The worldwide anti-aging market is anticipated to develop at a stable CAGR over the forecast period (2017 to 2022), according to a report available on Radiant Insights, Inc. Growing focus of consumers on looking younger is predicted to increase demand for effective solutions against signs of aging. Healthcare professionals and cosmetologists have been launching products and services to resolve issues related to aging.
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Increasing geriatric population is one of the major factors that can drive the market. Stringent government regulations on manufacturing efficient and safe anti-aging products can propel market growth in the coming years. Furthermore, continuous technological advancements and growing consumer need for anti-aging products are expected to fuel market growth during the forecast period.
Considering the demand, most manufacturing companies are focusing on R&D activities to create innovative anti-aging products. For instance, Korean beauty leader VitabridC12 recently launched an anti-aging potion for the scalp. The main ingredient in this product is vitamin C in powdered form. It also includes over-the-counter (OTC) hair tonic, which is likely to increase collagen production. Combination of hair tonic and powder is likely to allow vitamin C to penetrate the scalp for around 12 hours and result in dense hair.
Uncertainty illustrated by consumers toward global anti-aging products and services is one of the major factors that can hinder the growth of this market. In addition, availability of duplicate products and the possibility of side effects can create obstructions for growth. Nevertheless, wide scope for improvement in anti-aging products is likely to create lucrative opportunities for manufacturers in this market.
The anti-aging market can be segmented on the basis of demographic, product, device, service, and region. Based on demographics, the market can be divided into baby boomers, generation X, and generation Y. Based on product, the market can be split into ultraviolet (UV) absorbers, anti-wrinkle products, and anti-stretch products. Based on device, the anti-aging market can be split into anti-cellulite treatment, microdermabrasion, laser aesthetics, and anti-aging radio frequency devices. Based on service, the market can be bifurcated into anti-pigmentation therapy and adult acne therapy.
Regional segmentation includes United States, Europe, Japan, and China. In United States, the anti-aging market is expected to witness tremendous growth in the coming years owing to rise in obesity, growing awareness about aging signs, and sedentary lifestyle. High demand for anti-aging devices can also fuel market growth in this region.
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On the other hand, in Japan, the anti-aging market is likely to foster high revenue during the forecast period due to increasing disposable income and awareness about product availability among the population in this region. In Europe, the market for anti-aging is predicted to grow rapidly owing to stable economic conditions, rising disposable income, and growing demand. In China, the market is likely to be propelled by increase in aging population and easy availability of products at commercial stores.
Some of the prominent companies operating in the market for anti-aging products are L’Oréal; Allergan Inc.; Personal Microderm; Cynosure Inc.; and Alma Lasers Ltd.
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