Anti-aging Services Market

Market Overview

The global anti-aging services market size is estimated to grow at a CAGR of 5.25% during the forecast period (2023–2031). The global market for anti-aging services is growing strongly due to increased elderly people, greater consumer knowledge about preventative healthcare, and developments in anti-aging technologies. The increasing demand for anti-aging services persists as people strive to preserve a young appearance and tackle age-related issues. Moreover, consumers are highly inclined towards minimally invasive or non-invasive anti-aging treatment procedures, owing to their advantages, such as shorter recovery time, which is estimated to augment the market expansion.

The term "anti-aging services" generally encompasses a variety of treatments, products, and activities designed to slow down or reverse the aging process, both externally and internally. It also encompasses non-invasive aesthetic procedures specifically created to minimize or reverse the visible effects of aging, including fine lines, wrinkles, sagging skin, uneven skin tone, and loss of facial volume.

It is crucial to acknowledge that certain anti-aging programs may prioritize cosmetic enhancements, while others may stress lifestyle modifications, medicinal interventions, or holistic methodologies. Before undergoing significant treatments or making substantial lifestyle adjustments, taking caution when considering anti-aging services and seeking healthcare professionals' advice is vital. Although several interventions have advantages, others may lack empirical validation or entail possible hazards.

Market Dynamics

Market Drivers

Increasing Aging Population Worldwide 

The increasing proportion of elderly individuals is a major factor contributing to the growth of the anti-aging services market. The demand for a wide range of anti-aging treatments, including skincare treatments and surgical interventions, is increasing significantly as more elderly people seek remedies to counteract the effects of aging. The fall in fertility rates and increased life expectancy have resulted in an aging population.

Additionally, almost every country in the world is experiencing growth in the geriatric population. As per the United Nations Report, in 2022, the global population aged 65 and above reached 771 million, representing approximately 10% of the global population. Projections indicate that it is anticipated to reach a pace of 16% by the year 2050 and is further forecast to escalate to 24% by the year 2100. This demographic trend is anticipated to continue, stimulating additional market growth.

Increasing Demand for Non-Invasive Anti-Aging Services

The growing inclination towards non-invasive methods for combating the effects of aging is driving the growth of the global market. The preference for non-invasive procedures is driven by the shift in consumer perceptions of beauty and aging and a desire for convenience. Consumers are progressively integrating cosmetic treatments into their routine beauty regimens. This shift is apparent in the increasing favorability of "lunchtime procedures," which can be swiftly executed with minimal interference to daily activities.

According to the 2020 Plastic Surgery Statistics Report, non-surgical skin tightening operations accounted for 1.4% of minimally invasive cosmetic procedures. The expected cost for non-surgical skin tightening in the US in 2020 amounted to USD 462,988,577. The most often performed procedures of anti-aging services were botulinum toxin injections, hyaluronic acid treatments, and chemical peels. These factors boost the market expansion.

Market Restraint

High Cost and Risk of Complications 

The anti-aging services are typically costly and may not be within the financial means of many individuals. In 2020, the mean expense for one session of botulinum toxin injection in the United States was USD 397. In contrast, the mean expense for a singular session of hyaluronic acid injection was USD 682. The pricing for alternative anti-aging treatments, such as chemical peels, facial rejuvenation, and laser skin resurfacing, might differ depending on the procedure's specific type, scope, and frequency.

The anti-aging procedures may also entail potential problems, including infection, bruising, swelling, allergic response, nerve damage, and scarring. In 2020, the American Society for Dermatologic Surgery (ASDS) conducted a study that revealed that the general rate of problems associated with soft tissue fillers was 0.52%. The most often observed issues were nodules (0.33%), infection (0.07%), and vascular occlusion (0.04%). These considerations may dissuade certain customers from choosing anti-aging services, impeding market expansion.

Market Opportunities

Rising Product Launches and Approvals 

The anti-aging services market is experiencing a significant increase in product launches and approvals in anti-aging treatment, demonstrating the industry's innovation and progress. For instance, in September 2019, Allergan plc received approval from the U.S. FDA for the use of Juvéderm VOLUMA® XC, a hyaluronic acid gel dermal filler, with a TSK STERiGLIDE™ cannula for cheek augmentation. This treatment is intended to address the volume loss in the midface that occurs with age in adults over the age of 21. The cheek area can be injected with Juvéderm VOLUMA® XC using a cannula.

Additionally, in June 2023, La Roche-Posay proudly introduced Niacinamide 10 Serum, the latest addition to its esteemed collection of anti-aging serums. This serum effectively diminishes dark spots and restores the skin's protective barrier. Niacinamide 10 Serum contains a significant amount of 10% pure niacinamide. It is the first niacinamide serum available on the mass market that has been scientifically proven to effectively eliminate dark spots, clarify discolorations, and restore balance to uneven skin tone. Thus, such launches and approvals are expected to create opportunities for market growth.

Regional Analysis

Based on region, the global anti-aging services market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America Dominates the Global Market

North America is the most significant global anti-aging services market shareholder and is estimated to expand substantially over the forecast period. The global anti-aging services market is projected to be primarily led by North America because of the substantial demand, awareness, and acceptance of anti-aging services among customers in this region, particularly in the United States and Canada. In addition, there is a surge in the demand for non-invasive, minimally invasive cosmetic procedures in this region, further driving the demand for anti-aging services. For example, in 2020, the American Society of Plastic Surgeons recorded more than 14.1 million minimally invasive cosmetic procedures conducted solely in the United States. This figure indicates a 1% rise compared to the preceding year.

