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Anti-Aging Drugs Market Demand, Growth Prediction, Segments And Outlook By 2033
Anti-Aging Drugs Market
According to The Business Research Company's, The anti-aging drugs market size has grown strongly in recent years. It will grow from $53.76 billion in 2023 to $57.85 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to rise in chronic diseases associated with aging, increasing awareness of aging-related health issues, regulatory support for aging research, consumer focus on wellness and longevity.
The anti-aging drugs market size is expected to see strong growth in the next few years. It will grow to $77.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to precision medicine approaches, emergence of senolytic drugs, collaborations and partnerships in research, regulatory pathways for aging therapeutics, increased consumer adoption of anti-aging interventions. Major trends in the forecast period include targeted therapies and personalized medicine, senolytic drugs for cellular senescence, gene therapy and crispr technologies, focus on mitochondrial health, microbiome modulation for longevity.
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Market Drivers and Trends:
The rise in the aging population is expected to propel the growth of the anti-aging drugs market going forward. The rise in the aging population refers to the increase in the proportion of older adults aged 60 years or more as compared to other age groups within a population. This demographic shift has resulted from advances in healthcare that lead to a longer lifespan, declining fertility rates, and changes in social and economic structures. Anti-aging medications are used to increase a human being's healthy lifetime who still exhibits youthful traits. For instance, in October 2022, according to World Health Organization a Switzerland-based international public health organization, By 2030, one out of every six persons in the globe will be over the age of 60, and by 2020, the number of elderly people will have increased by 1 billion to 1.4 billion. Moreover, according to Eurostat database, a statistical office of the European Union, older persons (aged 65 and above) made up 21.1% of the population (a 0.3 % point (pp) rise from the previous year and a 3.1% pp increase from ten years ago). Therefore, the rise in the aging population is driving the growth of the anti-aging drugs market.
Product innovations are a key trend gaining popularity in the anti-aging drugs market. Companies operating in the anti-aging drug market are adopting new innovative products to sustain their position in the market. For instance, in April 2023, SkinCeuticals, a US-based advanced skincare company, launched a new corrective cream A.G.E Interrupter Advanced. The product improves collagen matrix integrity. The formulation contains wild fruit flavonoids, glycyrrhetinic acid, and concentrated proxy lane (20% more than the original A.G.E Interrupter). A.G.E. Interrupter Advanced goes above standard anti-aging products by addressing all stages of the glycation process, correcting current aging indicators, and defending against new and reoccurring harm caused by A.G.E. formation.
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Major Key Players of the Market:
L'Oréal S.A.; Galderma S.A.; Merz Pharma GmbH & Co. KGaA; Sanofi S.A.; Elysium Health Inc.; Estée Lauder Companies Inc.; AbbVie Inc.; La Roche-Posay; Nu Skin Enterprises Inc.; Dermafix Biotech Private Limited; The Procter & Gamble Company; Johnson & Johnson Services Inc.; Sun Pharmaceutical Industries Ltd.; BioTime Inc.; PT. Daewoong Pharmaceutical Co. Ltd.; Allergan plc; Daewoong Pharmaceutical Co. Ltd.; MMJ PhytoTech Limited; Revitacare; SciVision Biotech; Canbex Therapeutics Ltd.; Lumenis Ltd.; Cynosure Inc.; Age Sciences Inc.; ALMA LASERS Ltd.; Bausch Health Companies Inc.; Hansen Supplements; Ponce De Leon Health Inc. ; Youth & Earth; Vitality Pro
Anti-Aging Drugs Market 2024 Key Insights:
• The anti-aging drugs market will grow to $77.85 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.
• Aging Population Propelled Growth Of Anti-Aging Drugs Market
• Product Innovations Skinceuticals' A.G.E Interrupter Advanced Driving Anti-Aging Drug Market
• North America was the largest region in the anti-aging drugs market in 2023
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