Anti-aging drugs are combination of advanced biotechnology and clinical preventing medicines which are used for prevention and treatment of age related disorders and diseases. Anti-aging drugs are used especially by baby boomer generation and also by those consumers who are more concern about their looks and health. These drugs are used to reverse the effect of age on the body. Further, many medical technologies are being developed aiming to delay the aging process.
Market Size & Forecast
Global anti-aging drugs market is expected to flourish at a robust compound annual growth rate (CAGR) of 6.9% during the forecast period 2017-2024. Global anti-drugs market is anticipated to reach at a valuation around USD 87.2 Billion by the end of 2024. Rising health consciousness and advancement in medical science are the factors which are fostering the growth of global anti-aging drugs market over the forecast period.
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Geographically, global anti-aging drugs market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America stood with highest market share of global anti-aging drugs market in 2016. North America is anticipated to flourish at a significant pace during forecast period owing to the factors such as rising spending on healthcare, increasing plumpness among people and rising consciousness towards signs of aging.
Europe region is expected to be the second largest market of anti-aging drugs due to various factors such as increasing disposable income and rising consciousness towards look and healthcare among people. Further, Europe is expected to witness satisfactory growth over the forecast period. On the other hand, Asia Pacific region is expected to flourish at highest compound annual growth rate (CAGR) over the forecast period owing to factors such as population explosion and development and availability of new anti-aging products in this region. India and China are expected to be the key countries propelling the growth of anti-aging drugs market in Asia Pacific region.
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Growth Drivers & Challenges
The growth of global anti-aging drugs market is primarily driven by rising awareness toward age related problems and increasing concerns about looks and appearance among people across the globe. Advancement in medical science and development of new anti-aging drugs are some of the major factors which are anticipated to bolster the growth of anti-aging drugs market over the forecast period. Moreover, rising number of baby boomer generation people and their rising inclination towards anti-aging drugs are expected to propel the growth of global anti-aging drugs market in near future.
In addition to this, rising disposable income of consumers has led them to spend money on their look and appearance. Such factors are anticipated to positively impact the growth of anti-aging drugs market. Moreover, technological advancement with anti-aging drugs is expected to make these drugs more affordable in near future. Over the past few years, it has been observed that demand for skin related anti-aging drugs are rising rapidly. This rise in demand for skin related anti-aging drugs are anticipated to bolster the growth of anti-aging drugs market.
However, lack of awareness about anti-aging drugs in low economic countries is anticipated to hinder the growth of global anti-aging drugs market. Moreover, high cost of anti-aging drugs is also a major challenge which is expected to hamper the growth of global anti-aging drugs market in near future.
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