The global anti-aging services market held a market value of USD 21.39 billion in 2017 and is expected to grow at a CAGR of 5.47% during the forecast period.
Increasing elderly population, increasing desire to stay young is one of the most important factors driving the growth of the anti-aging services market. According to the World Health Organization (WHO), the proportion of the world’s population over the 60 years between 2015 and 2050 will almost double from 12% to 22%. Furthermore, the World Health Organization estimates that by 2020, the number of people aged 60 and over will exceed the number of children under 5 and by 2050, 80% of older people will live in low- and middle-income countries. Apart from this, factors such as increasing demand for anti-aging drugs and services, influence of media and fashion industry, increasing disposable income, growing awareness of the aesthetic industry are driving the anti-aging services market.
Various factors add to the growth of the anti-aging services market. According to MRFR’s new report, these factors include an increase in the elderly population, the desire to look beautiful and young, the increasing influence of the film or media industry in everyday life, and increased awareness that has led to the increasing demand for premium luxury products. Other factors that add to the growth of the anti-aging target market These include changing lifestyles, rising consumer incomes, technological innovations in the beauty industry and the growing demand for anti-aging skin solutions.
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Geographically, America is expected to dominate the global anti-aging services market owing to the developed healthcare infrastructure, high disposable income, high awareness of body aesthetics and increasing adoption of anti-aging services by people in the US. Furthermore, the huge impact of the US fashion and film industry played an important role in creating demand for beauty and aesthetics services including anti-aging. All these factors are responsible for growth in the region.
Europe is expected to hold the second largest market share in the global antiaging services market. The growth of the market in this region is mainly attributed to the increasing popularity of aesthetic treatments, a high number of old age and increasing acceptance of anti-aging treatments in the region. Similarly, the Asia-Pacific region has witnessed rapid growth in the anti-aging services market due to the growing disposable income and demand for cost-effective anti-aging services. Besides, increasing awareness of beauty in developing countries and the rapidly growing medical tourism industry are also expected to generate growth opportunities in the untapped markets of the Asia-Pacific region. The Middle East and Africa region is expected to present slight growth opportunities in the anti-aging services market during the forecast period.
The global anti-aging services market is segmented by type of services and service providers.
Based on the type of service, the market is already segmented into microdermabrasion, breast augmentation, liposuction, chemical peels, sclerotherapy, intense pulsed light, botox, dermal fillers, and others. The microdermabrasion segment is expected to account for the largest share of the global anti-aging services market in 2017. This large share is mainly attributed to wider acceptance of the procedure, increasing acceptance in various regions, better patient compliance and better outcomes compared to other services. Liposuction segment is expected to hold the second largest market during the forecast period of 2018 to 2023.
Based on service providers, the market is segmented into hospitals, dermatology clinics, salons, and others. The dermatology clinic segment is expected to account for the largest share of the global antiaging services market in 2017 followed by the hospital segment. The main part of the dermatology clinics is mainly attributed to the wide variety of anti-aging services provided by these special clinics and
Based on the regions, the hair removal devices market is segmented into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The anti-aging services market in the Americas region is further segmented into North America and Latin America, where the North American market is further segmented into the US and Canada.
The European anti-aging services market is segmented into Western Europe and Eastern Europe, where the Western Europe region is further segmented into Germany, France, United Kingdom, Italy, Spain, and Rest of Western Europe.
The anti-aging services market in Asia-Pacific is segmented into Japan, China, India, South Korea, Australia and rest of Asia-Pacific. The Middle East and Africa anti-aging services market is segmented into regions such as the Middle East and Africa.
Some of the prominent players in the global anti-aging services market are Allergan Inc., Alma Lasers, Beiersdorf AG, Hamudra Inc., Cynosure Inc., Elizabeth Arden, Estee Lauder Inc., Luminis, Procter & Gamble, Solta Medical Inc. M and others.
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