Anti-Aging Market Size Is Expected To Grow At 5.3% CAGR
Anti-aging means reducing or preventing aging problems by using treatments, devices, and products. Unfortunately, most women suffer from aging problems due to stress, pregnancy, and unhealthy diet compared to men. In addition, increasing environmental pollution, high chemicals for daily use in their body, and increasing hormone changes due to chronic disease are some of the reasons for aging problems.
The increasing aging population, natural products, and advancement in device manufacturing demand market growth.
According to a 2019 survey, there are nearly 1.1 billion persons above the age of 60 worldwide. The increase in aging results in a decrease in melatonin production and reduced sleep in older people, which lead to skin problems. Wrinkles, acne, eye darkness, less moisture in the skin, and dullness are the problem faced by older people, which drives the market forward.
With increasing government approvals in anti-aging-related devices and treatments, most researchers and key players are focusing on developing home base products and treatments for anti-aging, which drives the market forward. Most people prefer to use natural products for an anti-aging problems with no side effects for further use.
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Increasing consumer needs for different types of treatment or devices for different skin problems support the product segment growth.
The product type is divided into UV absorbers, anti-wrinkle products, anti-stretch market products, natural products, and hair color. Anti-wrinkle products segment has the highest demand due to increasing cases of wrinkles at pre-age due to stress, hormonal changes, etc. These skin products provide prevention or reduction of wrinkles and increase hydration on the face to keep the face young.
Increasing focus on face rejuvenation by the different age groups supports the demographics market.
The demographics segment is divided into baby boomers, generation X, and generation Y. Generation X has the highest market share. People who are aged above 60 come under this category. With increasing age, people face several issues with their bodies, mainly skin differences. As a result, these people use anti-aging-related products more in developed countries, which drives the market forward.
Increasing different types of services providers by the hospitals and cosmetic centers supports the service segment market.
The service segment is divided into anti-pigmentation therapy, adult acne therapy, breast augmentation, liposuction services, abdominoplasty, chemical peel, eyelid surgery, hair restoration, and sclerotherapy. The adult acne therapy segment has the highest market share due to increasingly advanced treatment with less cost and less time of the procedure.
The increasing availability of different types of devices supports the device segment market.
The device segment is divided into anti-cellulite treatment devices, Microderm abrasion devices, aesthetic laser devices, and radiofrequency devices. The radiofrequency device segment has the highest market share. These RF devices are used for skin tightening, collagen production, and body contouring by destroying fat cells.
Regional Outlook of the Anti-Aging Market:
The anti-aging market in North America has the highest market share due to increasing awareness of anti-aging products, increasing focus on appearance, and increasing healthcare expenditure. The North American anti-aging market was valued at 17.44 billion in 2022 and is expected to reach 22.47 with a CAGR of 5.20%. The increasing availability of anti-aging products in offline and online stores increases the demand. In recent years, most people have preferred online shopping sitting in one place. These people can find several different brands, oil, and creams for different skin types.
Asia Pacific is next place after North America. Factors such as increasing critical players in this region and increasing demand due to the increasing use of anti-aging products at young ages drive the market forward. The Anti-Aging market was valued at USD 8.09 billion in 2022 and is expected to reach USD 10.66 billion by 2027 with a CAGR of 5.69%. India and China hold the largest market share. In China, due to the pandemic, many people spend time at home and focus on self-care and cosmetic products that keep them looking young and attractive. Therefore, increasing the search and purchase of anti-aging products demands market growth.
The European anti-aging market is in the third position in the share of the market. Due to increasing government investment in the production of anti-aging-related products rise, the market growth. The Europe anti-aging market was expected to reach 20.14 billion in 2027 and USD 15.65 billion in 2022, with a CAGR of 5.17%. Germany holds the maximum share in this region due to increasing research on anti-aging treatments and products.
Middle East Africa has expected to rise with a CAGR of 5 % during the forecast period 2022- 2027.
Analysis of Key Players in the Anti-Aging Market:
Many key players are partnered to form advanced products based on the number of research by researchers around the world. In 2019, The Estee Lauder Companies Inc. had an agreement with Have & Be Co. Ltd. for a men's grooming brand. This company has shared the best skin care and beauty products for consumers worldwide. In addition, Restylane Defyne got FDA approval in 2021, as per Galderma, for the augmentation and treatment of mild to moderate chin retrusion in people over the age of 21.
Some key players in the anti-aging market are Procter & Gamble Co., Johnson & Johnson, Unilever plc, Shiseido Company, Limited, ZO Skin Health, Inc., L'Oréal Paris, The Estée Lauder Companies, Inc., Beiersdorf, etc.
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