Anti-aging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Anti-aging Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The anti-aging market is expected to witness a CAGR of 6.1% over the forecast period.

The global pandemic of COVID-19 has highly impacted all facets of the healthcare industry. Also, the number of cosmetic procedures during the pandemic period was minimal to none during COVID-19. For instance, the Springer article published in August 2022, mentioned that a 60% reduction in cosmetic surgeries in the pandemic period was recorded Moreover, most elective surgeries were deferred to reduce the COVID-19 infection rate across the world. Thus, the pandemic had a significant impact on the growth of the market. However, the resumption of cosmetic surgeries after the relaxation of strict regulations during the post-pandemic is expected to contribute to the growth of the market over the coming five years.

The rise in the consumer demand for anti-aging solutions, with the increase in lifestyle standards and income among the population across the world, is the major factor driving the growth of the studied market. According to the United Nations World Population Prospects 2022 report, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. Such an increase in the aging population is expected to contribute to the growing demand for anti-aging, thereby contributing to the growth of the market.

Additionally, the rising demand for anti-aging treatments is also expected to contribute to the growth of the market. For instance, the survey conducted by the American Society of Plastic Surgeons in 2022 mentioned that in the United States, 76% of plastic surgeons witnessed increased demand for cosmetic procedures and 23% reported that their business has doubled. The report also mentioned that a facelift is the top cosmetic surgical procedure demanded by patients in 2021-2022.

Additionally, the advancements in technology and increasing investment in the research and development activities by major players for the innovation of highly safe and efficient skin care solutions are expected to propel the anti-aging market globally. Thus, with the rising adoption of anti-aging solutions, there is a potential market for anti-aging devices and aesthetic plastic surgery procedures over the forecast period. However, stringent regulatory policies for the devices and social stigma in some populations are expected to hinder market growth over the forecast period.

A Stretch mark develops when the skin stretches or shrinks quickly. The skin may be prone to rupture due to the abrupt changes in collagen and elastin in the skin layers. Aging is a primary factor for stretch marks. Also, rapid weight loss or gain and pregnancy are the most common reasons leading to stretch marks. Furthermore, according to the NCBI study in May 2021, stretch marks and xerosis appear to respond well to topical oil formulations rich in vitamins and plant extracts. The effectiveness of topical treatment for stretch marks is expected to drive the growth of the studied segment.

The growing demand for anti-stretch mark products, due to the increasing incidence of obesity, particularly among the older population, and the increasing focus of major companies on the launch of advanced devices and products for the treatment of stretch marks are anticipated to boost the segment’s growth. For instance, in May 2021, Givaudan Active Beauty launched Centella CAST, an ingredient derived from Centella Asiatics that acts on the mechanisms responsible for the formation of stretch marks. Also, in April 2021, Bio-Oil launched an All-Natural version of the oil which will be available in Ireland for the treatment of scars and stretch marks. ​

On the other hand, anti-wrinkle products are also anticipated to witness a notable growth rate, owing to the growing awareness regarding the availability of products and the increasing older population. For instance, in September 2022, Derma E launched an anti-wrinkle line of products at Walmart stores across the United States in the Natural face care section. Additionally, the rise in the mid-aged population, 30-55 years old population across the world is expected to drive the demand for the anti-wrinkle and anti-stretch products, thereby contributing to the growth of the studied segment.

North America's anti-aging market is projected to have significant market growth, owing to the availability of well-established infrastructure, the presence of key market players, and increasing average life expectancies and the median age in the region.

Moreover, the growing adoption of anti-aging products and cosmetic procedures, coupled with favorable reimbursement policies, is anticipated to bolster regional growth over the forecast period.

Moreover, companies in the region are actively focusing on strengthening their market position through R&D and new product launches and receiving product approvals. For instance, in February 2021, the United States Food and Drug Administration cleared Soliton Inc's Rapid Acoustic pulse technology for short-term improvement in the appearance of cellulite. Also, in May 2022, Revelle Aesthetics launched Aveli, a disruptive new cellulite device. Aveli is a Food and Drug Administration-cleared, launch to deliver women with cellulite visibly meaningful results in a single in-office procedure.

Also, in November 2022, Alterna launched the Caviar anti-aging restructuring bond repair collection in Canada. And, in August 2021, Sciton launched the mJoule platform in Canada which features the company's fractional treatment, MOXI, and BBL Hero treatment for skin resurfacing. Such innovative product launches in Canada are expected to contribute to the growth of the market.

Thus, given the aforementioned factors, frequent innovative product launches, and product approvals the studied market is expected to grow significantly in North America.

There is huge competition in the anti-aging market, due to the presence of many domestic and international market players. Most of the market players are adopting various growth strategies, such as acquisitions, partnerships, and new product launches, in order to secure their position in the market. Some of the key market players in the anti-aging market are L’Oréal, Unilever, Estee Lauder, Beiersdorf, and Shiseido, among others.

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