医美专题系列一：重组胶原蛋白赛道高景气延续，先行者前景可期

Investment Rating - The report maintains a "Market Perform" rating for the recombinant collagen industry, indicating a stable outlook for investment opportunities in this sector [44][68]. Core Insights - The recombinant collagen market is experiencing significant growth driven by advancements in technology, increasing consumer demand for aesthetic and medical applications, and a growing awareness of the benefits of collagen supplementation [16][39]. - The market for recombinant collagen medical injectables is projected to grow from 4.3 billion yuan in 2023 to 14.3 billion yuan by 2027, with a market penetration rate increasing from 6.4% to 9.8% [8][39]. - The demand for functional skincare products based on recombinant collagen is also on the rise, with the retail market expected to grow from 1.95 billion yuan in 2019 to 6.646 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 54.9% [13][39]. Summary by Sections Industry Overview - Collagen is a major structural protein in the human body, constituting about 30%-40% of total body protein and playing a crucial role in tissue repair and regeneration [57]. - The recombinant collagen industry has seen technological advancements that have improved production efficiency and product quality, positioning China as a global leader in this field [36][39]. Supply Side: Policy and Technology - The industry is benefiting from improved regulatory standards and technological breakthroughs that enhance production capabilities and product safety [47][49]. - The recombinant collagen market has expanded significantly, with over 700 registered medical devices in China, including various forms such as gels, dressings, and sponges [36][39]. Demand Side: Diverse Applications - The applications of recombinant collagen span across skincare, medical devices, and other sectors, with notable growth in the aesthetic medicine market due to rising consumer interest in non-surgical beauty treatments [23][39]. - The medical dressing market for recombinant collagen is projected to grow from 11 billion yuan in 2023 to 34.6 billion yuan by 2027, with a CAGR of 33.17% [23][39]. Key Companies - Leading companies in the recombinant collagen space include Jiuzi Biotechnology and Jinbo Biological, which have established comprehensive supply chains from raw material production to end-product development [49]. - These companies are actively expanding their product lines and enhancing their market presence through innovative applications of recombinant collagen [49].