Antiaging Products and Services
The U.S. market for antiaging products and services in 2004 is expected to exceed $45.5 billion. Growing at an average annual growth rate (AAGR) of 9.5%, this market will reach nearly $72 billion by 2009.
Of 2004 expenditures, about $36.5 billion will be spent on drugs and supplements targeted at specific diseases of aging, a segment growing at an AAGR of 9.5%.
The $7.7 billion appearance products and services market will grow more slowly, impacted by price pressures and the discretionary nature of spending.
Nearly $280 million was spent on antiaging products based on advanced technologies, the fastest growing segment with an AAGR of 12.6%.
The market for antiaging products and services has being growing rapidly for the past decade. In 2003, Americans spent more than $41 billion to counter the effects of aging. Demand for antiaging products and services is driven by several important social and economic factors that are forecast to significantly impact the U.S. in the coming decades, including: demographic changes, social attitudes, health care structure, delivery and prices, and the state of scientific research on aging.
In the next decade, "healthspan," or living in good health into advanced old age, will remain the main goal of elderly consumers and the focus of most antiaging research. The trend towards healthy living is impacting consumer demand in many sectors, including foods and beverages, weightloss and diet products, exercise equipment and others. This will be reflected in stronger demand for products and services that could help to postpone aging.
This BCC report analyzes these new developments and their potential impact on the future of the market for antiaging products and services. It provides a comprehensive analysis of the market for antiaging products and services in the U.S. and forecasts future trends. It also focuses on scientific theories and recent research in the field of antiaging to underpin forecasts and provide a clearer picture of market potential for antiaging products and services. Many of those interviewed for this report expressed their conviction that commercialization of advanced technologies will enter a new phase during the next 10 years, and that major technological breakthroughs will have significant influence.
SCOPE OF STUDY
The report contains:
- A full discussion of factors impacting the U.S. market for antiaging products and services
- Analysis of products targeted at medical conditions associated with aging
- Analysis of antiaging appearance products and services
- Analysis of antiaging technologies and their impact on the market
- Market forecasts for all categories through 2009
- Overview of regulatory aspects.
METHODOLOGY AND INFORMATION SOURCES
BCC defined the market for anti-aging products and services based on demographic factors. In the appearance category, anti-aging products and services were limited to the age groups over 35, while in all health categories anti-aging products were defined as targeted at those in the age group of 50+.
For market segments, historical growth trends from 2000 through 2003, as well as estimates for 2004, were presented. Market forecasts for 2009 are compounded on an annual basis. For advanced anti-aging technologies we presented long-term trends through 2025. Forecasts take into account changing demographics, consumer trends, societal attitudes, factors influencing market prices, developments in anti-aging research and medical advances, issues related to providing healthcare, and other economic and social trends. In addition, BCC conducted multiple interviews with major industry players in all segments to estimate future growth rates. All sales are in current dollars, and Table figures for the year 2004 and beyond are BCC, Inc. estimates.
BCC, Inc. analyzed information from trade and mainstream publications, scientific journals, market and opinion surveys, industry associations, aging-related organizations, company directories, databases and web sites, annual reports, and government sources. Personal interviews were conducted with representatives from major companies, U.S. trade associations and publications, industry experts, government officials and scientists. We also conducted field research on prices for selected anti-aging categories.
Julia Dvorko has worked as a research analyst for BCC since 1997, completing three reports on the pet industry. Since 1993, she has worked on multiple research and consulting projects for several Fortune 500 companies and a number of small es in the U.S., Ukraine and Russia. At present she acts as a Program Director for the Massachusetts Export Center where she consults small and medium-sized Massachusetts es on international strategy and marketing programs development, as well as logistical, regulatory and financial issues when selling overseas. Previously, she worked at the Massachusetts Small Development Center in Amherst, MA, two joint ventures in Russia and a division of Volvo in the North of Sweden. Julia has a MBA degree from the University of Massachusetts, and a Ph.D. from Moscow State University.