Global Anti-aging Market - Segmented by Product Type, Service, Device, and Geography - Growth, Trends, and Forecast (2018 - 2023)
In 2017, the global anti-aging market was estimated at USD 324.6 billion and is expected to reach a value of USD 429.0 billion by 2022 , at a CAGR of 5.73% during 2018-2023 (the forecast period). As of 2017, North America, followed by Europe and Asia-Pacific, held up to 60% of the market share.
Accelerating Demand for Skincare Products
In 2016, the anti-wrinkle products segment accounted for the largest market share of about 43% that is expected to reach 70% by 2022 . The natural products segment is expected to witness the highest growth rate, due to the side effects associated with cosmetics and chemical-based products. The demand for different types of anti-aging products and services has been growing since the past years.
Growing aging population worldwide, increasing number of medical tourism for cosmetic procedures, rising consumer demand for anti-aging products, and the strict regulations are the other factors driving the market. Moreover, these factors have led to the introduction of safe and efficient anti-aging products and services in the market.
Aesthetic Plastic Surgery becomes a New Trend
With the rising beauty consciousness among people, there is a potential market for anti-aging devices and aesthetic plastic surgeries. Aesthetic is a new trend, worldwide, which has covered a major chunk of the market. According to the American Society for Aesthetic Plastic Surgery, in 2014, Americans spent around USD 12 million on aesthetics and nearly 50,000 cosmetic procedures were performed in the United Kingdom, last year.
However, factors, like stringent regulatory environment etc., are making consumers be skeptic regarding the global anti-aging market, thus, in turn, this factor is restraining the market growth.
Japan One of the Established Markets for anti-aging products
Japan is becoming one of the established markets for the anti-aging products & services, because of the modern lifestyles of Japanese populace. Countries, like the United States, and regions, like Europe and Australia, are also a few leading markets, globally. The Japanese anti-aging market is evolving because of the new product introductions and services being provided . Japan has been the world’s longest life expectancy for women for more than two decades.
The market is analyzed under various other regions as well namely, North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook