Anti-Aging Products and Therapies Market size was valued at $ 28.95 Billion by 2019 and is anticipated to grow at a CAGR of 5.65% during the forecast period 2020-2025. Aging is an ageing or maturing phase that involves a decline in strength, stamina, reaction speed, agility, basal metabolism, sexual activity and acuity of hearing. The bones are more fragile, the skin is drier, and the teeth are shed and less elastic. Ageing skin is usually associated with a sagging face, in which deeper tissues (i.e., subjacent soft tissue) and structural landmarks lose their resiliency. The Anti-Aging Products and Therapies Market growth rate is attributed to Advancement made in the field of the anti-aging products with enhanced efficiency, the growing emphasis on promotional strategies, and growth in global aging will likely accelerate the growth of the anti-aging products and services market. However, high cost of products and anti-aging devices being unsafe are predicted to hamper the growth of the anti-aging products and services market in the above mentioned forecast period 2020-2025.
Anti-Aging Products and Therapies Market Segment Analysis – By Therapies and Services
On the basis of therapies and services type, liposuction segment held the major share of the market in terms of revenue and is poised to grow with a CAGR of 5.5%. The reason behind robust growth is being attributed to the fact that these procedures have gained popularity due to the increased influence of social media. Technological advancements and growing awareness about the procedures are contributing to the growth of the segment.
Apart from this, over the forecast period 2020-2025, the Botox segment is anticipated to witness significant CAGR during the forecast period 2020-2025. For the entire forecast period, Botox and other dermal fillers are projected to remain the leading non-invasive anti-aging treatments.
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Anti-Aging Products and Therapies Market Segment Analysis – By Geography
North America dominated the Anti-Aging Products and Therapies Market with a share of 36.5% in 2019. The application of Anti-Aging Products and Therapies has grown rapidly over the last few years owing to the rising aged population, especially generation Y, who are more concerned about beauty, wellness, and physical appearance. North America anti-aging market is projected to have the significant market growth owing to availability of the well-established infrastructure, presence of key market players and increasing average life expectancies and the median age in the region. According to the US Census Brauro, in 2018, the median age in the United States has increased to 38.2 from 29.5 in 1960.
Furthermore, the growing adoption of anti-aging products and cosmetic procedures coupled with the favorable reimbursement policies are anticipated to bolster the regional growth over the forecast period 2020-2025. Moreover, companies in the region are actively focusing on strengthening their market position through R&D and new product launches.
Anti-Aging Products and Therapies Market Drivers
Increasing incidences of skin cancer leading to GROWING demand for anti-ageing reconstructive procedures
Presently, significant rise in global demand for anti-ageing products, services and procedures is directly related to growing prevalence of skin cancer among women. American Society of Plastic Surgeons noted that every one in five American women is at a risk of developing skin cancer, rising steadily over the last three decades. Most skin cancers, such as basal cell carcinoma and squamous cell carcinoma, develop on the face and can be quite disfiguring. This is fueling the demand for adequate anti-ageing reconstructive procedures. In the anti-ageing sector, nose is the primary affected area, followed by cheeks, ears and forehead. In these anti-ageing treatments, mostly invasive or minimally invasive procedures are applied to bring minimum change/create damage.
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Anti-Aging Products and Therapies Market Challenges
High product cost and misbranding
Market growth is poised to be hampered by high cost of products and anti-aging devices being unsafe, in the above mentioned forecast period 2020-2025. Thus, counterfeit products are a menace in the anti-ageing products which reduces the market for quality products from reputed manufacturers. Misbranding is another issue, as many supplements have been branded as having an anti-ageing effect based on unreliable sources. Thus brand awareness and brand loyalty plays a critical role in the global anti-ageing drugs market. Established market players must focus on experimental studies to validate the claims made by the product. Maintaining market equity is of utmost importance as the market is highly integrated and specialized. Lack of any effective drug is likely to make any novel drug an immediate market leader with minimal marketing cost and efforts.
Anti-Aging Products and Therapies Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Anti-Aging Products and Therapies Market. In 2019, Anti-Aging Products and Therapies Market share is fragmented by the top ten players present in the market. Anti-Aging Products and Therapies Market top 10 companies are Allergan, Inc.; Beiersdorf AG; Cynosure; Lumenis; Solta Medical, Inc.; Procter & Gamble; Estee Lauder, Inc.; Oriflame, Chanel; Skin Food; Rachel K Cosmetics; Elizabeth Arden and others.
In September 2018, Allergan announced the findings of its clinical trial in patients with glabellar lines, focused on the effects of a high dose of Botox. It was found that in all patients tested during clinical trials, higher doses were well tolerated and healthy.
In January 2018, Estée Lauder has launched two anti-aging products through its product line Perfectionist Pro for skincare.
North America dominated the Anti-Aging Products and Therapies Market with a share of 36.5% in the year 2019.
The factors such rising number of ageing population, growing demand for anti-aging drugs are amongst the major factor projected to impel growth of Anti-Aging Products and Therapies Market.
Constantly changing customer demands with majority of the customer base in the market becoming social media savvy, awareness about anti-aging solutions has been on a rise thereby, providing innovative and effective products & services are the key factors owing to the growth in the segment during forecast period 2020-2025.
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