MARKET FOR BOOMER DRUGS AND COSMETICS
SET FOR HIGH GROWTH RATE.
In 1996, the
oldest baby boomers turned 50 years old, marking the start of a huge and
continuing shift in demographics, and providing a new set of challenges
for marketers. This cohort, Americans born between 1946-1964, represented
29% of the total U.S. population in 1996, or about 77 million, and are
expected to peak at approximately 79.5 million in 1998. The market for
drugs and cosmetics for this aging boomer generation is a soaring one and
is making a significant impact on the pharmaceutical industry, as well as
driving new technology.
According to a newly released BUSINESS
COMMUNICATIONS COMPANY study, RB-111 DRUGS AND COSMETICS
FOR AGING BOOMERS: A SURGING MARKET, the total market for drugs
and cosmetics for aging boomers is estimated to generate $2.3 billion in
sales in 1997. This market includes products to treat menopausal symptoms,
impotence, skin care products—specifically anti-aging skin care
treatments—and minoxidil hair regrowth products. These are expected to
grow at an average annual growth rate AAGR of 14% throughout the period
from 1997 to 2006 to reach $7.9 billion by 2006.
The fastest growing segment of this market is
made up of impotency treatments. Sales of these products will grow at an
average annual rate of 16.6% between 1997 and 2006.
The second fastest growing segment is drugs to
treat menopausal symptoms, sales of which are expected to grow at an
average annual rate of 15% between 1997 and 2006. The third fastest
growing segment is sales of sunscreen products, forecast to grow at an
average annual rate of 14% during the1997 and 2006 time period.
The slowest-growing segments in the aging boomer
market will be anti-aging skin care products, forecast to grow at 12.5%,
and hair regrowth products which will increase at an (AAGR) of 8.7%
between 1997 and 2006.
VALUE OF THE AGING BABY BOOMER
MARKET IN THE U.S., 1996 TO 2006
($ Millions at Manufacturers’ Level)
|Skin care products
|Hair regrowth products
Source: Business Communications Company, Inc.
RB-111 Drugs and Cosmetics
for Aging Boomers: A Surging Market
Data and analysis provided courtesy of
BUSINESS COMMUNICATIONS COMPANY, INC., 25 Van Zant Street, Norwalk, CT
06855, Telephone: (203) 853-4266; ext. 309, Email: firstname.lastname@example.org