Anti-aging Services Market (2019 - 2026)

Anti-aging Services Market Summary

The global anti-aging services market size was estimated at USD 23.45 billion in 2018 and is projected to reach USD 23.08 billion by 2026, growing at a CAGR of 5.3% from 2019 to 2026. The market has been shaped by constantly changing customer demands. Since the majority of the customer base in the market has become social media savvy, awareness about anti-aging solutions has been on a rise. Hence, providing innovative and effective products & services has become imperative for market players.

Surging demand for anti-aging skincare solutions is one of the primary growth stimulants for the market. It will continue to increase as the millennial population ages. Technological developments in the beauty industry have given rise to various aesthetic enhancement procedures and services. Also, entry of various Asian market players in the anti-aging domain and increased adoption of preventive Botox procedures by millennial customers in recent years have supported the growth of the market. The advent of new anti-aging services in Europe and the Asia Pacific, thanks to improving living standards, has also helped the market gain momentum.

Rising consumer incomes and changing lifestyles are fueling the demand for preventive anti-aging solutions. Heightened awareness has resulted in an upswing in the demand for premium luxury products. The global anti-aging industry seems to be developing continuously, more than ever, as more companies are now offering their products through e-commerce as well.

Type Insights

In terms of revenue, liposuction procedures held a prominent position in the market in 2018. These procedures have gained popularity due to the increased influence of social media. Technological advancements and growing awareness about the procedures are contributing to the growth of the segment.

Botox, on the other hand, is projected to exhibit the fastest growth rate in the coming years. Botox and other dermal fillers are anticipated to remain the top non-invasive anti-aging treatments throughout the forecast horizon. In September 2018, Allergan announced the results of its clinical trial based on the effects of a high dose of Botox in patients with glabellar lines. It was observed that higher doses were well tolerated and safe in all patients studied during clinical trials.

Demographics Insights

Based on demographics, the anti-aging services market has been segmented into baby boomers, generation X, and generation Y. In terms of revenue, generation X dominated the market in 2018. Growing focus on physical appearance along with increased disposable incomes will supplement the growth of the segment.

Generation Y demographic group is estimated to witness an impressive growth rate over the forecast period. The demographic group mainly consists of millennial consumers, who are more aware of popular premia luxury brands such as Estée Lauder and Elizabeth Arden. Preference for premium skincare brands has been increasing among millennial population groups.

Regional Insights

In 2018, North America was the leading revenue contributor in the global arena. The regional market is driven by the rising aged population, especially generation Y, who are more concerned about beauty, wellness, and physical appearance. Asia Pacific is expected to register the highest CAGR over the forecast period.

In this region, a large pool of customers is now willing to invest more in anti-aging skincare. Also, the presence of prestige and ultra-prestige anti-aging skincare brands in the region have now strengthened due to rising customer demand.

Anti-aging Services Market Share Insights

Allergan, Inc.; Beiersdorf AG; Cynosure; Lumenis; Solta Medical, Inc.; Procter & Gamble; Estee Lauder, Inc.; and Elizabeth Arden are some of the key players in the global market. These companies have a well-established network of suppliers and customers, which helps in strengthening their market position.

The market is highly competitive and fragmented. Market dynamics change rapidly due to constantly changing customer preferences and industry trends. Intense competition between companies in this market is based on factors such as brand strength, pricing structure, product assortments, availability, product efficacy, perceived value, value-added customer services, social media presence, advertising, new product introductions, and other promotional activities.

Some of the companies are substantially larger, more diversified, and have greater marketing and financial resources. Large companies in the anti-aging skincare domain rely on a combination of acquisition of other companies and internal brand development to strengthen their market position. Additionally, premium companies focus on the scientific efficacy of their products and utilize social media platforms to reach out to their potential customer base for up-selling.

Anti-aging Services Market