Market Size
The global anti-aging market is estimated to be worth USD 49.62 billion in 2024 and is anticipated to reach USD 64.24 billion by 2029 with a CAGR of 5.3% during the forecast period.
Market Drivers
The escalation of technological advancements in the cosmetic industry, and the growing concerns among the people regarding the aging symptoms such as wrinkles, fine lines are the primary factors contributing to the global market growth. The increasing older adults worldwide, and the rising awareness among the people especially among the female population regarding the aesthetics and its benefits is augmenting the anti-aging market revenue growth. For Instance, according to the data produced during survey conducted by American Society of Plastic Surgeons in 2022, resulted where around 76% of plastic surgeons stated that they witnessed increased demand for cosmetic procedures and 23% reported the double of the businesses. The rising disposable incomes of the people, increasing innovations, growing concerns regarding the physical appearance among the people is driving the market growth rate. The expansion of the e-commerce sector worldwide is creating opportunities to the market players to expand their geographical reach and growing marketing and advertising strategies by the industry players proliferates the market growth.
Market Restraints
The high costs associated with the aesthetic procedures is the primary factor hindering the adoption rate among the restricted budget people which leads to limited market growth. The high efficacy of the premium products and procedures is gaining traction but the extravagant prices are limiting the adoption rate especially across the emerging nations which hampers the market growth. The stringent regulations regarding the product and procedure approvals which involves high complexity and longer wait period which delays the product launches impacting negatively on the market revenue. The presence of various concerns regarding the efficacy of the products, and the availability of various other natural remedies may impede the market growth opportunities.
Market Segmentation
Global Anti-aging Market Analysis – By Product Type
The anti-wrinkle products dominated the global anti-aging market with significant share and is expected to maintain the domination during the forecast period. The growing middle-aged population who are highly prone to the symptoms of aging is escalating the segment demand. Wrinkles are the most common symptom observed among the aging people and it is the major concern for most of the female population which boosts the segment growth rate. The escalating innovations and the technological advancements are propelling the segment growth rate.
Global Anti-aging Market Analysis – By Demographics
The generation X is accounted for the highest CAGR in the global anti-aging market and is estimated to have notable growth during the forecast period. The increasing number of people aging of this generation as they are born between 1965 and 1980 which are highly demanding for the anti-aging products contributing to the market growth.
Global Anti-aging Market Analysis – By Services
The anti-pigmentation therapy segment held the most prominent share in the anti-aging market and will continue the domination in the coming years. Pigmentation is one of the most common skin issues among the people and the continuous investments by the market players in research activities to develop innovations is boosting the segment growth.
Liposuction and chemical peeling segments are expected to record substantial growth during the forecast period.
Global Anti-aging Market Analysis – By Devices
The microderm abrasion devices segment witnessed notable growth rate and is projected to have significant growth during the forecast period. The growing demand for the non-invasive procedures and advanced and effective treatment methods is boosting the segment growth. The ease of usage, and the availability at effective costs and wide adoption among the people at home is propelling the segment growth rate.
Regional Analysis
The North American region accounted with the most significant share in the global anti-aging market and is expected to record substantial growth during the forecast period. The presence of well-established advanced technology, significant market players and the increasing adoption of innovative procedures is contributing to the regional market growth. The expanding cosmetic industry across the region along with growing innovations in the industry, continuous investments in the R&D sector by the market players is augmenting the regional market share growth.
The Asia Pacific region is anticipated to have rapid growth rate during the forecast period. The growing government support initiatives and enlarging cosmetic industry, favorable regulatory framework are boosting the market growth opportunities in the region. The enlargement of awareness among the people, social media influence, expanding acceptance of skin care methods is enhancing the market growth opportunities across the region.
Recent Market Developments
· In April 2024, Beiersdorf announced about its innovation which involves the discovery of Q10 in skin aging and finally making skin’s own Q10 available as the active ingredient. Additionally, they mentioned about its first ever product, new anti-glycation ingredient which took around 10 years of research along with testing on over 1700 active ingredients.
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