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).
Drivers
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
Market Restraints
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.
Market Opportunities
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 $16.5 billion on cosmetic plastic surgery and minimally invasive procedures in 2018, a four percent increase from the previous year. Thus, increasing spending on cosmetic procedures by consumers is projected to favor the market growth in the near future.
Technological advancement in the anti-aging devices is projected to bring new market opportunities in the near future. For instance, in January 2020, Foreo launched a new ‘Bear’ anti-aging device with Lotte and Hyundai in Korea. Bear and Bear Mini is a combination of microcurrent and T-sonic pulsations, it firms the skin for a more youthful and contoured complexion. The microcurrent tones the skin, while T-sonic pulsations relax the facial muscle tension points and smooth the appearance of fine lines and wrinkles.
Report Coverage | Details | ||
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Base Year: | 2020 | Market Size in 2021: | US$ 208,145.1 Mn |
Historical Data for: | 2017 to 2020 | Forecast Period: | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR: | 7.8% | 2028 Value Projection: | US$ 379,015.3 Mn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Allergan, Inc., Alma Laser, Coty Inc., Beiersdorf AG, Cynosure, L’Oréal SA, Lumenis, Photomedex, Personal Microderm (PMD), and Solta Medical, Inc |
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Growth Drivers: |
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Restraints & Challenges: |
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Figure 2. Global Anti-Aging Products, Services and Devices Market – Opportunity Analysis
Market Trends
Figure 3. Global Anti-Aging Products, Services and Devices Market, Revenue Share (%), By Demographics, in 2020
Key Takeaways of the Graph:
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.
Competitive Section
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
Anti-aging products and devices are products and/or services that are used to slow or reverse the normal aging process, for one reason or another. Anti-aging products and devices are very popular with both men (who want to look younger) and women (who want to feel younger). Anti-aging products and devices come in different forms-they can be creams, pills, powders, lotions, facial scrubs, cosmetics, hair dyes, hair transplants and surgery. Most people choose one of the many available Anti-aging products and devices when they are looking to make themselves look or feel better.
Market Dynamics
Increasing aging population and technological advancement in the field of anti-aging products and services is propelling growth of the anti-aging products, services and devices market. For instance, in June 2020, Avon has unveiled its Anew Skin Reset Plumping Shots which claims to reboost the skin in a week.
On the other hand, social stigma and growing demand for minimally invasive cosmetic surgeries is expected to hinder growth of the market
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective.
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