China is expected to become the world's largest medical beauty market. How much room is there for the imagination of imported medical beauty equipment?

China's medical beauty market is considered by many to be a "gold nugget".

From 2014 to 2019, the compound growth rate of China's medical beauty market is 22.5%, which is one of the fastest-growing countries in the world. In 2023, the scale of China's medical beauty market is expected to reach 360.13 billion yuan, and it is expected to become the world's largest medical beauty market.

In the entire industry chain, medical and aesthetic equipment companies are considered to be the most valuable links due to technical barriers and moats.

Medical cosmetology devices refer to medical device products used in medical cosmetology other than drugs, including active surgical instruments, passive surgical instruments, orthopedic surgical instruments, physical therapy instruments, passive implanted instruments, infusion care, and protection There are 6 categories of equipment and 16 sub-categories.

According to the terminal market projects, medical and aesthetic devices can be divided into injection, optoelectronics, and surgery. Among them, surgical products are mainly low-end products, and domestic brands occupy more than 90% of the market. This article will not analyze this.

1. Injection category: the premium space for domestic brands is vast

Due to its obvious effect, easy operation, short recovery period, and relatively low price, injection projects have become the entry-level choice for many medical and aesthetic consumers and prospective medical and aesthetic consumers, mainly botulinum toxin and hyaluronic acid injection. Botulinum toxin is a state-controlled neurotoxic drug, and the market has long been exclusively enjoyed by two companies, Allergan's Botox and China Bio (Lanzhou Bio) Heli.

Hyaluronic acid, commonly known as hyaluronic acid, can regulate cell proliferation, migration, and differentiation, and has a natural moisturizing effect. It is widely used in medical beauty, ophthalmology, and surgery.

The market structure of hyaluronic acid raw materials is stable. In 2018, the total sales volume reached 500 tons, dominated by domestic enterprises, accounting for more than 80% of the market share. Among them, Bloomage Bio is the world's largest supplier of hyaluronic acid raw materials. In the global hyaluronic acid raw material market, Bloomage Bio occupies about 40% of the market share, and its market share in China is as high as 70%. "

Although the raw material market dominates, domestic brands are still inferior to foreign brands in the hyaluronic acid terminal market. According to public data, the market size of China's hyaluronic acid terminal products will reach 5.77 billion yuan in 2020, with a compound growth rate of 24.0% from 2016 to 2020, and is expected to reach 14.71 billion yuan in 2025 with a compound growth rate of 20.6%.

Foreign brands such as LG in South Korea, Allergan in the United States, and Q-Med in Sweden occupy more than 60% of the market share, while my country's "Big Three of Hyaluronic Acid" Amic, Haohai Biotechnology, and Bloomage Bio have a combined market share of 25%. about. In terms of terminal brand premium capability, there is still room for development in Huaxi Bio, Haohai Bio, and Amic Bio.

2. Optoelectronics: foreign brands occupy more than 80% of the mid-to-high-end market

Photo-acoustic medical beauty mainly uses photo-acoustic technology such as laser, strong light pulse, radiofrequency or ultrasonic wave on the skin to stimulate and activate specific parts to achieve beauty, anti-aging, and other effects. The main equipment includes laser treatment equipment, Photodynamic equipment, intense pulsed light therapy equipment, blue light therapy equipment, negative pressure therapy equipment, and radiofrequency therapy equipment.

According to public data, the market size of optoelectronic medical aesthetics has increased from 9.361 billion yuan in 2016 to 21.501 billion yuan in 2019, and the market size of optoelectronic medical aesthetics is expected to reach 50.201 billion yuan in 2025.

According to the statistics of Zhongcheng Digital, there are 452 optoelectronic related products, 216 laser treatment equipment, including 147 domestic products and 69 imported products; 39 intense pulsed light (photon skin rejuvenation treatment instruments), including 34 domestic products, Israel, France, and South Korea each have 1 product.

In terms of market share, foreign brands dominate, such as Alma, Lumenis, Cynosure, Fotona, Syneron, It occupies 80% of the mid-to-high-end market in my country's laser medical and beauty equipment industry, and the domestic medical and beauty optoelectronic equipment market account for less than 20%. The representative brands are China Qizhi Laser, China Peninsula Medical, and Shenzhen GSD GSD. Self-research capabilities at different levels are expected to shorten the gap with foreign brands.

In general, for injection filling and optoelectronic medical devices, the mid-to-high-end market is still occupied by overseas leading companies. For import companies, there is still a lot of room for imagination in the medical beauty device market.