According to a new market report published byBlueWeave Consulting,TheGlobal Anti-Aging Marketwas valued at USD 149362.8 million in 2017 and is projected to expand at a CAGR of 7.9% from 2018 to 2024, by value, reaching around USD 274290.1 million by the end of the forecast period. According to the report, North America was the largest contributor in terms of revenue to the globalanti-aging marketin 2017.
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Increasing life expectancy and fall in birth rate are the major causes of an aging population. The aging population develops wrinkles due to lack of nutrients in the body, exposure to UV light, smoking, dehydration, medications and other genetic factors fueling the global anti-aging market.
Globally, aging population plays a major role in the growth of theanti-aging market. Old age is associated with loss of fibrous tissue and reduced vascular and glandular network in the layers of skin. In the elderly population, the appearance and characteristics of the skingetsaltered, leading to wrinkles, dryness, pigmentary alteration, and sagging of the skin. In addition, anti-aging products and devices help in reducing skin aging, thus giving younger look to a person by revitalizing and tightening the skin leading to the growth of the market
The key driver for the global anti-aging market is growth in anti-aging awareness campaigns. Major aspect of peoples life is engrossed by social media. This campaigns aims to ensure that all medical professionals are aware of the latest scientific research and the recent medical and surgical advances. For instance, EuroMediCom has organized the 4thAMWC Latin America- Aesthetic & Anti-Aging Medicine World Congress from 16th November to 18th November 2017, in Colombia, South America. These conference and seminars, along with social media, are expected to create awareness among students, delegates, and plastic surgeons about advanced anti-aging treatments.
The global market foranti-agingis segmented by type of product, by type of device, by treatment, demography, and geography. The type of product is further segmented into Anti-Wrinkle, Hair Color, UV Absorbers, Anti-Stretch Marks and Others. The type of device is further segmented into Radiofrequency, Laser, Anti-Cellulite, and Microdermabrasion. Treatment segment is bifurcated as Hair Restoration, Anti-Pigmentation, Anti-Adult Acne, Liposuction, Breast Augmentation, Chemical Peel and Others. Demography is segmented (Generation X, Baby Boomer, and Generation Y)
Geographically, the global anti-aging market is bifurcated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America anti-aging market was the most prominent market because anti-aging industry is one the major revenue contributor within the manufacturing industries. Thus, the demands for anti-aging products, like Anti-Wrinkle, Hair Color, UV Absorbers and Anti-Stretch Marks will generate higher revenue returns over the forecast period.
Major industry players in global anti-aging market are adopting different strategic initiatives such as mergers and acquisitions, partnerships, and collaborations for strategic expansion in the anti-aging market. For instance, In January 2016, LOral unveiled My UV Patch, the first-ever stretchable skin sensor designed to monitor UV exposure and help consumers educate themselves about sun protection.
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