Core Insights - The Chinese medical aesthetics industry has surpassed 300 billion yuan, with the light medical aesthetics market expected to grow at a compound annual growth rate (CAGR) of over 20% in the next five years, becoming the mainstream segment by 2024 [1] - Injection projects, as the core growth engine of light medical aesthetics, have seen their market size grow from 25.7 billion yuan in 2018 to 67 billion yuan in 2023, with a CAGR of 21.1%, projected to reach 147 billion yuan by 2027 [1] - The industry faces challenges such as rapid market changes driven by consumer preferences and increasing competition, necessitating innovation in material research to build competitive barriers [1] Market Dynamics - In 2024, the market share of injection materials is projected to be approximately 36% for hyaluronic acid, 29% for botulinum toxin, 19% for collagen, and 16% for regenerative materials [3] - The competition in the hyaluronic acid market has intensified, leading to revenue declines for major companies like Huaxi Biological and Aimeike, with revenue drops of 18.36% and 21.49% respectively in the first three quarters of 2025 [3][4] - In contrast, the recombinant collagen market is rapidly growing, with a projected CAGR of 44.93%, expected to reach 58.57 billion yuan by 2025 [3] Innovation and Product Development - Companies are accelerating new product launches to capture market opportunities, with Huaxi Biological introducing compliant products for facial skin improvement and other companies like Jinbo Biological launching innovative recombinant collagen products [5] - The emergence of new materials such as alginate and hydroxyapatite is set to enrich the market supply, with several products receiving regulatory approval in 2025 [6] Regulatory Environment - The industry is experiencing a shift towards compliance, with increased regulatory scrutiny leading to a "survival of the fittest" scenario, pushing medical aesthetic institutions to accelerate compliance transformations [2] - Despite the growth in compliant products, issues such as illegal operations and counterfeit products remain prevalent, posing risks to consumer safety [11][12] Pricing and Market Structure - The supply expansion has led to a restructuring of interests within the industry, with upstream manufacturers and downstream medical institutions engaged in pricing power struggles [8][9] - New platforms like Xinyang are disrupting traditional pricing models by significantly reducing costs through digitalization and centralized procurement, indicating a shift from a seller's market to a buyer's market [9][10] Future Trends - The industry is expected to evolve towards a more transparent and competitive landscape, with a focus on product and scenario-driven strategies, comprehensive treatment solutions, and enhanced consumer awareness [10] - The ongoing regulatory efforts and market dynamics suggest that the medical aesthetics industry is moving towards a more mature and compliant operational model, emphasizing innovation and safety [14]

Core Viewpoint - The ongoing public dispute between Huaxi Biological and Juzhi Biological highlights the competitive tension in the aesthetic medicine industry, particularly regarding hyaluronic acid and recombinant collagen products [3][10]. Group 1: Company Statements - Huaxi Biological issued a statement on June 1, 2023, supporting beauty blogger Dr. Hao Yu, criticizing an unnamed company for using "internet water army" tactics and threatening to disclose testing results if issues are not addressed [3][4]. - Juzhi Biological responded later that day, accepting an apology from the testing agency used by Dr. Hao Yu but asserting that they would pursue legal action against those spreading false information [3][8]. - Dr. Hao Yu contested Juzhi Biological's claims, stating that the testing agency's statement did not include an apology and questioned why Juzhi had not released its own testing results after ten days [9][10]. Group 2: Market Dynamics - The dispute is rooted in a broader competition for market share between hyaluronic acid and recombinant collagen, with Huaxi Biological's performance declining alongside the perception of hyaluronic acid as "outdated" [10]. - Huaxi Biological's revenue from functional skincare products, which include recombinant collagen, has seen significant declines of 18.45% and 31.62% in 2023 and 2024, respectively, while Juzhi Biological's "Kefumei" brand has shown strong growth with revenues of 27.88 billion and 45.4 billion in the same years [11]. - The pricing landscape for aesthetic products indicates that domestic hyaluronic acid is positioned at the lower end of the market, with prices ranging from approximately 1,000 to 2,000 yuan per unit, while recombinant collagen is priced higher, around 3,000 yuan [13][14]. Group 3: Industry Trends - The aesthetic medicine market is experiencing a shift with the introduction of new injectable materials, which has led to a decrease in hyaluronic acid's market share from 42% in 2021 to an estimated 36% in 2024 [16]. - The emergence of new materials, such as hydroxyapatite and PDRN solutions, is expected to further challenge the dominance of hyaluronic acid, although its unique properties may still provide competitive advantages [16][17].

Core Viewpoint - The article discusses the emerging competition and regulatory challenges in the calcium hydroxyapatite (CaHA) market within the medical aesthetics industry, highlighting the recent approvals of CaHA products for facial use and the ongoing issues related to compliance and safety [5][7][11]. Group 1: Market Dynamics - CaHA, originally used in orthopedics and dentistry, is gaining popularity as a facial filler material, alongside PLLA and PCL, driven by market education efforts [3][5]. - In January 2024, it was estimated that the domestic market could consume tens of thousands of CaHA injections, potentially reaching 500,000 units annually, despite a lack of fully compliant products [5][11]. - The approval of two CaHA products for facial use in 2025 marks a significant shift towards regulatory compliance in the industry [5][7]. Group 2: Regulatory Landscape - The first approved CaHA product for facial use, Aphranal® by Moyang Biotechnology, received certification in February 2025, followed by Merz North America's Radiesse, which is the first imported CaHA product approved in China [7][11]. - The competition in the CaHA market is intensifying, with a notable reduction in the time required to obtain regulatory approval, leading to a more crowded market [8][9]. - There are concerns regarding the use of CaHA products beyond their approved indications, with many practitioners using them for facial applications despite their original intended uses being for non-weight-bearing bone defects [13][15]. Group 3: Industry Challenges - The medical aesthetics industry faces significant challenges related to the misuse of products beyond their approved indications, which is prevalent across various injectable products [15][16]. - There is currently no clear legal framework in China to regulate the off-label use of medical devices, leading to potential risks for both practitioners and patients [15][16]. - The article emphasizes the importance of proper patient consent and documentation to mitigate compliance risks in the absence of stringent regulations [16][17].