Posted on Sep 17, 2018, 6 p.m.
The anti-aging movement is gaining more attention; to look and feel younger countines to be big business with an endless supply of wanting customers prompting new startups to dive into the industry’s healing and profitable waters.
Transparency Market Research suggests the global anti-aging industry will be worth an estimated $200 billion by 2019. Reason for that growth, and continued growth is simple and very clear: all adults have insecurities surrounding aging and are potential customers; after all who wouldn’t want to age more slowly, and live a healthier longer life.
The anti-aging industry is so exciting due to how much room it holds for growth and expansion due to anti-aging technologies being unlike other categories, gaps between research and application are wide, the solutions remain focus of intensive research with eventual findings that will create new potential.
There are currently no universal standards for these solutions, even the idea of what an anti-aging product is up for dibs. Essentially what industry observers agree upon is that anti-aging offers entrepreneurs advantages in health and beauty markets. However those jumping into the industry blindly may face some challenges as the industry requires specialized knowledge, skill, and hard work.
Extra education is always an advantage, special knowledge can make it harder for competition to enter the market, helping those already established stay on top, knowing where the best gains can be made. Lectures and conferences can be great ways to enhance knowledge and education in the anti-aging field. The American Academy of Anti-Aging Medicine offers fellowships, symposiums, certification, and graduate programs to those who wish to expand anti-aging knowledge bases; as the technology changes so often continuously furthering education is a necessity.
Although younger populations may have interest in anti-aging products, by far baby boomers are the biggest investment source. Those populations aged 50+ control over 70% of the disposable income in the USA who are estimated to spend $53 billion each year around the globe. There is so much growth in the industry that European modeling agencies have created RETRO divisions featuring mature models to help attract customers aged 50+ and generate more revenue. Findings products that address a topic in the anti-aging field is key, for example anti-aging skin care is expected to eclipse $11 billion in 2018 within the USA alone. Narrowing in on a specific industry position can lead to becoming a market leader.
The anti-aging industry contains a slew of regulations, it is in everyone’s best interest to learn them all and exceed them to keep this market free from being flooded with ineffective and/or unsafe products. Yearly the FDA sends warning letter to companies marketing as cosmetic anti-aging products that are really drugs. Cosmetics are defined by the FDA as something designed for cleansing, beautifying, and promoting attractiveness or altering appearance; and a drug as something that will affect structure or any function of the body: understanding the distinction is important making it necessary to go through all documentation and legislation at state and federal levels to ensure compliance to prevent regulatory headaches and provide insight to where the anti-aging industry is headed. Typically when new regulations appear opportunities for expansion may not be far behind.
The anti-aging industry is indeed booming mostly due to baby boomers. As the population continue to age finding that next big thing may involve jolting those in the 50+ populations and oncoming silver tsunami with a shot of vitality. Staying informed, educated, focused, and compliant will keep those in the anti-aging industry with a long and healthy shelf life.