Drugs and Cosmetics for Aging Baby Boomers: A Surging Market
- The total market for drugs and cosmetics for aging boomers, as defined in this study, will reach an estimated $28.5 billion in sales in 2001.
- This market is expected to grow to $41.94 billion in 2006 at an average annual rate (AAGR) of 8%.
- The market with the highest projected AAGR (16.5%) is hormone replacement therapy. The numbers of those seeking relief from menopausal symptoms is steadily increasing.
- Other rapidly growing market segments are arthritis therapies, vision-related products, urinary incontinence products, skin care products and periodontal disease therapies.
- Boomers will be the best educated seniors in history and are expected to enjoy better health later in life as a result of better self-help and preventative activities.
STUDY GOAL AND OBJECTIVES
This study provides readers with an intensive examination of the growing market for drugs and cosmetics for aging boomers.
Not only does the report focus on the demographics and behavior patterns of the baby boomer generation but it also examines the group's significance as a major market segment within the United States drug and cosmetics industries. From this analysis, BCC provides estimates for current and future trends in market size, market participants, product lines and consumer attitudes.
REASONS FOR DOING THIS STUDY
Dramatic changes are taking place as "baby boomers" approach "old age." Many boomers are now over 50 and if one expands the definition to include the "war-baby" cohort then many are retired and about to receive Social Security. This generation has not mimicked preceding generations but has been one of trendsetters. Its members have a high participation rate in sports activities and are very exercise oriented. Consequently, in addition to experiencing the problems associated with aging, they will experience many sports-related problems.
Also, the concept of "looking one's age" does not appeal to a large number of members of this demographic, both male and female, and their reliance on cosmetic products already has been demonstrated. It is BCC's goal to fully identify and examine these trends and to forecast future market changes through 2006.
CONTRIBUTIONS OF THE STUDY AND FOR WHOM
This study defines the major markets driven by "baby boomers" and provides detailed information on:
- drugs used to treat or prevent age-related disorders
- vitamins, nutritionals and herbals targeted to senior citizens
- hormone replacement therapy and other menopausal therapies
- prostate medications
- hair regrowth products
- impotency treatments
- skin care and antiwrinkle products
- sunscreen products.
This study will prove particularly beneficial to pharmaceutical and cosmetics industry participants who hold marketing, management and technical development positions. It also will benefit readers who are suppliers to these industries as well as investors, venture capitalists, and those interested in demographic trends within these industries.
SCOPE AND FORMAT
Included in this study are all products classified as drugs and cosmetics. These include products sold over-the-counter or by prescription. Also included are vitamins and herbal remedies, although these are not considered drugs.
These markets are defined in light of current and potential products, market segments, governmental and regulatory agencies, major companies competing in this market, relative market shares and impact of the worldwide market status.
METHODOLOGY AND INFORMATION SOURCES
The primary data collection method for this report focuses on interviews with industry and trade personnel, company sources, annual reports, government agency personnel, industry observers, scientists and industry professional organizations, as well as a survey of the retail markets. In addition to these primary data sources, secondary data research techniques included a literature search of BCC's extensive library, as well as medical and libraries.
All data were analyzed by BCC personnel to determine specific findings and to make forecasts. Once these forecasts were obtained, they were validated by consultation with industry experts. Consequently, all estimates provided in this report represent a consensus opinion of BCC personnel, industry participants and industry observers. Growth forecasts are made in constant 2001 dollars based on the U.S. manufacturers' (wholesale) price level unless otherwise noted.