Furthermore, the market expansion is further facilitated by numerous influential stakeholders, frequent product introductions and approvals, and favorable reimbursement policies in this region. For instance, in November 2023, Bodify, an established cosmetic clinic located in Phoenix, AZ, introduced the cutting-edge anti-aging treatment Morpheus8 to its range of treatments. Morpheus8 is an advanced technology that combines microneedling and radiofrequency radiation to stimulate natural skin renewal by targeting subdermal adipose tissue. This innovation will offer Bodify consumers a novel, less intrusive alternative to address manifestations of aging, stimulate collagen synthesis, and improve the overall aesthetic of their skin. All these factors drive the North American anti-aging services market growth.

In Europe, the market growth is projected to be substantial, driven by factors such as the rising elderly population, higher disposable income, and a strong demand for anti-aging services among clients in key countries like the UK, Germany, France, and Italy. Moreover, the market expansion is bolstered by the soar in the geriatric population in the region. For instance, according to Eurostat, the proportion of individuals aged 65 years or above in the EU-27 was 20.3% in 2020, and it is expected to rise to 29.7% by 2050. Moreover, the prevalence of skin laxity in the population and the awareness of different cosmetic procedures drive the market in the region. For example, as per the International Society of Aesthetic Plastic Surgeons (ISAPS), there was a rapid increase in the number of non-surgical procedures in Germany by 194% from 2016 to 2019.

The Asia-Pacific region is projected to experience the most rapid growth in the global market for anti-aging services. This is primarily attributed to the swift urbanization, economic progress, and lifestyle shifts among clients in countries such as China, India, Japan, and South Korea. Furthermore, the market expansion is boosted by the increasing recognition, desire, and approval of anti-aging services and the rise of local and regional competitors and service providers in this region. LG Life Sciences, Ltd., Medytox, Inc., Bloomage Biotechnology Corporation Limited, and Shanghai Haohai Biological Technology Co., Ltd. are prominent players in the Asia-Pacific anti-aging services market.

Various global players are also introducing new anti-aging products in this region to expand their market share in Asia-Pacific. For instance, in April 2021, RELIFE, a subsidiary of the prominent Menarini Group, a major Italian Pharmaceutical Company globally, aims to introduce an innovative approach to dermatological and cosmetic medicine treatments in Asia through its new Definisse™ series of face fillers. The Definisse™ line of hyaluronic acid (HA) fillers features a unique, advanced, and flexible 3D matrix created using groundbreaking EXcellent Three-dimensional Reticulation (XTR™) Technology. This technology enables effective volumizing and ensures consistent, durable, and secure outcomes. The introduction of the Definisse™ filler range will enhance Menarini's current dermatological and aesthetic offering in Asia. Such factors are anticipated to expedite market growth.

Segmental Analysis

The global anti-aging services market is bifurcated into type, demographics, and service providers.

Based on type, the global anti-aging services market is bifurcated into microdermabrasion, breast augmentation, liposuction, chemical peel, sclerotherapy, intense pulsed light (IPL), botox, dermal fillers, and others. 

Botox injections include the administration of a neurotoxin to immobilize a muscle temporarily. These shots are commonly employed to alleviate facial wrinkles. They are also employed to address neck spasms, excessive perspiration, hyperactive bladder, amblyopia, and various other medical ailments. Botox injections can serve as a preventive measure for migraines.

Botox injections contain a medication derived from the same toxin responsible for a specific form of food illness known as botulism. However, the pure versions of botulinum toxin utilized by authorized healthcare professionals adhere to stringent medical regulatory criteria. The U.S. Food and Drug Administration has given its approval to these guidelines. Typically, the bacterial toxins utilized for medical purposes are non-toxic when handled appropriately.

Based on demographics, the global anti-aging services market is divided into baby boomers, Generation X, and Generation Y (millennials). 

The Generation X segment is the highest contributor to the market throughout the forecast period. Generation X, sometimes known as Gen X, refers to people born after the Baby Boomers and before the Millennials. The mid-1960s to late 1970s are commonly used as the designated birth years for the generation, typically encompassing individuals born from 1965 to 1980. Generation X is often characterized by people entering or already middle-aged. Consequently, they may be more willing to pursue remedies to alleviate the consequences of aging actively. With the progression of time, there is an inherent rise in the prevalence of age-related symptoms among Generation X. The demographic change results in an expanded target market for anti-aging services, as individuals want to preserve a more youthful look and tackle issues associated with aging.

Based on service providers, the global market is bifurcated into specialty and dermatology clinics, hospitals, and others.

Specialty and dermatology clinics are healthcare establishments that specialize in diagnosing and treating problems related to the skin, hair, and nails. These clinics are committed to delivering specialized care to people with specific skin issues or distinct skin health requirements. These clinics frequently offer customized treatment plans for specific skin types, issues, and objectives. The ability to customize services is attractive to consumers looking for personalized solutions, leading them to prefer specialty clinics over general practitioners.

Recent Developments

• November 2023- Highmount Madison, a company specializing in investment and collaboration with businesses owned by founders and families, invested in the 4Ever Young Anti-Aging Solutions franchise. Boxwood Partners, a middle-market investment bank, was the sell-side consultant to 4Ever Young in the transaction.
• September 2023- Winter Park, FL, is poised to become a prominent hub for the anti-aging and human longevity industry. The second Florida branch of Serotonin Centers, the nation's pioneering franchise specializing in anti-aging and longevity, commenced operations on September 5.