BURLINGTON, Mass., July 1, 2014 /PRNewswire/ -- Decision Resources Group finds that the Chinese market for facial injectables, including hyaluronic acid (HA) dermal fillers and botulinum toxin (BTX), will expand at nearly a 20 percent compound annual growth rate through 2022. Rapid market growth will be primarily a result of economic expansion and a high aesthetic consciousness in China.
Other key findings from Decision Resources Group's coverage of the Chinese facial injectable market:
-- Economic expansion: Compared to the North American and European facial injectable markets, the Chinese market is relatively underdeveloped. However, rapid economic growth in China, particularly in inland regions, will spur significant procedure volume expansion because the population will increasingly be able to afford cosmetic procedures. -- High aesthetic consciousness: Strong demand in China to achieve an aesthetically pleasing face is driven by cultural beliefs that marriage and career prospects are strongly influenced by appearance. -- HA dermal fillers versus BTX: HA dermal filler unit sales will overtake BTX because fillers can be used for volume restoration in addition to wrinkle removal. Compared to Caucasians, the Chinese population generally has faces with flatter contours and thicker skin, which is less prone to wrinkling. As a result, as the Chinese patient population ages, the focus is often on volume restoration more so than wrinkle removal.
Comments from Decision Resources Group Analyst Susan Weng:
-- "The strict regulatory process in China has severely limited the number of available products, with only seven companies offering approved products in the market in 2013. While large international manufacturers Allergan and Galderma led the BTX and HA filler markets, respectively, these companies are facing increasing competition from domestic competitors. For example, Bloomage BioTechnology and Lanzhou Institute of Biological Products both have very strong presences in China." -- "There is an extremely high presence of low-cost counterfeit products in China, some of which can even be purchased online for patients to use at home. This has created an extremely difficult environment for companies with approved products and is continuing to force them to lower prices in order to effectively compete."
-- Susan Weng has written a Medtech 360 report on this subject entitled Chinese Markets for Facial Injectables 2014.
About Decision Resources Group
Decision Resources Group offers best-in-class, high-value information and insights on critical issues within the healthcare industry. Clients rely on this analysis and data to make informed decisions. Find out more at www.DecisionResourcesGroup.com.
All company, brand, or product names contained in this document may be trademarks or registered trademarks of their respective holders.
For more information, contact:
Decision Resources Group
SOURCE Decision Resources Group