Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Anti-aging products, services, and devices are products used to reduce the masking and prevent the sign of skin aging. These products are used in acne treatment, skin resurfacing, and anti-pigmentation. These products help to treat the aging of the skin and also other skin related problems such as acne and wrinkles.
The Global Anti-Aging Products, Services and Devices Market is projected to surpass US$ 379,015.3 million by the end of 2028, in terms of revenue, growing at CAGR of 7.8% during the forecast period (2021 to 2028).
The growing aging population is a prime factor fueling the market growth of the anti-aging products, services, and devices. The aging population is getting more aware of anti-aging products. According to the World Health Organization, by 2050, the world’s population aged 60 years and older is expected to total 2 billion, up from 900 million in 2015. Moreover, by 2050, 80% of all older people will live in low- and middle-income countries. Thus, the rise in the aging population is propelling the market growth of the anti-aging products services, and devices.
The increasing launch of safe and efficient anti-aging products and services due to strict rules and regulations is augmenting the market growth. This has compelled manufacturers to focus on the efficacy and quality of the products. This is boosting the investment in the research and development programs and the emergence of advanced products. Strict rules and regulations also minimize the chances of risk and side-effects.
North America held dominant position in the Global Anti-Aging Products, Services and Devices Market in 2020, accounting for 33.7% share in terms of revenue, followed by Europe and Asia Pacific, respectively. As a result of rising aging population, as well as product innovation around the globe.
Figure 1. Global Anti-Aging Products, Services and Devices Market, Revenue Share (%), By Region, 2020
The growing demand for invasive surgeries is restricting the adoption of corrective cosmetic surgeries. Invasive cosmetic procedures offer fast recovery and also have fewer post-surgery side-effects. This is expected to hinder the market growth of anti-aging products, services, and devices.
Social stigma and strict rules & regulations associated with the anti-aging device are expected to hamper the demand for these products. This factor is expected to restrict the market growth of anti-aging products, services, and devices.
Increasing spending on anti-aging surgical cosmetic procedures by consumers are projected to offer immense opportunities in the market over the forecast period. According to American Society of Plastic Surgeons (ASPS), Americans spent more than $16.5 billion on cosmetic plastic surgery and minimally invasive procedures in 2018, a four percent increase from the previous year. Thus, increasing spending on cosmetic procedures by consumers is projected to favor the market growth in the near future.
Technological advancement in the anti-aging devices is projected to bring new market opportunities in the near future. For instance, in January 2020, Foreo launched a new ‘Bear’ anti-aging device with Lotte and Hyundai in Korea. Bear and Bear Mini is a combination of microcurrent and T-sonic pulsations, it firms the skin for a more youthful and contoured complexion. The microcurrent tones the skin, while T-sonic pulsations relax the facial muscle tension points and smooth the appearance of fine lines and wrinkles.
Anti-Aging Products, Services and Devices Market Report Coverage
||Market Size in 2021:
||US$ 208,145.1 Mn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 379,015.3 Mn
- North America
- Asia Pacific
- Rest of World
- By Product Type: UV Absorbers, Anti-wrinkle Products, Dermal Fillers, Botox, Anti-Stretch Mark Products and Hair Color.
- By Services Type: Anti-Pigmentation Therapy, Anti-adult Acne Therapy, Breast Augmentation, Liposuction, Abdominoplasty, Chemical Peel, Eye Lid Surgery, Hair Restoration Treatment and Sclerotherapy.
- By Devices Type: Anti-Cellulite Treatment Devices, Microdermabrasion Devices, Laser Asthetic Devices and Radio Frequency Devices.
- By Demographics: Baby Boomers, Generation X and Generation Y.
Allergan, Inc., Alma Laser, Coty Inc., Beiersdorf AG, Cynosure, L’Oréal SA, Lumenis, Photomedex, Personal Microderm (PMD), and Solta Medical, Inc
- Increasing aging population
|Restraints & Challenges:
- Growing demand for minimally invasive cosmetic procedure
Figure 2. Global Anti-Aging Products, Services and Devices Market – Opportunity Analysis
- The growing popularity of liposuction procedures due to the influence of social media is estimated to stimulate the market growth of anti-aging products, services, and devices. Also, the growing focus of the people on enhancing the physical appearance along with the increasing disposable income of the consumers is again expected to supplement the market growth of the anti-aging products, services, and devices. The growing penetration of new brands in the beauty care market is further projected to accelerate the market growth.
- Increasing consumption of anti-stretch mark products is one of the trends in the market. This is attributed to the increasing obesity coupled with the continuous launch in the innovative anti-stretch mark products. Increasing research and development by key manufacturers to develop more advanced anti-aging products in order to meet the growing demand is again expected to propel the market growth of the anti-aging products, services, and devices over the forecast period
Figure 3. Global Anti-Aging Products, Services and Devices Market, Revenue Share (%), By Demographics, in 2020
Key Takeaways of the Graph:
- The Generation X held dominant position in the market and accounted for 70.39% share in the Global Anti-Aging Products, Services and Devices Market in 2020. The segment is expected to reach US$ 172,842.8 million in 2028.
- Growing awareness regarding the aging signs in younger generations is expected to foster the market growth of the anti-aging products, services, and devices. The market is not only driven by the old population but also young populations who want to delay the process of aging especially people in their mid-thirties. Moreover, rising awareness regarding the skin, body, and hair care among young populations is again expected to augment the market growth of the anti-aging products, services, and devices.
Global Anti-Aging Products, Services and Devices Market - Impact of Coronavirus (Covid-19) Pandemic
Most aesthetic and cosmetic practises were viewed elective and had been postponed in order to free up hospital assets for the treatment of COVID-19 patients, and to reduce the risk of SARS-CoV2 viral infection among patients receiving anti-aging treatment, so the COVID-19 pandemic is anticipated to have a slight impact on the global anti-aging products, services, and devices market. According to a report published in Aesthetic Plastic Surgery 2020, 17.7 million cosmetic treatments were conducted in 2018, up 2% from 2017, indicating that cosmetic procedures are becoming more popular. As a result, the current pandemic is expected to have a direct and indirect impact on the anti-aging industry.
Key players are operating in the Global Anti-Aging Products, Services and Devices Market are Allergan, Inc., Alma Laser, Coty Inc., Beiersdorf AG, Cynosure, L’Oréal SA, Lumenis, Photomedex, Personal Microderm (PMD), and Solta Medical, Inc.
Few Recent Developments
- In May 2021, Lumenis Ltd., the major energy-based medical device manufacturer for cosmetic, surgical, and visual applications, confirmed recently that it has won the MedTech Breakthrough Awards for 'Best Overall Medical Device Company.'
- In March 2021, Lumenis Ltd, an energy-based medical device manufacturer with applications in aesthetics, surgery, and ophthalmology, has confirmed a formal partnership with AdventHealth Nicholson Center (Orlando, FL) to establish a dedicated Center of Excellence as a medical training programme.
- In September 2021, At Vision Expo West in Las Vegas, Nevada, Lumenis launched the OptiLight intense pulsed light (IPL) product. The FDA has granted the firm permission to market OptiLight, a device that uses IPL to treat dry eye condition.