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The global anti-aging market generated revenue of $191.5 billion in 2019, and it is expected to progress with a CAGR of 8.1% during the forecast period (2020–2030). The growing number of anti-aging seminars and conferences, increasing disposable income of consumers, surging geriatric population, continuous technological advancements in anti-aging products, expanding medical tourism industry, and increasing volume of anti-aging cosmetic procedures are the key factors driving the growth of the anti-aging industry.
However, due to the ongoing COVID-19 pandemic, governments of several countries are taking measures to restrict activity, in order to curb the spread of the disease. Countries are currently focused on the economic and health threats of COVID-19. In such a scenario, the manufacturers of anti-aging products across the globe have been witnessing an adverse impact because of this crisis, which, in turn, is temporarily hindering the growth of the anti-aging market.
Anti-Wrinkle Products Dominated Market in Historical Period (2014–2019)
In 2019, the anti-wrinkle category generated the highest revenue in the anti-aging market, when segmented on the basis of product. The dominance of the category is primarily attributed to the increasing awareness about the Botox treatment for enhanced skin appearance, among consumers. Furthermore, the anti-wrinkle category is sub-categorized into Botox and dermal fillers. Out of the two, dermal fillers are projected to exhibit the faster growth during the forecast period.
Hair Restoration Treatments Projected To Retain Their Market Dominance during Forecast Period
In 2019, the hair restoration category accounted for the largest size in the anti-aging market, when segmented on the basis of treatment, and it is projected to remain the largest during the forecast period. The increasing number of hair transplant surgeries and growing geriatric population across the globe are the key driving factors for the advance of this treatment category.
Generation X To Advance with Highest Rate during Forecast Period
Generation X is projected to advance with the fastest pace in the anti-aging market during the forecast period, in terms of demography. Furthermore, the category is expected to remain the largest consumer of anti-aging products, followed by baby boomers, in terms of revenue contribution, throughout the forecast period. This generation is more conscious about aesthetic appearance and thus opts for anti-aging solutions for reducing the signs of aging.
North America – Highest Revenue Contributor in Industry
North America has been the largest contributor to the global anti-aging market, due to the increasing volume of plastic surgeries and growing geriatric population in the region. With the surging number of plastic surgeries in North America, the demand for anti-aging products is expected to increase, thereby driving the growth of the market in the region. On similar lines, the rapidly growing aging population has a positive impact on the growth of the industry. According to the World Population Ageing 2019 report, by the United Nations (UN), the number of people aged 65 years or above is projected to increase from 59.9 million in 2019 to 96.2 million by 2050. This growing geriatric population has increased the demand for various types of anti-aging products, devices, and treatments, which further fuels the market growth in the region.
Asia-Pacific (APAC) To Exhibit Fastest Growth in Industry
Globally, APAC is predicted to witness the fastest growth in the anti-aging market during the forecast period. The increasing number of cosmetic procedures, growing geriatric population, and surging number of conferences and seminars to raise awareness among the consumers are some notable factors driving the growth of the APAC market. With a high prevalence of age-related aesthetic conditions, the large geriatric population in India and China continues to drive the market growth. According to the World Population Ageing 2019 report, in Asia, the number of people aged 65 years and above was approximately 395.3 million in 2019, and it is expected to reach by 2050. Thus, the demand for anti-aging products is increasing due to the rising number of consumers adopting them to keep the signs of aging at bay.
Growing Preferences of Consumers for Easy-to-Use at-Home Anti-Aging Devices is Major Market Trend
One of the major trends being observed in the anti-aging market is the increasing inclination of consumers toward easy-to-use at-home devices. The easy availability of a wide variety of portable, easy-to-use, and convenient at-home anti-aging devices for wrinkle reduction, skin rejuvenation, cellulite reduction, and microdermabrasion has increased the inclination of consumers toward them. These products are more enhanced and protect the skin from sun damage. The adult generation is concentrating on preventive measures to keep the signs of aging at minimal, and the aged population is trying to maintain a youthful appearance via the adoption of these products.
Increasing Number of Anti-Aging Seminars, Conferences, and Campaigns
The increase in the number of conferences, exhibitions, congresses, and seminars is expected to raise awareness among students, delegates, and plastic surgeons about advanced anti-aging treatments. Many market players launch and present their technologically advanced solutions at these conferences, to showcase new treatment solutions for aging conditions. Thus, the increase in the number of anti-aging seminars, conferences, and awareness campaigns is expected to create a notable demand in the anti-aging market.
Surge in Geriatric Population
Globally, the aging population plays a pivotal role in the growth of the anti-aging market. Old age is associated with the loss of fibrous tissue and reduced vascular and glandular network in the skin layers, which lead to the occurrence of wrinkles, dryness, pigmentary alteration, and skin sagging. To overcome such skin problems in the elderly population, anti-aging products reduce skin aging, which gives a younger look by revitalizing and tightening the skin, which, in turn, is driving the growth of the industry.
Technological Advancements in Anti-Aging Products and Devices
Technologically advanced anti-aging devices and procedures help in the enhancement of human skin elasticity and tightness. These technologically advanced devices can effectively treat fine lines, wrinkles, sun spots, and cellulite, to enhance skin appearance. The major advantages of these devices include non-invasiveness and effectiveness, since they are equipped with enhanced energy-based solutions. Due to these advantages, the adoption rate of technologically advanced anti-aging devices has increased in hospitals, clinics, and homes, to treat wrinkles and stretch marks. Thus, the introduction of technologically advanced devices and treatments is expected to drive the growth of the global anti-aging market.
Increasing Volume of Anti-Aging Cosmetic Procedures
With the growing aging population and rising appearance consciousness among the aged, the number of surgical cosmetic procedures has been continuously increasing. Aged women are more concerned about their facial appearance and therefore opt for various cosmetic procedures, such as Botox, dermal fillers, chemical peels, and facelifts, which, in turn, leads to a rise in the demand for cosmetic surgical procedures. For instance, according to the International Society of Aesthetic Plastic Surgery (ISAPS), 10,029,144 injection procedures, such as Botox and dermal fillers, were performed in 2018, globally. Thus, the growing number of surgical cosmetic procedures is expected to drive the anti-aging market in the coming years.
|Base Year (2019) Market Size||$191.5 Billion|
|Forecast Period (2020-2030) CAGR||8.1%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Impact of COVID-19, Companies’ Strategic Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||By Product; By Treatment; By Demography; By Region|
|Market Size of Geographies||U.S., Canada, Germany, France, Italy, U.K., Spain, Japan, China, India, South Korea, Brazil, Mexico, Saudi Arabia|
|Secondary Sources and References (Partial List)||American Geriatrics Society, Anti-Aging Medicine World Congress, American Society for Aesthetic Plastic Surgery, National Center for Biotechnology Information (NCBI), National Health Expenditure Accounts (NHEA), National Health Service (NHS), Organization for Economic Co-operation and Development (OECD)|
Market Players Are Introducing New Products to Gain Competitive Edge
The global anti-aging market is fragmented in nature, with the presence of players such as The Procter & Gamble Company, Nu Skin Enterprises Inc., Hologic Inc., Candela Corporation, and Home Skinovations Ltd.
In recent years, players in the anti-aging industry have been involved in multiple product launches, in order to stay ahead of their competitors. For instance:
Some of Key Market Players in Anti-Aging Market Include
The anti-aging market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Product
Based on Treatment
Based on Demography