The global anti-aging market size was valued at USD 44.76 billion in 2022, and it is estimated to reach USD 57.95 by 2027, with a registering CAGR of 5.3% during the forecast period.
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The strict measures and movement restrictions implemented by the regulatory authority during the COVID-19 outbreak have slightly impacted the growth of the anti-aging market. In addition, the lack of resources and disrupted logistics supply chain have affected the production process of anti-aging products. The guidelines released by the government for the operation of salons, parlors, and other cosmetic shops to avoid close contact have also hampered the demand for anti-aging products. In the wake of the pandemic, all the health care workers were instructed to take care of covid and emergency patients. As a result, there was cancellation or suspension of the treatment and surgeries because the anti-aging problems were considered non-emergent. Moreover, the creams and lotions used for anti-aging issues were unavailable due to the disrupted distribution channel and supply chain. However, the rapid adoption of digital devices and technology during the pandemic has introduced home-use products to prevent adults from wrinkles and related issues. In addition, more use of telemedicine boosted the demand for anti-aging products.
The widespread availability of home anti-aging devices and products for reduced wrinkles, skin rejuvenation, and cellulite has increased consumer interest. These products are scientifically advanced and wearable and provide home-based solutions with flexibility and versatility growing worldwide. In addition, due to the adoption of unhealthy lifestyles, adults are looking for the option to look young and elderly. As a result, this change in consumer preferences is driving the growth of the anti-aging market over the forecast period. Moreover, the availability of premium anti-aging products in departmental and specialty stores has widened the scope of distribution in the market. In addition, the products are also available in online stores, salons, spas, specialty retailers, and direct response TVs such as infomercials and home shopping channels. Thus, boosting the growth of the market.
Technological advances and considerable investments in research and development have introduced new anti-aging treatments and products with long-term results, such as plastic surgery, breast augmentation surgery, and botulinum toxin injection therapy. Furthermore, the growing geriatric population suffers from common skin problems like wrinkles. Therefore, doctors recommend using anti-aging creams and lotions, which leads to rising demand for anti-aging products worldwide. In addition, technological advances have led significant market players to develop new technologies for treating the elderly and anti-aging the elderly. This factor creates a favorable opportunity to expand the global anti-aging market.
On the other hand, doctors and healthcare providers treat people with anti-aging procedures and treatments such as hair recovery, anti-pigmentation, adult acne treatment, breast augmentation, liposuction, and chemical peels. However, these are very expensive and not affordable for small and middle-income people. Thus, restricting the demand and growth of the anti-aging market. Furthermore, these anti-aging treatments require different types of devices, such as laser beauty devices, microdermabrasion devices, and high-frequency devices. Additionally, the products used in the treatment are premium and costly. As a result, the high cost of anti-aging treatments is hampering the growth of the global anti-aging market during the forecast period.
Moreover, the growing demand for organic and herbal products is further impeding the market’s growth. This is due to the number of incidences when patients have suffered negative consequences from the chemical-based anti-aging product. Negative impacts include rashes, reactions, irritation, and allergies. Thus, the adverse effect has imposed various challenges on the anti-aging market.
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KEY MARKET INSIGHTS:
- Based on the demographics, the generation X segment dominated the global anti-aging market in 2021. In addition, increasing disposable income and increasing attention to appearance complements the segment growth.
- Based on the services, the liposuction segment dominated the anti-aging market due to social media’s growing influence. Also, technological advances and increased awareness of processes contribute to the segment’s growth. Meanwhile, Botox is expected to show the fastest growth rate in the coming years. Therefore, botox and other dermal fillers are expected to remain the leader in non-invasive anti-aging treatments throughout the forecast period. The skincare industry has the largest share in the industry segment because of the increasing focus of consumers on their skin. In addition, besides skincare, the hair and dental care industry has significant growth.
- The Asia Pacific accounted for the largest share of the market over the forecast period. The growing geriatric population, increasing private organizations in the cosmetics industry, and the improving healthcare sectors boost the market growth. Emerging markets such as China, India, and Japan significantly contribute to the anti-aging market. China held a significant share in the region. Increasing cosmetic surgeries, technological advancements, and high healthcare expenditure propel market growth.
- North America is likely to witness a significant share in the anti-aging market owing to the increasing awareness of personal hygiene, lifestyle changes, and the harmful effects of skin pollution. The US is estimated to hold the highest share in the market due to increased healthcare spending, advanced technology, and the presence of key market players.
- Procter & Gamble Co., Johnson & Johnson, Unilever plc, Shiseido Company, Limited, ZO Skin Health, Inc., and L’Oréal Paris are significant players in the anti-aging market.
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