If there was any doubt that the anti-aging marketplace was growing, the numbers projected by a variety of publications and pundits should put that to rest.
This article from GCI, which cites data from Persistence Market Research, is just one of the latest to confirm the vast potential in anti-aging segments.
Compound growth in the global facial rejuvenation market is expected to rise 4.9% this year. In the longer term? We’re looking at a sector that will be worth nearly $26.6 billion by 2021.
What’s propelling this growth?
- Accessibility and affordability, as more consumers worldwide (and even in developed markets) are given a greater range of less costly treatments to test out.
- The growth of non-invasive treatments, versus equipment-based treatment options in previous years. Botulinum is a major driver in this area, and it’s expected to soon become the preferred treatment among both patients and physicians alike, here and and overseas.
- Discounting as local companies offer price reductions of up to 20-30% on their treatments in order to stay competitive with larger players in the segment.
- Growth among men can’t be left off the list, either, as more and more men embrace facial rejuvenation, and overcome traditional reluctance, especially in other countries.
- An aging Baby Boomer population, of course, has been fuelling the demand for facial rejuvenation products. The wealth of this demographic has allowed them to pursue these treatments, and that’s supported the efforts of scientists and companies to bring new innovations to market.
Two regions you’d probably predict were mainstays of this growth have, to date, dominated the story: North America and Europe have own three-fifths of the worldwide facial rejuvenation market.
Some of the companies leading the market? Merz GmbH & Co. KGaA, Revance Therapeutics Inc., Specialty European Pharma, Anika Therapeutics Inc., Cynosure Inc., LUMENIS, Biopolymer GmbH & Co., Mentor Worldwide LLC, Contura International A/S, Gal derma S/A, and Fibrocell Inc., who have used growth strategies like consolidation, product development and strategic alliances to gain dominance.
Where’s the anti-aging sector headed?
It’s not exactly news that the anti-aging category is growing at a strong and steady rate. Every day, we’re seeing the work of innovators – both in our own facilities and, certainly, in the labs and development centers of our customers – that are creating fresh product and treatment offerings helping to drive that growth.
What’s also important to remember is that the extent of the facial rejuvenation and anti-aging market has hardly begun to reach its potential boundaries. As more countries become more developed, they inevitably embrace the kinds of products they’ve envied in the U.S. and Europe. Personal care products are absolutely near the top of that list.
The opportunities are extraordinary. And the marketplace is already hotly competitive, and that’ll grow, too, as more and more marketers try to get their share.
