Asia-Pacific is expected to be the fastest-growing market for anti-aging products during the forecast period.
NEW YORK, UNITED STATES, May 18, 2022 /EINPresswire.com/ — The strongest anti-aging market drivers are the booming population of the elderly, increasing awareness about the devices and drugs that can be used to lessen the effects of aging, surging disposable income, escalating consciousness regarding appearance, and technical advancements. Resultingly, the revenue generated by the sale of such products will increase from $194.4 billion in 2020 to $422.8 billion by 2030, at an 8.6% CAGR between 2021 and 2030. Though aging cannot be reversed, its visible effects can be made less severe.
Hair color, anti-wrinkle, anti-stretch mark, ultraviolet (UV) absorption, and others are the major categories under the product segment. Among these, the largest share during the historical period (2015–2020) was held by the anti-wrinkle category, which will most likely retain its industry dominance till 2030. This will be because wrinkles are among the most-common signs of aging, which is why the demand for anti-wrinkle products is rising. Another reason for the growth of this category is the endorsement of the Botox treatment by numerous celebrities.
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The treatment segment of the anti-aging market is divided into hair restoration, adult acne therapy, anti-pigmentation, breast augmentation, chemical peel, liposuction, and others. During the forecast period, the fastest growth is projected to be seen in the hair restoration category owing to the increasing number of such procedures. Since hair loss is one of the most-easily visible signs of aging, men and women both are increasingly going for hair transplants. Moreover, several young people also suffer from hair loss as a result of an illness or genetic factors, which makes them look old.
The most-prominent trend in the industry currently is easy-to-use products. With the increasing appearance consciousness of the elderly, a number of home-use devices for wrinkle reduction, cellulite reduction, skin rejuvenation, microdermabrasion, and other anti-aging treatments have been launched. They require no technical expertise to use, and they are cost-effective and easily available online, which is propelling their sales around the world. Thus, the growth of the e-commerce sector is playing a key role in making such home-use devices popular.
The biggest driver for the anti-aging market is the booming geriatric population. With age, people develop wrinkles, stretch marks, loose, dry, and bumpy skin, uneven skin tone, visible pores, and fine lines, which has been driving the demand for a range of devices and cosmetic products that can reduce their visibility. According to the World Population Aging 2020 report of the United Nations Department of Economic and Social Affairs (UN-DESA), people aged 65 and above will number more than 1.5 billion in 2050 compared to 727 million in 2020.
Due to the presence of a large number of players, including The Procter & Gamble (P&G) Company, Hologic Inc., Unilever Group, Nu Skin Enterprises Inc., Galderma SA, Shiseido Company Limited, Pierre Fabre S.A, Home Skinovations Ltd., and Candela Corporation, the anti-aging market is fragmented. Therefore, in order to increase their industry share, these companies are engaging in an array of strategic activities, the most significant of which are product launches and seeking approvals from regulatory bodies.
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During the forecast period, the fastest growth in the anti-aging market will be observed in Asia-Pacific. This will primarily be due to the surging geriatric population, increasing disposable income of people, and rising number of conferences and seminars, which is leading to the surging awareness of residents on these products. As per UN-DESA, the geriatric population of Asia will grow rapidly, to touch 954.7 million by 2050. This, coupled with the increasing appearance consciousness, will drive the demand for anti-aging treatments.
Hence, the market will continue to grow as the geriatric population booms and people’s focus on appearance strengthens.
Anti-Aging Market Size Breakdown by Segment
o Topical products
o Dermal fillers
• Hair Color
• Ultraviolet (UV) Absorption
• Anti-Stretch Mark
• Hair Restoration
• Adult Acne Therapy
• Breast Augmentation
• Chemical Peel
• Generation X
• Baby Boomers
• Generation Y
• Generation Z
• North America
o South Korea
• Latin America
• Middle East and Africa
o Saudi Arabia
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