Anti-Aging Drugs and Devices Market to experience significant growth| Key Players:PrivateLabelSk, Allergan, Johnson and Johnson, Alma Lasers, Photomedex
Anti-aging drugs and devices market will exhibit a considerable growth owing to the rise in geriatric population and technological advancements leading to the development of better and faster methods of treating aging signs.
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Global population is aging rapidly and population above age 65 accounts for more than 7% of total world population. Increasing concern about looks and appearances among geriatric population should drive the industry growth over the forecast period. High disposable income among baby boomers further increases the affordability of the products.
Technological advancements in the anti-aging drugs and devices has reduced the time and complexity of the treatments. For instance, Exilis EliteTM’s advanced radiofrequency (RF) technology can reduce wrinkles and sagging of skin in just two 45 minutes’ treatment. Moreover, advanced laser treatments allow better results for fat removal. New technologies like illuMask (La Lumiere), a wearable LED light mask with affordable cost will further fuel the product demand.
High cost associated with products and lack of reimbursement may hamper the anti-aging drugs and devices market growth in the coming years. Side effects associated with the products and fake products can further impede the demand. For instance, anti-aging creams containing chemicals like TEA, DEA and MEA may cause kidney and liver cancer if used for prolonged period.
Skin-care related products are predicted to dominate the anti-aging products segment. Botox, a purified form of botulinum toxin A, is used to get rid of wrinkles and tightening of skin without invasions. Treatment of Botox eliminates need of invasion and effect lasts for 2-6 months. The treatment has shown very minute side effects. For instance, in less than 1% cases, side effects like pain at the site of injection, bruising, and headaches may appear.
Anti-aging radiofrequency devices are predicted to account for major industry share and used for skin tightening and wrinkles removal. FDA has sanctioned the use of monopolar radio frequency devices to treat periorbital wrinkles.
Radiofrequency is used to enhance luminosity of skin, face & neck lifting, removal of dark circles and improve skin tone. Traditionally, the treatment was painful and less effective. However, new technologies have enabled safe and more effective treatment using radio frequency devices. Microdermabrasion uses exfoliation to remove top dead and uneven skin layer. Lasers are mostly used for smoothing of wrinkles as well as fine lines. FDA has sanctioned use of smooth beam laser used in office treatment for treating acne.
Baby boomers are the major target for anti-aging drugs and devices market players due to their significant share of old-age population coupled with substantial disposable wealth and high consciousness about appearances. Women of millennium generation also use anti-aging devices such as anticellulite treatment products for treating cellulite problems. Women ages 25-34 years have concern for wrinkles, dark spots, and damaged skin occur due to UV rays.
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As per American Society of Plastic Surgeons, number of customers looking for Botox injections raised by 700% from 2000. Growing geriatric population and demand for minimum invasive methods offering rapid results will drive the U.S. anti-aging drugs and devices market during the forecast period.
In 2015, 18.9% of European population were above 65-year age. Increasing geriatric population and the old population consciousness about their looks and appearance and affordability to purchase products will drive the European industry.
Companies operating in the anti-aging drugs and devices market include PrivateLabelSk, Allergan, Johnson and Johnson, Alma Lasers, Photomedex, Estée Lauder, Lumenis, Solta Medical, Beiersdorf, Cynosure, Procter & Gamble and L'Oréal. The industry has witnessed number of strategic alliances and mergers and acquisitions.
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