French consumer group has shot a warning to consumers about lip balms. According to the group, lip balms may contain toxic substances such as carcinogens. They found cosmetic products in the UK too to contain these substances. The agency found over half products in the market to be filled with carcinogenic substances. According to the report, if these substances were digested mistakenly, they were extremely harmful. Reports like these are expected to restrain growth of the cosmetovigilance market.
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Rising Demand to Drive Growth for the Cosmetovigilance market
Cosmetic products are increasingly appealing to young consumers around the world. The advent of social media, launch of new products, and growing demand in emerging regions such as Asia Pacific are key factors driving growth. Additionally, growing regulatory convergence is also expected to boost the global cosmetovigilance market. Countries like India are experiencing rising disposable incomes, changing lifestyle encouraging the beautification of external beauty, and rising awareness of cosmetovigilance market. Earlier, India had considerable in-depth regulations dividing cosmetics into various categories for purposes of identification and monitoring. However, the regulations have opened up in recent times in line with the expectations of the cosmetic industry and promises considerable growth in the near future.
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Cosmetovigilance Market: A Regional Outlook
Latin America, Middle East & Africa are also witnessing encouraging environment for the growth of the cosmetovigilance market. The tax benefits and job creation provided by the cosmetic industry is encouraging development in many regions. Hence, the regulatory environments in emerging countries promises to be flexible and lucrative for players in the cosmetovigilance market.
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