Anti-Aging Drugs Market Trends

Growth Drivers

• Growing Prevalence of Photoaging Among People - premature aging of the skin is caused by sun exposure. Skin damage caused by the sun is referred to by a number of names in dermatology, including photoaging. Certainly, UV exposure causes more visible signs of facial aging. Thus, the rising cases of photoaging are expected to propel the demand for anti-aging drugs during the forecast period. It was observed that, approximately 90% of European and North American adults with skin phototypes I, II, and III show clinically detectable photoaging.
• An Increasing Number of Dermatologists - for instance, nearly 3,700 dermatologists are presently employed in the United States. Women account for over 85% of dermatologists, while men account for 14%.
• Rising Personal Disposable Income - according to the Bureau of Economic Analysis, in July 2022 disposable personal income (DPI) increased by USD 37.6 billion (0.2%) in United States.
• Increasing Level of Chronic Stress Among People- it was observed that globally, approximately 33% of people admitted feeling stressed.
• Excessive Alcohol Consumption – according to the Centers for Diseases Control and Prevention, nearly 16% of adults are excessive alcohol drinkers, and 6% are reported, as heavy drinkers.

Challenges

• High Cost of Anti-Aging Drugs - medical research and funding is vital and central for the development of aging-related medications. With huge funds invested in the scientific research and development of these drugs, it is still unaffordable for many.
• Low Awareness of Anti-Aging Drugs in Low-Income Countries
• Presence of Alternatives in the Market