The rising demand of the consumers for safe, natural, and effective solutions to fight the signs of aging has resulted in the exponential growth of the global anti-aging market. Diverse products, services, and devices that cater to the evolving needs of the consumers are being introduced on a regular basis, which explains the rapid progress the anti-aging market has been making. And despite the several concerns regarding the safety of the components that make up anti-aging products, this market has maintained a steady demand through the years.
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Global Anti-aging Market to Expand at Healthy Pace Fueled by Massive Baby Boomer Population
Research analysts within the anti-aging industry have revealed that the global anti-aging market is poised to expand at a 7.80% CAGR between 2013 and 2019. The value of this market was pegged at US$122.3 bn in 2013 and this is anticipated to increase to US$191.7 bn by 2019.
One of the most significant factors boosting the global anti-aging market is the large population base consisting of baby boomers. This segment of the global population born between 1946 and 1964 is presently in the above-50 age group, making it the ideal target audience for anti-aging products and services. In the US alone, 44% of the population consists of baby boomers, who account for a massive 70% of the disposable income in the country. Other factors driving the anti-aging market are the rising demand for methods to reverse or curb the signs of aging, the introduction of innovative products and services, major technological advancements in the field of personal and skin care, the surge in customer reception and experimental studies, and the increase in government restrictions resulting in the improvement of product quality and safety.
Growing Awareness among Consumers Responsible for Expansion of Asia Pacific Anti-aging Market
On the basis of geography, the global anti-aging market is divided into Asia Pacific, Europe, North America, and Rest of the World. North America has thus far dominated the worldwide market and has been declared to be a mature market for anti-aging. Fueled by the rise in sedentary lifestyles, the alarming surge in obesity levels, and the high level of awareness about the signs of aging, this anti-aging market is expected to retain its lead through 2019. Research indicates that anti-aging products and services are more in demand in North America that anti-aging devices. However, the demand for anti-aging devices for personal use has been rapidly increasing in this region.
The anti-aging market in Asia Pacific, though not as mature as that in North America, is a strong contender and has been identified as exhibiting strong potential for growth in the near future. This market is driven by factors such as the rising acceptance of new services, products, and devices thanks to the surge in awareness among the general population. The rapid economic growth and increase in disposable incomes have also contributed toward the development of the Asia Pacific anti-aging market.
Some of the most prominent players in the global anti-aging market are Allergan, Inc., L’Oréal SA, Cynosure, Alma Laser, Lumenis, Beiersdorf AG, Personal Microderm (PMD), Coty Inc., Photomedex, and Solta Medical, Inc
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