TELANGAANA HYDERABAD, INDIA, December 7, 2022 /EINPresswire.com/ — The global anti-aging market is expected to be worth USD 44.76 billion by 2022, according to a research report published by MarketDataForecast. The market is expected to reach USD 57.95 billion by 2027 at a CAGR of 5.3% from 2022 to 2027.
Antiaging refers to reducing or preventing aging problems through the use of treatments, devices and products. Unfortunately, compared to men, most women suffer from aging problems due to stress, pregnancy and unhealthy diet. In addition, increasing environmental pollution, high levels of chemicals used in the body on a daily basis, and increased hormonal changes due to chronic diseases are some of the causes of aging problems.
Aging population, advancements in natural products, and device manufacturing all require market growth.
According to a 2019 survey, there are nearly 1.1 billion people in the world over the age of 60. Accelerated aging leads to decreased production of melatonin and less sleep in older adults, which can lead to skin problems. Wrinkles, acne, dark circles, loss of skin moisture, and dullness are issues faced by the elderly, which is driving the market.
With increasing government approvals of anti-aging related devices and treatments, most researchers and key players are focusing on developing home-based products and anti-aging treatments, which is driving the market forward. Most of the people prefer to use natural products for anti aging problems without side effects for further use.
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Rising consumer demand for different types of treatments or devices for different skin concerns is supporting the growth of the product segment.
The product type is segmented into UV Absorbers, Anti-Wrinkle Products, Anti-Ball Market Products, Natural Products, Hair Colorants. Anti-wrinkle products are in highest demand due to increased wrinkles in early life due to stress, hormonal changes, etc. These skin products prevent or reduce wrinkles, increase facial hydration, and maintain a youthful appearance.
Growing focus on facial rejuvenation across age groups supports the demographic market.
The demographic segment is subdivided into Baby Boomers, Generation X, and Generation Y. Generation X has the highest market share. People over 60 fall into this category. As we grow older, people’s bodies face several problems, mainly skin differences. Hence, these people are using more anti-aging related products in developed countries, thereby driving the market forward.
Hospitals and beauty centers add different types of service providers to support the service segment.
The services segment is anti-pigmentation treatments, adult acne treatments, breast augmentation, liposuction services, tummy tuck, chemical peels, eyelid surgery, hair restoration, and sclerotherapy. The adult acne treatment segment holds the highest market share as treatments are becoming more advanced with lower cost and shorter procedure time.
The growing popularity of different types of devices supports the device segment.
The devices segment is divided into Anti-Cellulite Treatment Devices, Microderm Abrasion Devices, Cosmetic Laser Devices and Radio Frequency Devices. The radio frequency equipment segment holds the highest market share. These radiofrequency devices are used to tighten the skin, produce collagen, and shape the body by destroying fat cells.
Regional Outlook of Anti-Aging Market:
The anti-aging market in North America holds the highest market share owing to rising awareness of anti-aging products, growing concern about appearance, and rising healthcare spending. In 2022, the North American anti-aging market size is 17.44 billion, and it is expected to reach 22.47, with a CAGR of 5.20%. Increased availability of anti-aging products in offline and online stores has boosted demand. In recent years, most people prefer to shop online while sitting in one place. These people can find several different brands, oils, and creams for different skin types.
Asia Pacific follows North America. Factors such as the rise of key players in the region and rising demand owing to the increasing use of anti-aging products among young people are driving the market. The anti-aging market was valued at USD 8.09 billion in 2022 and is expected to reach USD 10.66 billion by 2027, at a CAGR of 5.69%. India and China account for the largest market share. In China, due to the pandemic, many people are spending their time at home, focusing on self-care and cosmetics to make them look youthful and attractive. Hence, increasing searches and purchases of anti-aging products requires market growth.
The market share of the European anti-aging market ranks third. The market is growing due to rising government investments and rising production of anti-aging related products. The European anti-aging market is expected to reach USD 20.14 billion in 2027 and USD 15.65 billion in 2022, with a CAGR of 5.17%. Germany holds the largest share in the region owing to rising research on anti-aging treatments and products.
Middle East Africa is expected to grow at a CAGR of 5% during the forecast period 2022 to 2027.
Anti-Aging Market Key Players Analysis:
Collaboration of many key players forms an advanced product based on the number of studies by researchers around the world. In 2019, The Estée Lauder Companies entered into an agreement with Have & Be Co. Ltd. for a men’s grooming brand. This company shares the best skin care and beauty products for consumers around the world. Additionally, Restylane Defyne received FDA approval in 2021 for enhancing and treating mild to moderate chin retraction in people 21 and older, according to Galderma.
Some of the key players in the anti-aging market are Procter & Gamble, Johnson & Johnson, Unilever, Shiseido Ltd., ZO Skin Health, Inc., L’Oreal Paris, The Estee Lauder Companies, Beiersdorf, and others
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