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Key End use Industries to Surge Sales of Anti-Aging Medicine During the COVID 19 pandemic

Longer life-expectancy is a cumulative effect of a healthy lifestyle and favorable environmental conditions. A trend of continuously increasing life expectancy has been a witness since a decade, primarily because of advances in medical sciences and treatment of chronic life-threatening diseases, availability of clean water and environment and other factors. This trend is projected to further show even more exponential growth graph owing to the anti-aging medicines, stem cell therapeutics, genetic screening and interventions, and high-tech biomedicines. American Academy of Anti-Aging Medicine claimed that anti-aging medicines can add up to 10-20 years to the life expectancy of a human. Today, a combination of calorie-restricted diet, regular exercise, and anti-aging medicines are claimed to slow the process of senescence and aging. Various medicines used against the treatment of acute or chronic diseases can be considered as anti-aging medicines, however, to define anti-aging medicine market we have considered only the drugs that are directly prescribed and used for delaying the effects of aging.

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The constantly growing demand to look young in old individuals and to remain young and youthful in young people drive the anti-aging market. The influence of aesthetics from the fashion and television industry propel the demand to retain the features and energy of younger age in old people. Additionally, the increasing number of anti-aging medicine manufacturers in the decade contribute to higher availability of the anti-aging medicine resulting in expansion of the global anti-aging medicine market. However, skeptical approach to anti-aging medicine as being an external stimulator of cell-cycles is a restraint to the expansion of anti-aging medicine market.

The global Anti-aging medicine market is segmented on basis of product type, age group, distribution channel, and region:

  • Based on the Product Type, the global anti-aging medicine market is segmented into the following:
    • Hormone replacement therapy
    • Immune enhancement therapy
    • Antioxidant therapy
  • Based on the route of administration, the global anti-aging medicine market is segmented into the following:
    • Oral
    • Injectable
    • Topical
  • Based on the Distribution Channel, the global anti-aging medicine market is segmented into the following:
    • Hospital Pharmacies
    • Retail Pharmacies
    • E-commerce
    • Drug Stores

The rising demand for beauty consciousness amongst people and the desire to stay young is the primary factor fueling the growth of anti-aging medicines in the market. The acclaimed benefits of the products and affordability along with regional presence compel the demand for anti-aging medicine in the global market. Hormonal replacement therapy segment in product type is expected to account maximum market share in the terms of revenue in the global anti-aging medicine market. However, antioxidant therapy segment in product type is expected to grow with the highest CAGR over the forecast years owing to the rising awareness about the plethora of benefits of antioxidants in anti-aging among the public. On the basis of the route of administration, the global anti-aging medicine market is segmented as oral, injectable and topical, out of which oral segment is expected to generate maximum revenue share over the forecast period. As per the distribution channel, the global anti-aging medicine market is segmented as hospital pharmacies, retail pharmacies, e-commerce, and drug stores. The e-commerce segment in the distribution channel is estimated to grow with the highest CAGR over the forecast time.

Regionally, the global anti-aging medicine market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America anti-aging medicine market is projected to account for the largest market share in the terms of revenue in the global anti-aging medicine market owing to the higher healthcare expenditure and presence of numerous manufacturers.

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Europe is expected to hold the second largest share in the global anti-aging medicine market during the forecast period because of the growing geriatric population and higher spending on healthcare products and supplements. MEA anti-aging medicine market is expected to witness sluggish growth over the forecast time owing to the limited presence of manufacturers and lower healthcare expenditure. Asia Pacific is projected to grow with the highest CAGR over the forecast years in the global anti-aging medicine market due to higher demand from end users and regional penetration of the key players in the region.

Some of the players operating in the global anti-aging medicine market are Pfizer, Evolution GmbH, Himalaya Global Holdings Ltd., Cipla Limited, Mylan Laboratories, Novartis, Merck Group, Vitabiotics, William Ransom & Son Holdings Plc, Uni-Vite Healthcare and Health Made Easy Limited amongst others.