Anti-aging Market in Healthcare Projected to Surpass US$ 150 Bn in Revenues in 2016: FMI
Anti-ageing products and services continue to witness steady growth, with global revenues poised to reach US$ 151.8 Bn in 2016, a growth of 7.7% over 2015. Generation X (born between early 60s to mid-70s) will continue to be the key consumer segment, with global demand from this consumer segment anticipated to reach US$ 66,099.3 Mn by the end of this year. The impact of the global ‘health and wellness’ trend has gained further momentum in 2016, with leading brands incorporating concepts of healthy ageing in their products and services.
Generation X will continue to remain the largest consumers of anti-ageing products and services, followed by baby boomers in terms of revenue share contribution. This demographic is expected to consume US$ 55.7 Bn worth of anti-ageing products and services in 2016-a y-o-y growth rate of 6.8%.
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By products, anti-wrinkle products will continue to be the largest segment, contributing US$ 77.7 Bn to global revenues in 2016. Hair colour will remain the second largest segment, whereas dermal fillers will witness the highest y-o-y growth in 2016 over 2015. Hair restoration treatment will remain the most-after anti-ageing service, representing 43.8% revenue share on the basis of services.
By devices, radio frequency devices will maintain its top position in 2016 as well, representing a revenue share of 64.5%. This segment is expected to witness a year-over-year growth of 11.5% in 2016 and reach US$ 1.2 Bn in revenues. On the other hand, anti-cellulite treatment devices will witness the year-over-year growth in 2016, growing at 19.3% in 2016.
U.S.’s dominance of the global anti-ageing market will continue in 2016, and this in turn, will fuel the growth of the North America anti-ageing market. The region has been the hotbed of advances in cosmetology and dermatology, and has a high proliferation of anti-ageing products and services. The baby boomer and Generation X demographic in North America has been overly receptive to new products and services that mask the signs of ageing. These factors will continue to fuel the anti-ageing market in North America, with total revenues expected to reach US$ 51,987.4 Mn in 2016. The other lucrative markets for anti-ageing products and services are Europe and Asia Pacific.
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Leading players in the global anti-ageing market include Allergan, Inc., L’Oreal SA, Solta Medical, Inc., Cynosure, Inc.
Long-term Outlook: The global anti-ageing market is anticipated to increase at a CAGR of 8.0% during the forecast period 2015–2019. North America will remain the largest market throughout the forecast period, whereas anti-wrinkle products will continue to be the most sought-after product for anti-ageing.
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