Anti-aging Market Poised to Expand at a Robust Pace by 2019
Posted by Sachin Darakhe on August 14th, 2019
Prominent players operating in the global anti-aging market include Allergan Inc., L’Oreal, SA, Cynosure Inc., Alma Lasers Ltd, Solta Medical Inc., Beiersdorf AG, Coty Inc., Personal Microderm, Lumenis Ltd., and Photomedex Inc., finds Transparency Market Research (TMR). A growing number of players are offering clinically tested products and advanced formulations, in order to gain a firm foothold in the market. Top players are focusing on bringing technological advancement in the anti-aging treatment products and services to consolidate their positions.
The global anti-aging market is projected to rise at a steady CAGR of 7.8% during the forecast period of 2013–2019. The global market is anticipated to reach a worth of US1.7 billion by the end of 2019; the market was valued at US$ 122.3 billion in 2013.
The demographics demanding anti-aging products, devices, and services comprise baby boomers, generation X, and generation Y. Of these, baby boomers (born during 1946–1964) is the dominant segment. This is attributed to the large disposable incomes the cohort has. Over the years, the demographic cohort will continue contributing substantial revenues to the market.
The various regional markets comprise North America, Asia Pacific, Europe, and the Rest of the World. Of these segments, North America is currently the leading market for anti-aging driven by extensive demand for such products and services. This can be attributed to widespread awareness of ant-aging treatments among health-conscious people across the region.
Rapid rise in Aging Population catalyzing Market Growth
The notably rising demand for products and services for slowing aging and countering its effects is a key factor driving the ant-aging market. The growing demand for these products among people in emerging and developed nations for rejuvenating skin is also boosting the market. In addition, among generation X the rising popularity of anti-aging services is also accentuating the growth of the market.
The rising acceptance of anti-aging formulations for skin among generation Y cohort is a key factor aiding in the substantial expansion of the market. The global anti-aging market is also expected to immensely benefit from constant research and development activities. Such efforts by players are focused on bringing technological advancements to help the offer better anti-aging devices and services. Recent innovations in formulations have led to advanced products that have increased efficacy and higher safety than the previous ones.
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Consumer Skepticism key Concern, Introduction of Better Products and Services boost Consumer Acceptance
The rapidly rise in aging populations in several developing and developed nations is also catalyzing the growth of the global anti-aging market. Moreover, the rising volume of population in various parts of the world who adopt sedentary lifestyle witness accelerated aging process. This augurs well for the expansion of the market. The substantial demand for anti-aging devices in mature markets, such as in developed nation of the U.S., is also adding to the revenues in the global market.
However, the growth of the market is hindered by several downsides it faces. The presence of skepticism shown by people on the acceptance of anti-aging products has restrained market to rise to its full potential. Nevertheless, bold strides being made by ant-aging formulations and technological advances in the associated services will help market players to allay such consumer concern over time. Furthermore, the rise in disposable incomes of people in emerging economies will also sustain the growth of the anti-aging market.
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About the AuthorSachin Darakhe
Joined: August 12th, 2019
Articles Posted: 296
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