Increased life expectancy is projected to show even more extension due to advances in anti-aging and regenerative medicine, stem cell therapeutics, genetic screening, and high tech biomedicines.
As reported in the Market Reporter on June 21, 2019 the American Academy of Anti-Aging Medicine suggests that anti-aging medicines can add up to 10-20 years to human lifespan; the combination of making healthy lifestyle choices which includes regular exercise and a healthy diet rich in fruits and vegetables, and anti-aging medicine can help to slow down the process of senescence and aging itself.
Although various medicines can be used against acute/chronic disease as anti-aging medicines, to define the anti-aging market only drugs that are directly prescribed and used for delaying the effects of aging considered.
There is a constant demand to remain both looking and feeling young, and this drives the anti-aging market. Influence of aesthetics can been seen in fashion, marketing, media, movies and television, these industries propel the demand to retain features of youth in older people.The increased number of anti-aging manufacturers contribute to higher availability of these medicines which results in expansion of the global anti-aging market. However, the out-dated stigma and skeptical approach to anti-aging medicine is a restraint to the expansion of the market.
The global anti-aging market is segmented on the basis of product type, age group, distribution channel and region.The market is divided into: hormone replacement therapy, immune enhancement therapy, and antioxidant therapy based on product types. Based on route of administration the market is segmented into: oral, injectable, and topical. The market is divided into: hospital pharmacies, retail pharmacies, e-commerce, and drug stores based on distribution channels.
The desire to stay youthful for as long as possible and demand for beauty consciousness are the primary factors that fuel growth of anti-aging medicines in the market; benefits and affordability along with the regional presence influences the demand for anti-aging medicine in the global market.
Hormonal replacement therapy is projected to account for the maximum market share in terms of revenue in the global anti-aging market. However, antioxidant therapy products are projected to grow with the highest CAGR due to the increasing awareness regarding the benefits carried by antioxidants among the public. The oral basis route of administration segment is projected to generate the maximum revenue share, and the e-commerce distribution channel segment is estimated to have the highest CAGR growth.
North America, Latin America, Europe, Asia Pacific, and Middle East & Africa make up the 5 key regions that the global anti-aging market is segmented into; regionally the North American anti-aging market is projected to account for the largest market share in terms of revenue, owing to the higher healthcare expenditure and presence of manufacturers. Because of growth in the geriartic population and higher spending on healthcare products and supplements Europe is projected to hold the second largest share. Due to the limited presence of manufacturers and lower healthcare expenditure Middle East & Africa is projected to experience sluggish growth, while Asia Pacific is projected to have the highest CAGR growth due to the higher demand from end users and regional penetration of the key players in the region.
Vitabiotics, Mylan Laboratories, Pfizer, Evolution GmbH, Himalaya Global Holdings Ltd., Cipla Limited,, Novartis, Merck Group, William Ransom & Son Holdings Plc, Uni-Vite Healthcare and Health Made Easy Limited are among some of the players operating in the global anti-aging medicine market.
