|Status : Published||Published On : Dec, 2021||Report Code : VRHC1095||Industry : Healthcare||Available Format :||Page : 200|
The global anti-aging market was valued at USD 59.6 billion in 2020 and is anticipated to reach USD 90.2 billion in 2027, registering a CAGR of 7.2% during 2021-2027. Aging is the series of biochemical procedures in the body. Anti-aging is the procedure and medication to delay or retard the aging process. The global anti-aging market is growing at a significant rate, due to intensifying volume of anti-aging cosmetic procedures, and expanding the geriatric population. Different products such as hair color, anti-stretch marks, anti-wrinkle, and ultraviolet absorbers contributed to the anti-aging market size. The market has witnessed high demand for anti-wrinkle in the coming years due to escalating number of botox and dermal filter procedures, and alertness of botox treatment to improve skin appearance.
Insight by Product
On the basis of product, the market is subdivided into hair color, anti-stretch marks, anti-wrinkle, ultraviolet absorbers, and others. Of all products, anti-wrinkle segment accounted the largest share in the market due to escalating number of botox and dermal filter procedures, and alertness of botox treatment to improve skin appearance. The anti-wrinkle segment is further subdivided into dermal filters and botox.
Insight by Device
On the basis of the device, the market is subdivided into laser, microdermabrasion, radiofrequency, anti-cellulite, and others. Mounting need for at-home anti-cellulite treatment devices is the factor responsible for the growth of the anti-cellulite segment. Of all the devices, the anti-cellulite is budding at a substantial rate in the anti-aging market.
Insight by Treatment
On the basis of treatment, the market is subdivided into liposuction, anti-adult acne therapy, hair restoration treatment, breast augmentation, chemical peel, anti-pigmentation, and others. Escalating number of hair restoration procedures is the factor growing the demand for hair restoration treatment. Among all treatments, the hair restoration treatment accounted the largest share in the anti-aging market.
Insight by Demography
The different demography of the market is a baby boomer, generation Y, and generation X. Among all demography, the generation X segment accounted the largest share in the anti-aging market, as this generation is more conscious about the aesthetic appearance.
Mounting disposable income, intensifying volume of anti-aging cosmetic procedures, expanding the geriatric population, augmented attentiveness about aging signs, and the enhanced need of skin care products are the primary growth drivers for the anti-aging market. For instance, according to the World Health Organization (WHO), globally in 2010 approximately 524 million people were aged 65 years and older and is expected to reach 1.5 billion in 2050.
In addition, escalating number of campaigns, seminars, and conferences are also facilitating the growth of the market. For instance, in June 2018, Nu Skin Enterprises, Inc. announced the Jefferies Global Consumer Conference in Nantucket, Mass.
Technological advancement in the anti-aging products, escalating inclination of consumers towards effortless to use at-home anti-aging devices, mounting awareness of minimally and non-invasive treatment, escalating medical tourism, and expanding usage of e-commerce platform are also facilitating the growth for the anti-aging market.
Strict regulatory requirements and the high cost of anti-aging treatments, side-effects associated with the anti-aging devices and devices are the major challenges for the growth of the anti-aging market.
Globally, the manufacturing companies trying to enter the anti-aging market are required to maintain stringent regulatory standards. Moreover, the high level of capital requirement also poses a major barrier to the entry of new players. This offers an edge to the established players in the industry competition.
Geographically, North America is the largest anti-aging market as in the region the occurrence of obesity is increasing. In addition, augmented attentiveness about aging signs, and expanding geriatric population are also up surging growth of the North American anti-aging market. For instance, according to the U.S. Census Bureau, in 2012 approximately 43.1 million people were aged 65 years and older in the U.S. and is expected to reach 83.7 million in 2050.
Asia-Pacific is observed to witness the fastest growth in the market, due to expanding the geriatric population. In addition, escalating medical tourism, intensifying disposable income, and mounting awareness among the population are also creating a positive impact on the anti-aging market growth in the region.
Key players in the anti-aging industry are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In January 2018, Nu Skin Enterprises, Inc. introduced ageLOC LumiSpa, a skin care device that cures and cleanses the skin. The Procter & Gamble Company, Coty Inc., Syneron Medical Ltd., Nu Skin Enterprises Inc., L’Oréal S.A, Allergan plc, The Estée Lauder Companies Inc., Hologic Inc., and Home Skinovations Ltd. are the key players offering anti-aging.
Source: VynZ Research