Anti-Aging Market

Anti-Aging Market Size (2023 to 2028)

As per our report, the global anti-aging market size is predicted to be worth USD 61.01 billion by 2028 and USD 47.13 billion in 2023, growing at a 5.3% CAGR during the forecast period.

Anti-Aging Market Share Insights:

• Based on product type, the anti-wrinkle products segment had the leading share of the global anti-aging market in 2022.
• Based on demographics, the Generation X segment led the market in 2022.
• Based on services, the liposuction segment is expected to be lucrative during the forecast period.
• North America captured 37.4% of the global anti-aging market share in 2022.

Impact of COVID-19 on the global anti-aging market:

COVID-19 is an infectious disease. COVID-19 was declared the emergence of healthcare by the World Health Organization on 11 March 2020. All the countries imposed a lockdown and shut down all the manufacturing activities in all sectors of the economy except the pharmaceutical industries. The pandemic has significantly impacted the anti-aging market by COVID-19. The decisions such as nationwide lockdowns and bans on travel and flights that many governments took to control the widespread coronavirus resulted in the declining growth rate of the anti-aging market. Due to the supply chain disruption caused by the COVID-19 pandemic across various countries, anti-aging products and anti-aging treatment procedures have reduced demand during the COVID-19 pandemic. The production of anti-aging products and the services of anti-aging procedures were stopped during the pandemic and caused damage to the market growth for a short time. However, owing to the unlock guidelines worldwide and the growing adoption of new normalization, the anti-aging market is anticipated to recover quickly and register a healthy CAGR during the forecast period.

MARKET DRIVERS:

The increasing geriatric population and rising beauty awareness worldwide drive the global anti-aging market growth.

Factors such as the growing geriatric population, increasing demand for cosmetic products, and rising beauty consciousness among young people propel the anti-aging market growth. According to the World Health Organization (WHO), one in six people worldwide is expected to be more than 60 years by 2030. The availability of easily carried anti-aging products for wrinkle reduction, skin rejuvenation, cellulite reduction, and dead epidermal cells, known as microdermabrasion, is another significant factor in fuelling the global anti-aging market growth. In addition, the awareness of the beauty and the desire of young people has grown significantly over the last few years. The surprising benefits and affordability of anti-aging products and their presence in developed and developing countries drive significant demand for anti-aging drugs. In addition, public awareness of the many benefits of antioxidants in anti-aging continued to grow over the past few years, setting up growth opportunities for the market.

Furthermore, technological advancements in anti-aging products and devices, rising demand for medical tourism, growing investments to conduct R&D, and an increasing number of plastic surgeries and breast implants offer lucrative growth possibilities for the global anti-aging market. In addition, the growing prevalence of cosmetic products, especially in urban areas, is expected to promote the market’s growth rate. In addition, the growing promoting activities by the manufacturers to generate awareness of new launch products through campaigns and digital advertisements and rising disposable income in developed and developing countries are likely to boost the market growth during the forecast period.

MARKET RESTRAINTS:

However, stringent rules and regulations by the government in approving new products and fluctuations in the availability of raw materials are straightforwardly increasing the final products' prices and hampering the anti-aging market's growth.

Anti-Aging Industry in the Asia Pacific:

Asia-Pacific is the world's most populous region and a vast market for anti-aging products. Due to the high R & D costs, countries such as Korea and Japan use advanced cosmetics technology. As a result, serum, which has a higher absorption capacity than emulsions, essential oils, and elixir agent oils, is growing in APAC Anti-aging Market demand. In addition, increasing expenditure on cosmetic products in developed and developing nations is further accelerating the market growth in this region.

On the other hand, the Asia-Pacific region is the fastest-growing market for anti-aging equipment and products due to the increasing number of beauty procedures, the growing elderly population, and the ever-increasing number of meeting seminars to raise consumer awareness. Japan accounted for the largest share of the anti-aging market in the Asia-Pacific region in 2017, mainly due to the growing elderly population and increased awareness of beauty therapies. In addition, constant economic growth is also one of the factors for the demand of the anti-aging market. 

REPORT COVERAGE:

This research report on the global anti-aging market has been segmented & sub-segmented based on demographics, product type, services, devices, and region.

Anti-Aging Market - By Products Type:

• UV Absorbers
• Anti-Wrinkle Products
• Anti-Stretch Marks Products
• Natural Products
• Hair Colour

A wide range of anti-aging products is available for various consumer needs.

Based on product type, the anti-wrinkle products segment had a significant share of the anti-aging market in 2021. The anti-wrinkle products segment is anticipated to dominate the market in the coming days, accounting for a significant share. Among all the segments, the anti-wrinkle products segment is also expected to register the fastest CAGR.

On the other hand, the natural products segment is gaining attention. It is expected to showcase a healthy CAGR during the forecast period owing to the growing side effects of cosmetics and chemical-based products.

