Anti-Aging Services Market Expected to Reach $22.17 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Anti-Aging Services Market," The anti-aging service market size was valued at $12.30 billion in 2021, and is estimated to reach $22.17 billion by 2031, growing at a CAGR of 6.1% from 2022 to 2031. Anti-aging procedures are non-invasive aesthetic procedures that aim to improve a person’s physical appearance. It is the unique discipline of medicine focused on enhancing the physical appearance through medical technique. Wrinkles, volume loss, fine lines, sagging, open pores, dull skin, and a patchy complexion are some of the common symptoms of premature skin ageing. Anti-aging services are used to treat the skin issues. Anti-aging services include botulinum toxin, chemical peeling, microdermabrasion, laser resurfacing anti-aging skin treatments and dermal fillers.

Factors that drive the growth of the anti-aging service market size include increase in number of anti-aging services provider, rise in demand for anti-aging treatment by female population, rise in number of anti-aging service industry and increase in number of private aesthetic clinics for anti-aging treatment. Moreover, technological advancement in the field of non-invasive aesthetic procedure is anticipated to propel the anti-aging service market trends. In addition, increase in number of product launch by anti-aging service industry is anticipated to fuel the growth of market. For instance, in February 2022, Merz Aesthetics, a medical aesthetics company announced the launch of Radiesse (+) Lidocaine injectable implant for deep injection to improve moderate to severe loss of jawline contour in adults. Moreover, rise in geriatric population anticipated to propel the market growth. For instance, according to the World Health Organization (WHO), in October 2021, it was reported that 1 in 6 people in the world will be aged 60 years or over by 2030.  In addition, increase in number of anti-aging procedures in geriatric population boost the anti-aging service market analysis. For instance, according to International Society of Aesthetics and Plastic Surgery (ISAPS), in 2020, it was reported that in 2020, 208,786 botulinum toxin procedures were performed in the age group of 65 and above over the globe. In addition, rise in number of dermal filler procedure fuels the anti-aging service market forecast period. For instance, according to International Society of Aesthetics and Plastic Surgery (ISAPS), it was reported that in 2020, 4,053,016 hyaluronic acid procedures were performed over the globe.

Increase in number of licensed medical centers to conduct anti-aging services fuels the growth of anti-aging services market. The reason behind increasing number of medical centers is attributed to increase in number of professionals. The increasing number of botulinum toxin, chemical peeling, microdermabrasion, laser resurfacing anti-aging skin treatments and dermal fillers in clinics and hospitals drive the growth of the market. Moreover, increase in demand for anti-aging procedure in female population due to fine lines and wrinkles anticipated to fuel the market growth. Moreover, rise in self-awareness among old age people about the aesthetic appearance and increase in the awareness regarding availability of different anti-aging procedure among geriatric population anticipated to propel the growth of the anti-aging service market.

The anti-aging service market is segmented type, gender, application, service provider and region.

On the basis of type, the market is classified into dermal fillers, botulinum toxin, chemical peels and others. The botulinum toxin segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in R&D activity in the healthcare sector, and increase in number of botulinum toxin procedure.

On the basis of gender, it is classified into male and female. The female segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in demand for aesthetic procedures, rapidly growing emphasis on personal aesthetics among females, and increase in number of female populations conducting anti-aging services procedure.

On the basis of application, the market is classified into fine line and wrinkle, aged hand, sagging skin and others. The fine line and wrinkles segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to, rise in geriatric population and increase in urge to improve physical appearance in old age people. On the basis of service provider, the market is classified into specialty & dermatology clinics, hospitals and others. The hospitals segment dominated the market in 2021, and is expected to continue this trend during the forecast period, owing to increase in number of hospitals and rise in expenditure by government to develop healthcare sector.

 North America accounted for a majority of the anti-aging service market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to rise in number of anti-aging procedures, increase in number of approvals for anti-aging services products, increase in number of anti-aging clinics, and advancements in medical aesthetic sector in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to rise in awareness among geriatric population regarding aesthetics appearance, increase in disposable income and growth in healthcare expenditures.

Key Findings Of The Study

• By type, the botulinum toxin segment was the highest contributor to the market in 2021.
• By gender, the female segment was the highest contributor to the market in 2021.
• By application, the fine line and wrinkles segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By service provider, the hospitals segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.