Allied Market Research published a report, titled, “Longevity and Anti-senescence Therapy Market by Therapy (Senolytic Drug Therapy, Gene Therapy, Immunotherapy), by Application (Cancer, Others), by End user (Hospital, Medical Service Institution): Global Opportunity Analysis and Industry Forecast, 2020-2030.” According to the report, the global longevity and anti-senescence therapy industry generated $25.1 billion in 2020, and is expected to reach $44.2 billion by 2030, witnessing a CAGR of 6.1% from 2021 to 2030.
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Drivers, Restraints, and Opportunities
Rise in prevalence of chronic diseases, surge in awareness about anti-aging products, and advancements in AI-driven medical technology drive the growth of the global longevity and anti-senescence therapy market. However, dearth of skilled professionals and loss of tissue-repair capacity restrain the market growth. On the other hand, surge in demand for cell-based assays in R&D activities presents new opportunities in the coming years.
Leading Market Players: AgeX Therapeutics, Inc., Bristol-Myers Squibb Company, Calico Life Sciences LLC, CohBar, Inc., Life Biosciences, Inc., Merck & Co., Inc., Oisin Biotechnologies, Pfizer Inc., T.A. Sciences, Inc., Unity Biotechnology, Inc.
Covid-19 Scenario
Owing to lockdown measures implemented during the Covid-19 pandemic, the closedown of various manufacturing facilities and issues related to transportation of the products created the supply-demand gap. This led to reduced sales of longevity products.
Moreover, non-elective surgeries such as implant or anti-aging surgeries were either canceled or postponed to focus on treatment of patients infected with Covid-19 and avoid possibility of cross-contamination.
The gene therapy segment to maintain its lead position during the forecast period
Based on therapy, the gene therapy segment contributed to the highest market share in 2020, holding around two-thirds of the global longevity and anti-senescence therapy market, and is expected to maintain its lead position during the forecast period. This is due to increase in prevalence of chronic diseases and rise in awareness about anti-aging products. However, the senolytic drug therapy segment is expected to manifest the highest CAGR of 6.5% from 2021 to 2030, owing to advancements in AI-driven medical technology and rise in geriatric population.
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The hospital segment to maintain its leadership status throughout the forecast period
Based on end user, the hospital segment accounted for the highest market share in 2020, contributing to more than half of the global longevity and anti-senescence therapy market, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to rise in prevalence of chronic diseases in both developed and developing countries and rise in demand for longevity and anti-senescence therapy. However, the medical service institution segment is expected to manifest the highest CAGR of 6.5% from 2021 to 2030, owing to increase in government initiatives and rise in the adoption of anti-aging products.
North America to maintain its dominance in terms of revenue by 2030
Based on region, North America held the highest market share in terms of revenue in 2020, accounting for more than one-third of the global longevity and anti-senescence therapy market, and is projected to maintain its dominance in terms of revenue by 2030. This is due to surge in demand for anti-aging products, availability of advanced healthcare facilities with trained medical professionals, and presence of key market players. However, Asia-Pacific is projected to portray the fastest CAGR of 6.9% during the forecast period, owing to rise in demand for anti-aging products and availability of advanced healthcare facilities with trained medical professionals.
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