Published On : 2016-11-16
Age never fails to show its effect on the structure, appearance, or activity of the skin or entire body. Fine lines, wrinkles, under-eye puffs, crow’s feet surrounding eyes, greying of hair, balding, and the list goes on and on. Skin especially undergoes a particular set of changes during ageing, including loss of moisture, lack of elasticity, wrinkles, pigmentation, reduced cellular activity, less collagen production, and damage due to exposure to UV radiations. All of these might not appear at the same time but one or more of these usually start showing up as a result of the beginning of ageing. The reason can be varied — improper lifestyle or diet, cumulative sun damage, or simply the genetics. It changes from individual to individual. Whatever the reason is, no one can stop or turn back the clock.
Fortunately, we live in an age of advanced technology where we have easy access to numerous anti-ageing procedures and products, which can help at various levels of ageing. Though none of them can virtually stop the entire ageing process, they can certainly prevent, decelerate, correct, erase, and mask the signs. The insecurity among people about ageing has fueled up a multibillion dollar industry in the past few decades. The anti-ageing industry has grown into a global market within a time span as short as a few decades, and offers a host of products and procedures, including non-surgical products, plastic surgeries, cosmetic surgeries, and dermatological procedures.
A. Products and services
A plethora of anti-ageing products are available in the market, which include face creams, body creams, eye creams, hair colours, hair rejuvenation products, hair restoration procedures, night repair creams, anti-UV creams, anti-stretch mark products, antioxidants, peptides, vitamin A, anti-ageing sunscreens, and dermal fillers such as collagen. The most effective and popularly sought after neurotoxins include Botox, Dysport, and Xeomin. The key services that drive the market include fractional CO2 laser skin resurfacing (Fraxel), wrinkle injections, sclerotherapy, thermage, thread lift, botox and baby botox, dermabration and microdermabration, facelift, skin rejuvenation, laser skin resurfacing, LED photo modulation, anti-pigmentation therapy, adult acne therapy, breast augmentation, liposuction, abdominoplasty, chemical peeling, eye-lid surgery, hair restoration, and rhinoplasty.
B. Major brands
Leading brands in the global anti-ageing market include Vichy, Olay, L’Oreal, Miracle, Chanel, Wexler, N07, Mary Kay, Fresh, Dior, Clarins, Kinerase, Peter Thomas Roth, Roc, DDF, Clinique, Garnier, Neutrogena, and Lierac. These are all award-winning brands and have a reliable image in the world of beauty and personal care. The key players according to a recent market research include Photomedex Inc., Lumenis Ltd, Personal Microderm, Coty Inc., Beiersdorf AG, Solta Medical Inc., Alma Lasers Ltd, Cynosure Inc., L’Oreal, SA, and Allergan Inc.
C. Key Markets
The Asia Pacific is projected to become a major player after North America that is currently the largest anti-ageing market. The clear reason behind this is rising awareness about anti-ageing solutions, technological innovations, and easier access to new products and services. While major respondents of the industry are generation X, generation Y, and baby boomers; generation X is certainly the largest player influencing the industry.
Thriving Popularity of Surgical Procedures
Maintaining youthful femininity or masculinity despite ageing has been a dream of millions, since ages. This is however an era when the dream can virtually come true. Many people choose surgical anti-ageing solutions over conventional products and that is when they assure to maintain a young look while ageing successfully. Cosmetic surgeries have become common today and people have become more receptive to anti-ageing surgical procedures over the years. Plastic surgery was the only name known to people a decade ago; people today are well familiar with multiple facets of it. Anti-ageing face lift and mini facelift, neck lift, breast lift, breast augmentation, liposuction, rhinoplasty, brow lift, and under-eye bag removal remain to be the most sought after surgical procedures to help graceful ageing.
Current Status of the Marketplace
While cosmetic procedures can correct facial as well as body imbalances, non-surgical procedures tend to slow down the very first signs of ageing. Both of these have gained popularity within the past few decades because people are putting their youthful look above everything else that the personal care and beauty industry has to offer. While the majority of baby boomers are already fighting age successfully, the 65+ aged population is also expected to grow within the next decade. Consumer needs are so diverse that all the stakeholders of anti-ageing industry are focusing on close monitoring of rapidly evolving market trends. Understanding that it is much more beyond wrinkles, the manufacturers and suppliers are already concentrating on other aspects as well; ageing spots, dark circles, hair damage, dry skin, and uneven skin tone to name a few.
Consumers are constantly looking for new products to meet their exact needs. Leading brands are introducing safe, healthy, and effective solutions to fight ageing. This indirectly is fueling endless innovation in the industry, driving it further beyond anyone can imagine. As both the demand and production of anti-ageing products, services, and devices continue to rise, the industry is currently experiencing steady growth on a global level.
The global revenue is predicted to reach US$ 151.8 Bn and the global demand from the largest consumer segment – generation X, is anticipated to reach US$ 66,099.3 Mn by the end of 2016. Anti-wrinkle products will undoubtedly be the largest segment drawing the maximum revenue, contributing around US$ 77.7 Bn to global revenue in 2016. Following this will be hair colours, dermal fillers, and hair restoration products and treatments. As far as the anti-ageing devices are concerned, radio frequency devices will top the list, contributing a massive share to revenue, around 64.5%. After USA and North America, which form a hotbed of cosmetology and dermatology advancements, Europe and Asia Pacific have joined the line of lucrative anti-ageing markets. The North American anti-ageing market is expected to reach the total revenue of US$ 51,987.4 Mn by the end of 2016. During the forecast period of 2015-2019, the global anti-ageing market is expected to grow at a CAGR of 8.0%.
In a nutshell, the already dynamic global anti-ageing market is growing at a rapid pace and will flourish even more in future.