Anti-aging products, services and devices market
The market for anti-aging products, services and devices is experiencing significant growth, fuelled by an increasing desire to look and feel younger. According to a revised market report from Future Market Insights (FMI), the industry is currently valued at US$60.76 billion This trend is expected to continue, with the market projected to reach a tremendous growth rate in 2024. US$ 101.84 billion by 2034Reflects a stable average annual growth rate (CAGR) 5.30%.
In 2022, the global market for anti-aging products is expected to be approximately US$59 billionreflecting a strong foundation for a surge in the years to come. The modern focus on maintaining a youthful appearance is the driving force behind the significant growth observed in the global cosmetics and skin care market. The diverse applications of anti-aging products, services, and devices have stimulated demand among a broad consumer base across various age groups. This surge can be attributed to growing self-awareness regarding physical appearance and the search for effective solutions.
Aging is a natural physiological process, but it can be aggravated by external factors like air pollution, exposure to harmful UV rays, and alcohol consumption, leading to premature aging. Anti-aging creams and lotions have emerged as an essential component of the skin care routine, playing a vital role in retaining moisture and promoting radiant, youthful looking skin.
Among the diverse categories of anti-ageing products, sunscreens occupy a key position by effectively protecting the skin from harmful UV rays and delaying the onset of wrinkles and discoloration. Brands in the sun care market are catering to the growing demand by offering paraben-free anti-ageing skin care products, which is contributing significantly to the expansion of the sun care segment.
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The rise in skin diseases such as atopic dermatitis, melanoma and non-melanoma skin cancer will drive the adoption of anti-aging treatments.
Rising awareness about skincare habits and a growing desire for youthful-looking skin has led to a surge in sales of products rich in wrinkle-fighting retinol, moisturizers and dermal fillers among women.
Another key factor driving the anti-aging market revenue growth is promotion and advertising using celebrities to promote products and treatments.
Therefore, key players are adopting various strategies to increase revenue generation and thus drive market growth.
Key Takeaways from FMI’s Anti-Aging Products, Services and Devices Market Study
- Based on application, anti-wrinkle treatment is expected to be the largest segment in terms of revenue.
- Cellulite removal treatments are expected to see robust growth as the number of people undergoing these procedures increases in the US and UK.
- The United States is expected to record high demand and lead the North American market during the forecast period.
- UK and France are expected to see steady growth due to ageing populations and rising prevalence of skin diseases.
- Driven by the increasing demand for anti-aging products in an ageing society, Germany recorded significant growth. 15% Global market share
- India is expected to emerge as a lucrative market, buoyed by high demand for cellulite treatment and chemical peels.
Anti-Aging Products Services and Devices Market – By Category – By Application:
- Antipigmentation therapy
- Cellulite Removal Treatment
- Anti-Wrinkle
- Acne Management
- Scar Treatment
- others
By product type:
- cream
- Moisturizer
- Retinol
- Dermal fillers
- Botulinum toxin
- Chemical peeling
- Cellulite Treatment
- Non-surgical Fat Removal
- others
By distribution channel:
- Dermatology Clinic
- Hospitals, pharmacies, drug stores
- Rejuvenation Center
- others
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Competitive Environment
Leading players in the market are focusing on strategic mergers and collaborations to expand their global footprint in the market.
Coupled with increasing R&D activities towards developing advanced anti-ageing products and devices, new product launches will also be one of the key strategies for market players to expand their customer base.
For example, in December 2020, Devonian Health Group, a global clinical-stage botanical pharmaceutical company, announced the launch of a global sales and marketing partnership for its R-Spinasome anti-aging technology.
Also in January 2021, Aptar Beauty announced the development of the first airless roll-on capsules for its LightinDerm skin care devices.
author:
Sabyasachi Ghosh, Vice President at Future Market Insights, Inc., has over 12 years of experience in the healthcare, medical device and pharmaceutical industries. His inquisitive and analytical nature helped him pursue a career as a researcher.
Identifying the key challenges facing his clients and coming up with robust hypothesis-based solutions to empower them with strategic decision-making capabilities comes naturally to him. His primary areas of expertise are in the areas of market entry and expansion strategies, feasibility studies, competitive intelligence and strategic transformation.
With a degree in Microbiology, Sabyasachi is a highly published author and has been cited in journals such as The Journal of mHealth, ITN Online and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR Accredited, Stevie Award Winner, Member of the Greater New York Chamber of Commerce) offers deep insights into the driving forces behind market demand. FMI is a leading global provider of market intelligence, advisory services, consulting and events for the packaging, food & beverage, consumer technology, healthcare, industrial and chemical markets. With a large team of 400+ analysts worldwide, FMI offers global, regional and local expertise on trends across multiple sectors and industries across 110+ countries.
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