Anti-aging market is growing as the modern technologies have initiated the involvement of novel anti-aging treatments and products. Anti-aging market is segmented into products, services and devices. Anti-aging product market compared to services was observed to be resilient to economic cycles because it was observed that during a financial downturn customers shifted to cost efficient mass marketed products which prevented any major declination in products market.
Anti-aging market can also besegmented on the basis of age demographics such as baby boomers, generation X and generation Y. Baby boomers are observed to the major target for anti-aging industry as this generation is aging and have high disposable income. According to a statistical data, 44% of US population is of Baby Boomers and 70% of US’s disposable income is owned by Baby boomers. It was also observed that baby boomers and generation X are the most aware and potential customers for anti-aging market. This age group is investing more into anti-aging products market as they have already crossed 50years and now expect to delay or mask the aging signs whereas generation X is investing more in anti-aging services market to maintain their appearance as they have reached in their forties.
Anti-aging market consists of products, services and devices among which by revenue product segment leads the market followed by services and devices. The future growth of products market was observed to depend on the innovation and technological development with increase in the efficacy and safety of anti-aging products.
North America is the leading geography for anti-aging market due to high awareness about aging signs, rise in obesity and sedentary lifestyle which are the major drivers of this market. Anti-aging services and products market are observed to be more mature markets than devices but demand for devices for personal use is increasing in this geography. Asia- Pacific market is expected to grow as the acceptance of new product, service or device has been increased over years due to awareness among population of Asia-Pacific and their growing economies have also added up to their disposable income capacities.
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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