New York, July 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Anti-Aging Drugs Global Market Report 2023" - https://www.reportlinker.com/p06479693/?utm_source=GNW
, Sun Pharmaceutical Industries Ltd., BioTime Inc., and Daewoong Pharmaceutical Co Ltd.
The global anti-aging drugs market is expected to grow from $49.91 billion in 2022 to $53.76 billion in 2023 at a compound annual growth rate (CAGR) of 7.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The anti-aging drugs market is expected to reach $71.55 billion in 2027 at a CAGR of 7.4%.
The anti-aging drugs market consists of sales of dermal fillers, botulinum toxin, anti-wrinkle products, and anti-stretch mark products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Anti-aging drugs are a type of medication or supplement that is designed to slow down or reverse the aging process. It addresses the root causes of aging and seeks to heal any age-related illness.
North America was the largest region in the anti-aging drugs market in 2022. The regions covered in anti-aging drugs report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main anti-aging drugs product types are serums, creams, gels, and others.Serum refers to the clear, yellowish liquid that remains after blood has clotted and the blood cells have been removed.
The various drug classes are hormonal therapy, antioxidants, enzymes, and stem cells and others, that comes in forms such as injectable, oral, and topical. The various ingredients are retinoid, hyaluronic acid, alpha hydroxy acid, and others applied to skin and hair, skeletal and muscles, age related disorders, and others.
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.
In July 2021, AbbVie Inc., a US-based pharmaceutical company involved in discover and deliver innovative medicines, acquired Allergan plc for $63 billion. With this acquisition, it is expected to strengthen AbbVie as a well-diversified leader in important therapeutic categories. Allergan plc, a US-based pharmaceutical company manufacturing medical aesthetics drugs and medical devices, including anti aging skin care products.
The countries covered in the anti-aging drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The anti-aging drugs market research report is one of a series of new reports that provides anti-aging drugs market statistics, including anti-aging drugs industry global market size, regional shares, competitors with a anti-aging drugs market share, detailed anti-aging drugs market segments, market trends and opportunities, and any further data you may need to thrive in the anti-aging drugs industry. This anti-aging drugs market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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