Anti-Aging Market To Generate Revenue Worth $422.8 Billion by 2030

The global anti-aging market is expected to reach $422.8 billion by 2030 from $194.4 billion in 2020, witnessing a CAGR of 8.6% during the forecast period (2021-2030). The major factors behind the growth of the market are the increasing product awareness through seminars and conferences, growing medical tourism industry, increasing volume of anti-aging cosmetic procedures, and growing disposable income.

Due to the COVID-19 pandemic, manufacturing facilities of beauty devices and anti-aging products were affected owing to the lockdowns and other strict government regulations across the world, including in China, the U.S., and Germany. This led to the decreased production of anti-aging products.

Anti-Wrinkle Products Witnessed Highest Demand in Anti-Aging Market

The anti-aging market is categorized into anti-wrinkle, hair color, ultraviolet (UV) absorption, anti-stretch mark, and others, on the basis of product. Among these, the anti-wrinkle category dominated the market during the historical period (2015–2020), and it is expected to retain its dominance during the forecast period. This will mainly be due to the increasing awareness about Botox treatment, especially since it has been endorsed by numerous celebrities.

The anti-aging industry is categorized into anti-pigmentation, adult acne therapy, hair restoration, breast augmentation, liposuction, chemical peel, and others, on the basis of treatment. Out of these, the hair restoration category is expected to witness the fastest growth during the forecast period. This will be primarily due to the increasing number of hair restoration procedures across the world.

Geographically, North America was the largest contributor to the anti-aging market in 2020. This is mainly attributed to the rising preference for non-surgical anti-aging treatments, increasing awareness about skincare products, and growing number of cosmetic procedures being performed in the region.

Asia-Pacific (APAC) is expected to be the fastest-growing market for anti-aging products during the forecast period. This will primarily be due to the increasing urbanization rate and number of cosmetic procedures being performed. A large pool of geriatric people in India and China continues to drive the market growth, by generating a high demand for anti-aging products to address their age-related aesthetic conditions. According to the World Population Ageing 2019 report, in Asia, the number of people aged 65 years and above is expected to reach 954.7 million by 2050 from 395.3 million in 2019.

Product Launches Are Most-Effective Strategic Measures Taken by Market Player

Players in the anti-aging market are involved in product launches to gain a significant position. For instance, in March 2020, Lumenis Ltd. launched Stellar M22, a next-generation, multi-application platform for skincare, with the purpose of improving the standard of care in the energy-based skincare market. The platform includes an improved user interface with a larger screen, which enables faster treatment and more-comfortable viewing from a distance.

The major players operating in the anti-aging industry include The Procter & Gamble (P&G) Company, Nu Skin Enterprises Inc., Hologic Inc., Unilever Group, Pierre Fabre S.A, Galderma SA, Shiseido Company Limited, Candela Corporation, and Home Skinovations Ltd.