February 18, 2016
Wellesley, Mass., February 18, 2016 – The anti-aging market comprises the boomers market (the population born between 1946 and 1965) and the youth anti-aging market. These markets differ in terms of products and service offerings, market structure and positioning. BCC Research reveals in its new report that the population of boomers, or aging consumers market, is growing at a rate of 3.2%, or about three times the growth rate of the general population, making the boomer segment the prime market for anti-aging companies.
Aging is defined as series of biochemical activities in the body due to internal and external factors, which leads to degeneration/disorders in the body and affects beauty, health and overall quality of life of a person. Anti-aging products and services help restore and retain beauty, health and overall well-being, and at the same time, increase longevity.
The total market for anti-aging products and services is expected to reach $331.3 billion in 2020, up from $281.6 billion in 2015; reflecting a five-year compound annual growth rate (CAGR) of 3.3%. The global anti-aging market is composed of the products market and services market. The product market accounts for nearly 83% of the overall anti-aging product and services market, with sales expected to reach $233.7 billion in 2015. This segment, which should demonstrate a five-year CAGR of 3.2% (2015-2020), is anticipated to total $273.8 billion by the end year.
The services market, the faster-growing segment, accounts for the remaining 17% of overall sales, or $46.1 billion in 2014. In 2015, this segment should total sales of $47.9 billion and $57.6 billion in 2015 and 2020, respectively, reflecting a five-year CAGR of 3.7%.
Asia-Pacific is demonstrating significant market growth partly fueled by the emerging economies of China and India. Their expanding economies are providing consumers with the ability to purchase more anti-aging products and services, bolstering market growth in both product and service markets.
In the U.S., key growth factors include an overall increase in the incidence/prevalence of conditions and changes experienced by aging consumers. The number of people seeking cosmetic services also shows sizeable growth due to a variety of factors such as a population of seniors growing at a rate greater than the general population. Although normal aging does not imply disease, the incidence of chronic diseases increases with advancing age.
The aging market presents one of the largest opportunities, mainly due its higher disposable income. Therefore, all companies in the cosmetic, pharmaceutical and health care, biotech, medspa and fitness services are strategizing to tap the lucrative anti-aging market.
“The population aged 65 and over is increasing each decade. For example, in 2000 the population aged 65 and over accounted for about 6% of the total population, by 2010 it was 7%,” explains BCC Research analyst Melissa Elder. “In 2020 we can expect it will increase to 10% and by 2050 it will reach 17%. This is something that many companies will find it difficult to overlook.”
Antiaging Products and Services: The Global Market (HLC060C) examines significant products, players, issues, trends and other information affecting the aging industry in both cosmetic and disease treatment markets. Analyses of global market drivers and trends, with data from 2014, estimates for 2015, and projections of CAGRs through 2020 are provided.
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Antiaging Products and Services: The Global Market( HLC060C )
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