The anti-aging market is primarily driven by an increasing ageing population, growing demand for medical tourism for cosmetic procedures and rising consumer demand for anti-aging products are the other factors driving the market.
According to the United Nations Report The global population aged 60 years or over numbered 962 million in 2017, more than twice as large as in 1980 when there were 382 million older persons worldwide
According to the International Society of Plastic Surgery (ISPAS) report2018, there were 10,607,227 surgical procedures and 12,659,147 non-surgical procedures were performed worldwide.
Moreover, these factors have led to the introduction of safe and efficient anti-aging products and services in the market. With the rising beauty consciousness among people, there is a potential market for anti-aging devices and aesthetic plastic surgeries. However, stringent regulatory policies for the devices and social stigma in some population are expected to hinder the market growth over the forecast period.
Key Market Trends
Anti Stretch Mark Products Are Projected to Have Significant Growth
- Stretch mark develops when the skin stretches or shrinks quickly. The abrupt change causes the collagen and elastin, which support the skin, to rupture. As the skin heals, stretch marks appear. Ageing is a primary factor for stretch markets moreover, rapid weight loss or gain and pregnancy are the most common reasons leading to stretch marks.
- The growing demand for the anti stretch mark products due to increasing obesity in older population and companies activities towards the launch of advanced devices and products for the treatment of stretch marks anticipated to boost the segment growth.
- In January 2018, New York based pregnancy brand Hatch also launched a belly mask that provides hydration and helps minimize stretch marks.
- In November 2019, Hope Smith, a US model had launched her own her own skincare brand MUTHA, with two products that help pregnant women treat their stretch marks. Thus, owing to all the aforementioned factors, the market is expected to grow significantly over the forecast period.
- On the other hand, anti wrinkle products are also anticipated to witness notable growth rate owing to growing awareness regarding availability of products and increasing older population.
North America is Expected to Hold the Largest Share in the Anti-aging Market During the Forecast
- North America anti-aging market is projected to have the significant market growth owing to availability of the well-established infrastructure, presence of key market players and increasing average life expectancies and the median age in the region. According to the US Census Brauro, in 2018, the median age in the United States has increased to 38.2 from 29.5 in 1960.
- Furthermore, the growing adoption of anti aging products and cosmetic procedures coupled with the favourable reimbursement policies are anticipated to bolster the regional growth over the forecast period.
- Moreover, companies in the region are actively focusing on strengthening their market position through R&D and new product launches. In January 2018, Estée Lauder has launched two anti-aging products through its product line Perfectionist Pro for skincare.
There is a huge competition in the anti-aging market. With the presence of many domestic and also international market players, it is difficult for a company to survive in the global anti-aging market. Most of the market players are adopting various growth strategies, such as acquisitions, partnerships, and new product launches, in order to survive in the market.
For instance, in January 2018, USANA announced the launch of a new skincare line, Celavive, in 2018, to reduce wrinkles. In January 2018, Vernell launched Cellifique, its new anti-aging gel for men that promises excellent skin revitalization and firmness. In September 2018, Syneron Medical Ltd. acquired Ellipse A/S, company that manufactures and markets laser-based and intense pulse light (IPL) platforms for different types of medical and aesthetic skin treatments.
Some of the key market players in anti-aging market are L’Oréal, Unilever, Estee Lauder, Beiersdorf and Shiseido among others.
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