LONDON (Reuters) - Baby boomers are opening their wallets to an increasingly sophisticated array of anti-ageing products, creating a billion-dollar market in so-called "cosmeceuticals," industry experts said on Monday.

Standing on the frontier between cosmetics and pharmaceuticals, cosmeceuticals are sold over-the-counter but have active ingredients like alpha hydroxy acids and vitamins that claim therapeutic benefits.

Last year, sales totalled $5 billion in the United States alone, according to MarketResearch.com, and delegates at a conference in London said the sector was now the fastest-growing in the $70-billion-a-year worldwide personal care market.

A decision last year to replace supermodel Cindy Crawford as the "face" of Revlon's cosmetics at the grand old age of 34 highlights the modern obsession with youthful looks.

So it is no surprise that novel creams to fight wrinkles are the most important section of the market, with sales increasing by more than 15% a year.

Cosmetic makers are also tapping into today's appetite for "active ingredients" with a host of other products, including anti-cellulite thigh creams, hair growth preparations and shampoos packed with vitamins.

All are reassuringly expensive but some observers are concerned that lack of proper clinical trials leave their efficacy and safety in doubt.

Betsy Hughes-Formella, director of Hamburg-based BioSkin, a specialist in testing drugs and cosmetics, said some products are being launched without any clear understanding of how they work.

"It's a dangerous area...there are lots of claims but I'm not sure that many of them are well substantiated," she said.

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