医美行业研究框架专题报告：关注上游高景气赛道

Industry Overview - The medical aesthetics industry combines medical and aesthetic attributes, involving surgical and non-surgical procedures such as facial, body, and breast enhancements [3][4][5][6][7][8] - The Chinese medical aesthetics market is expected to grow from RMB 189.2 billion in 2021 to RMB 638.1 billion by 2030, with a CAGR of 13.80% [15] - China's medical aesthetics penetration rate is currently 4.5%, significantly lower than Japan (11.3%), the US (17.2%), and South Korea (22.0%), indicating substantial growth potential [15][16] - Non-surgical procedures, particularly injection-based and energy-based treatments, are driving market growth due to their safety, simplicity, and short recovery periods [18][19] Market Drivers - Male medical aesthetics demand increased by 27% in 2023, with 43% of males planning to increase spending in 2024 [18] - High-end consumer groups maintained or increased their medical aesthetics spending in 2023, with 91% of consumers maintaining or increasing their annual spending [18] - Per capita disposable income in China reached RMB 39,218 in 2023, a 6.33% increase from 2022, supporting consumer spending on medical aesthetics [16][17] Key Segments - Collagen-based products are gaining traction in the injection market, with penetration expected to rise from 8.7% in 2021 to 10.9% by 2027 [22][23] - Recombinant collagen is emerging as a key growth area due to its safety, low rejection risk, and technological advancements [22][24][25] - The regenerative materials market, including products like PLLA and PDLLA, is projected to grow from RMB 1.45 billion in 2022 to RMB 11.52 billion by 2027, with a CAGR of 31.2% [28][31] - The botulinum toxin market in China is expected to reach RMB 15.9 billion by 2026, with a CAGR exceeding 20% from 2021 to 2030 [31][32] Competitive Landscape - The medical aesthetics device market is dominated by international players, with domestic companies like Jeisys and High Tech gaining traction through acquisitions and partnerships [36] - Domestic companies are focusing on R&D and innovation, with firms like Jinbo Biotech leading in recombinant collagen technology [39][40][42] - Key players such as Allergan, Hugel, and Merz dominate the botulinum toxin market, while domestic companies like Huadong Medicine and Aimeike are expanding their portfolios [32][36] Company Highlights - Jinbo Biotech: A leader in recombinant collagen, with its flagship product Weiyimei achieving sales of 570,000 bottles in 2023, a 252% YoY increase [42][43] - Aimeike: A leading domestic medical aesthetics company with a robust pipeline, including products like Hyti and Ruhai Angel, and a strong focus on R&D [46][48][51] - Jiangsu Wuzhong: Entered the medical aesthetics market with its regenerative product Aisufei, achieving RMB 199 million in revenue in the first three quarters of 2024 [52][53] Investment Opportunities - The medical aesthetics industry in China is poised for growth due to low penetration rates, increasing consumer demand, and regulatory support [15][16][56] - Recombinant collagen and regenerative materials are key growth areas, with companies like Jinbo Biotech and Aimeike well-positioned to capitalize on these trends [22][28][39][46] - Domestic companies are increasingly competitive in the medical aesthetics device market, with a focus on innovation and strategic acquisitions [36][56]