Anti-Aging Market - By Demographics:

• Baby Boomers
• Generation X
• Generation Y

Based on demographics, generation X dominated the anti-aging market. The segment’s dominance is anticipated to continue throughout the forecast period owing to the growing emphasis on physical appearance and increased disposable income.

Over the forecast period, the Generation Y segment is estimated to witness an impressive CAGR. The demographic group consists mainly of millennial consumers conscious of popular premium luxury brands like Estée Lauder and Elizabeth Arden. Inclination has been rising among the millennial population group for premium skincare brands.

Anti-Aging Market – By Services:

• Anti-Pigmentation Therapy
• Adult Acne Therapy
• Breast Augmentation
• Liposuction Services
• Abdominoplasty
• Chemical Peel
• Eye-Lid Surgery
• Hair Restoration
• Sclerotherapy 

Among the mentioned segments, in the last few years, the liposuction procedures segment held a leading position in the global anti-aging market in 2021. Due to the increased influence of social networking, these procedures have gained prominence. In addition, technological advances and increased awareness of the methods contribute to the segment's growth.

Anti-Aging Market - By Devices:

• Anti-Cellulite Treatment Devices
• Microderm Abrasion Devices
• Laser Aesthetic Devices
• Radiofrequency Devices

Based on the devices, the radiofrequency segment dominates the global anti-aging market. It is estimated to grow at a remarkable CAGR during the forecast period continuing its dominance. The growth of this segment is driven due to the adoption of advanced technologies in skin tightening, cellulite, aesthetic enhancement, and body shaping. In addition, an increasingly aging population and rising expenditure on healthcare are significant factors bolstering the segment's growth rate.

On the other hand, the anti-cellulite treatment devices segment is another lucrative segment. It is predicted to grow at a healthy CAGR following radiofrequency devices during the forecast period. This anti-cellulite treatment was mainly done for patients aged between 35 and 50. Cellulite is a pervasive problem that every woman is facing today. 

Anti-Aging Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, the North American anti-aging market dominated the anti-aging market in 2021 and accounted for 37.4% of the global market share. The growing awareness of aging signs and increasing incidence of obesity among the North American population drives the growth of the North American region. In addition, the rising awareness levels regarding aging factors and lifestyle changes propel regional market growth. In addition, factors such as the favorable reimbursement policies made by the North American governments and growing disposable income are further promoting the growth rate of the anti-aging market in the North American region. The U.S. led the anti-aging market in North America and is expected to contribute significantly to the North American region during the forecast period.

The European anti-aging market was the second-largest regional market worldwide in 2021. Countries such as France, Germany, the UK, Russia, Spain, and Italy play a prominent role in this region. They are estimated to grow at a healthy CAGR during the forecast period. The growing adoption of sedentary lifestyles and increasing disposable income in the European region are primarily fuelling the anti-aging market’s growth in the European region.

The Asia Pacific anti-aging market will likely experience the utmost growth shortly, mainly due to the approval of new anti-aging services, products, and devices in this region. The growing aging population within a short period and constant economic growth are some factors accelerating market growth. Countries such as India, China, Japan, and South Korea are expected to be the most delightful cosmetic surgery stations. Promoting cosmetic medical tourism is additionally boosting the demand of the market. Japan is one of the top leading countries in the Asia Pacific, with increasing anti-aging products and services. 

The Latin American anti-aging market is predicted to grow at a CAGR of 5.54% during the forecast period; among all the nations of Latin America, countries such as Brazil and Mexico are predicted to occupy a significant share of the regional market. In addition, emerging economies and growing awareness regarding aging both in men and women are enhancing the growth rate of the Latin American market.

The anti-aging market in Middle East & Africa is forecasted to have an inclined CAGR during the forecast period. In this region, the Saudi Arabian market has the quickest growth. The increasing number of cosmetic surgeries, the growing aging of people, and awareness of the latest cosmetic products are contributing to the market growth in this region.

KEY MARKET PARTICIPANTS:

A few of the notable companies dominating the global anti-aging market covered in the report are Coty Inc., Personal Microderm, Beiersdorf AG, Photomedex Inc., Lumenis Ltd, Alma Lasers Ltd, Solta Medical Inc., Cynosure Inc., L'Oreal, SA, and Allergan Inc.

RECENT HAPPENINGS IN THIS MARKET:

• In January 2018, Cellifique was launched by Vernell. It is an anti-aging gel, which is for men and helps in skin revitalization. Cellifique is a new collagen injectable that is relatively natural-looking, doesn't result in discoloration, and has shown promise in reducing wrinkles around the mouth.
• In August 2017, USANA announced the launch of a new skincare line called Celavive, which is likely to revolutionize the market and has the unique ability to reduce the appearance of wrinkles and improve the tone and texture of the skin.