The first thing that comes to mind when we say anti-aging is skin. Everybody, be it young or old, wants to look and feel young and healthy and that’s the sole reason that the anti-aging market is booming by each passing day.
Having said that anti-aging is not just limited to skin problems, much as to do with the entire body. Anti-aging market segmentation varies from products to services to devices including but not limited to anti-acne therapy, pigmentation therapy, liposuction, breast augmentation, chemical peels, hair restoration, wrinkle and fine line free products, anti-stretch mark products, Botox, laser aesthetics, microdermabrasion, anti-cellulite treatment, anti-aging radio frequency devices.
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According to the report by Market Data Forecast, the anti-aging market revenue has seen a significant growth from 250 Billion USD in 2016 to being 331.41 Billion USD in 2021. These figures in itself speaks volumes about the ever growing demand in the market for the anti-aging products, services, devices and everything related to it.
This is one industry that isn’t affected by any economic downturn, thus sending a message that the consumers value their youthful looks than anything else. This also gives a clear picture that above all the segments of personal care and beauty products, anti-aging market is one such segment that can be counted on irrespective of any economic condition.
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What makes this industry so popular is the desire of the consumers to have youthful skin and healthy looks. People of every age, be it the baby boomers, Gen X, Gen Y or Gen Z everyone has fallen prey to this fad that is here to stay for decades now. And amongst all mentioned above baby boomers are resorting to anti-aging products or therapies more than any other. It is estimated that in few years from now (not more than a decade) the baby boomers (those above 65 years of age) will be more in number than children under seven years. Those figures are expected to be doubled by 2050. This rise in number inevitably will lead to an increase in the demand for anti-aging products and services.
The factors that will cause a hike in CAGR in the period forecasted i.e. from 2016 to 2021, include
- Raising awareness amongst the consumers about the need for anti-aging products
- Improving the technology keeping in mind the changing need of the people
- High budget and mainstream promotional campaigns that increase the brand reach
To meet this demand and to drive the anti-aging market growth to heights unlimited, very strict guidelines are followed in manufacturing efficient and safe products. The services introduced in anti-aging market are also of high standards that makes the consumer wanting for more each time they opt for any such therapy. Anti-aging devices on the other hand has its own market. With the increasing need to safety and hygiene, most people are opting to anti-aging devices that allows them to do certain therapies on themselves without having the need to shell thousands of dollars in a clinic.
Also as per the anti-aging market report, the companies that are ruling the market with anti-aging products, services and devices are:
Though the anti-aging market research throws the limelight on certain regions to be concentrated on, depending on its segment analysis, however the fact is that every region with human population has the need to anti-aging products, services and devices and the demand will increase with changing time which makes this a lucrative market for investors.
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