Market Synopsis of Global Anti-ageing drugs Market
“Botox has helped her get ready faster!” said Kelly Ripa on the show “Watch What Happens Live with Andy Cohen”. Gone is the time when one would find anti-ageing products only in the cabin baggage of international flights and the makeup rooms of top notch artists! Anti-aging drugs are used to slow down or reverse the process of aging in order to extend the lifespan. Anti-ageing drugs are no longer taboo even in dusky small towns. Today’s women even from developing countries are as modern and demanding as their western counterparts. Thus we expect the differential between west and east regarding anti-ageing drugs to fall from its colossal heights of the 80’s! The global anti-ageing drugs market is expected to reach USD 124,896.6 million by 2023, and the market is projected to grow at a CAGR of ~ 13.3 % during the forecast period 2017-2023.
Market dynamics of Global Anti-ageing drugs Market
Critical market constraints are scepticism, concerns of safety, stringent regulations and definition ambiguity etc. Many spurious products with dubious claims are easily available on the web that has spurred a flood of self-proclaimed experts proposing growth hormones, skin-care products, beta glucan, and a variety of dietary and nutritional supplements with claims that are difficult to validate. The definition issues are also huge as the Food and Drug Administration has repeatedly warned many producers of anti-ageing medicines of such claims. The definition of cosmeceuticals is not agreed by many administrative bodies. There are issues of counterfeit products and misbranding, which reduces the market for quality products from reputed manufacturers. Lack of experimental studies to validate the claims made by manufacturers has complicated the situation.
Market strategies of players
Brand awareness and brand loyalty plays a critical role in the global anti-ageing drugs market. Established market players must focus on the product development as well as market development strategies. Maintaining market equity is of utmost importance as the market is highly integrated and specialized. Lack of any effective drug is likely to make any novel drug an immediate market leader with minimal marketing cost and efforts.
Collaboration and distribution agreements are another strategies taken by players. For example, Lakme has joined hands with HLL so as to reduce competition from similar brands from other companies. Cashing in on a single brand so as to build market position, brand and future market equity is an attractive market entry strategy.
Segments of Global Anti-ageing drugs Market
The global anti-ageing drugs market has been segmented on the basis of drug class and applications. On the basis of drug class, the market is segmented into serums and supplements, antioxidants and enzymes, stem cells and drugs. On the basis of application, the market is segmented into skin and hair, skeletal and muscles, age related disorders and others.
Serums and supplements segment commanded the largest market share in 2016 and is expected to reach USD 51,590.5 million by the end of 2023. Furthermore, stem cells segment is expected to be the fastest growing market which is expected to grow at a CAGR of 16.6 % during the forecast period 2017-2023. Skin and hair segment commanded the largest market share in 2016. This market is expected to reach USD 72,222.3 million by 2023, at a CAGR of 15.9 % during the forecast period 2017-2023
Regional Analysis of Global Anti-ageing drugs Market
The Americas holds a significant market share followed by Europe. The high per capita income of the US, the presence of large innovative players in healthcare of the U.S. regions drive the anti-ageing drugs market. The ageing population of baby boomers is expected to propel the market in the US. North America held the largest market share in 2016. This market is expected to reach USD 42,470.5 million by 2023, at a CAGR of 13.4 % during the forecast period of 2017-2023
Europe is the second largest market in the globe due to a high healthcare expenditure and influence of media industry. Asia Pacific region is expected to grow rapidly; Japan, China and India are likely to lead the market due to unmet needs during the forecasted period. APAC is expected to grow at a higher CAGR of 15.3 % than the other regions because of increasing ageing population in this region.
Gulf nations such as Saudi Arabia and the UAE drive the Middle East & African market. The African region is expected to witness a moderate growth owing to poor economic and political conditions and poor healthcare development.
Key Players in the Global Anti-Ageing Drugs Market
Some of key players profiled in the report are Nu Skin, BIOTIME, INC., Elysium Health Inc., La Roche-Posay, DermaFix, L'ORÉAL, and others.
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