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Description
The global anti-aging market was valued at $195.4 billion in 2020, and it is expected to grow at a CAGR of 8.2% during the forecast period (2021–2027). The main factors driving the growth of the anti-aging market are the growing number of anti-aging seminars and conferences, growing consumer disposable incomes, rising geriatric population, continued technical developments in anti-aging products, the expansion of the medical tourism industry, and the increasing amount of cosmetic anti-aging processes. However, as a result of the current COVID-19 pandemic, governments in many countries are taking steps to curb the spread of the disease by restricting activity. Countries are currently concentrating on COVID-19’s economic and health challenges. In such a situation, the global manufacturers of anti-aging products have suffered a negative impact due to this crisis, which, in turn, is temporarily hampering the growth of the anti-aging market. Furthermore, technological developments and increased investment in research and development by leading players for the creation of extremely safe and effective skin care solutions are likely to boost the worldwide anti-aging market. As a result, there is a potential market for anti-aging gadgets and cosmetic plastic surgery operations over the projection period, thanks to rising awareness and adoption of anti-aging remedies. However, over the projected period, the market is expected to be hampered by strict regulatory standards for devices and societal stigma in particular populations.
