How Are Anti-Aging Devices Helping the Elderly?

According to the United Nations (UN) World Population Ageing report of 2019, the population of people aged 65 years and above is estimated to reach around 1.5 billion by 2050. This group of people is already adopting large quantities of anti-aging products, as it suffers from the loss of fibrous tissue and reduced glandular and vascular network in the skin layers. All these conditions lead to dryness, skin sagging, wrinkles, and pigmentary alteration, which can be treated with anti-aging products that give a younger look by tightening and revitalizing the skin.

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In recent years, the usage of easy-to-use at-home devices has surged significantly due to the easy availability of an array of such user-friendly and portable devices for skin rejuvenation, wrinkle reduction, microdermabrasion, and cellulite reduction. These products are more advanced and protect the skin from sun damage. The aging population is concentrating on preventive measures to minimize the signs of aging, and the adoption of these devices helps the elderly in maintaining a youthful appearance.

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Some of the most-widely used anti-aging products are anti-stretch mark, hair color, anti-wrinkle, and ultraviolet (UV) absorption devices. Among these products, the demand for anti-wrinkle products, such as dermal fillers and Botox injections, is substantially rising due to the growing awareness regarding aesthetic appearance. Dermal fillers are technologically advanced and can help in slowing down the aging process, which is why collagen-based, hyaluronic acid-based, synthetic polymer-based, and hydroxylapatite-based fillers are being adopted on a large scale.

To meet this demand, players operating in the anti-aging market are strongly focusing on product launches. For instance, Revlon Inc., in January 2020, launched NEW Total Color, a vegan, clean, and high-performance permanent hair color that covers gray hair almost completely. Similarly, in March 2020, Lumenis Ltd. launched the next generation of its multi-application platforms for skincare, named Stellar M22. It includes an enhanced user interface with a larger screen that allows for quick treatment and a more-convenient remote consultation process.

Thus, the booming population of the elderly and rising awareness about skin aesthetics will boost the demand for anti-aging products and procedures in the foreseeable future.

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How is Increasing Disposable Income Driving Anti-Aging Market?

The disposable income of people across the world is rising. As per the U.S. Bureau of Labor Statistics, the personal disposable income of the people in the U.S. increased from $11,394 billion in 2006 to $15,929 billion in 2016 and is further predicted to reach $24,174 billion by 2026. Similarly, according to the Organisation for Economic Co-operation and Development, in Germany and Denmark, the house disposable income rose from 1.6% and 1.5% in 2014 to 2.6% and 3.3% in 2016, respectively. Because of this growth in the disposable income, people are able to spend money on aspects such as personal care, which, in turn, has resulted in the rising adoption of anti-aging products and devices.

Anti-aging refers to the treatment, prevention, reversal of age-related conditions, such as scars, wrinkles, and age spots. Anti-aging products come in the form of gels, moisturizers, creams, serums, facial oils, and cleansers. In 2017, the global anti-aging market generated a value of $165.2 billion and is projected to advance at a 7.9% CAGR in the coming years.

Different anti-aging treatments are chemical peel, breast augmentation, hair restoration treatment, anti-adult acne therapy, liposuction, and anti-pigmentation. Other treatments include photorejuvenation, eyelid surgery, and sclerotherapy. Among these, the demand for hair restoration treatment was the most during 2014–2017 and is further going to be required the most in the near future as well. Various conditions, such as genetic balding and hormonal issues, along with some medical conditions, including lupus, thyroid diseases, and trichotillomania, and radiation treatments and chemotherapy lead to hair loss. Due to technological advancement, now this condition can be cured with several types of hair restoration treatments, namely stem cell and platelet-rich plasma-assisted hair transplant, hair replacement, hair restoration surgery, and laser light therapy.

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The surging geriatric population is, without a doubt, a major factor leading to the rising demand for anti-aging products and devices. As per the United Nations Department of Economic and Social Affairs, the population of people aged 60 years or above will reach 437 million in China, 107 million in the U.S., 324 million in India, and 58 million in Brazil by 2050. Since old age is associated with reduced vascular and glandular network in the skin layers and loss of fibrous tissue, the occurrence of dryness, skin sagging, pigmentary alteration, and wrinkles becomes usual. These skin problems can be dealt by using anti-aging products and devices, as they help reduce the skin aging, which gives a younger look by tightening and revitalizing the skin.

Another factor driving the demand for anti-aging devices and products is the expanding medical tourism industry. According to the Shanghai Medical Tourism Products and Promotion Platform, about 60,000 Chinese travel abroad every year for receiving advanced medical services, which range from anti-aging therapy to chronic diseases management.  Medical tourism means the traveling of patients from one country to another for medical treatment. Different factors contributing to the growth of this industry are quicker accessibility, high quality of care at lower cost, and advanced technology. Due to these factors, the requirement for products and devices related to anti-aging therapy is rising.

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