Anti-Aging Market Growing with Increasing Awareness on Issue

Posted by Pramod Arya on December 30th, 2020

The major driving factors for the anti-aging market are the rising number of awareness-raising seminars and conferences, surging geriatric population, increasing disposable income, technological advancements, expanding medical tourism sector, and escalating cosmetic surgery volume. These factors will lead to an increase in the industry revenue from 1.5 billion in 2019 to 1.4 billion in 2030, at an 8.1% CAGR during 2020–2030 (forecast period). Products used to diminish the signs of aging are easily available at physical stores and online portals.

Anti-stretch mark, anti-wrinkle, UV absorption, hair color, and others are the various categories based on product. During 2014–2019 (historical period), the anti-wrinkle category held the largest share in the anti-aging market, majorly because people’s awareness regarding the effectiveness of the Botox treatment in reducing wrinkles has risen manifold in recent years. With an increasing number of celebrities admitting to undergoing such treatments, the case for market players has strengthened. This category is also expected to experience market growth at the highest CAGR during the forecast period.

Under segmentation by treatment, the market is classified into anti-pigmentation, hair restoration, breast augmentation, adult acne therapy, chemical peel, liposuction, and others, wherein photorejuvenation, eyelid surgery, and sclerotherapy are included under ‘others’. The industry was dominated by the hair restoration classification in 2019, as hair loss is the most-easily visible sign of aging. With the increasing geriatric population, the volume of hair transplant surgeries is rising around the world, thereby propelling the advance of this industry classification.

The fastest advance in the anti-aging market is projected to be seen in the Asia-Pacific (APAC) region during the forecast period. Here, the geriatric population, conferences and seminars designed to make people aware of aging and the various treatments available, and volume of cosmetic surgeries are rising sharply. Moreover, as a result of the escalating incidence of age-related issues, the older people in India and China are creating a significant requirement for anti-aging products.

Hence, as more people age and their awareness regarding how they can reverse or physically hide the effects of this process rises, the market will keep blossoming.