Core Insights - The collagen market is experiencing strong consumer demand and awareness, with a current industry growth phase [1][2] - The number of registered products is increasing, but the supply is not yet fully meeting consumer demand, indicating a continued industry opportunity [1][2] - In the medium term, brands with strong product differentiation will be more competitive, relying on materials and technology [1][2] - Long-term competition will shift towards a combination of product, channel, and marketing strengths [1][2] Demand Perspective - Consumers have a strong recognition of collagen, leading to robust demand [1][2] - The aesthetic medicine injection market in China is projected to reach approximately 26.8 billion yuan in 2024, with a year-on-year growth of 26.4% [2] - The collagen product segment is expected to grow at a CAGR of 50.7% from 2024 to 2028 [2] Supply Perspective - The number of registered certificates for natural and recombinant collagen is on an upward trend, with a total of 10 certificates approved for 7 companies [3][4] - The current supply of collagen products is limited, with high prices and insufficient market penetration [2][4] - The market is expected to develop a product tier system with high (>10,000 yuan), medium (4,000-6,000 yuan), and low (500-2,000 yuan) price points to cater to diverse consumer needs [2] Product Differentiation - New products are expected to innovate around materials, indications, and concentrations, leading to differentiated pricing [4] - The majority of registered products are I-type collagen, with a focus on non-crosslinked and crosslinked types [3][4] - Future developments will likely focus on unique types and amino acid sequences, enhancing product differentiation [5] Market Dynamics - The industry is currently in a growth phase, with opportunities for companies to capture market share through innovation and strategic positioning [7] - Companies with strong R&D capabilities and marketing strategies are likely to succeed in the competitive landscape [7] - The market is anticipated to see an increase in registered products, enhancing the variety of indications and price tiers available [7]

Core Viewpoint - The technology and processes for natural collagen and recombinant collagen are continuously improving, leading to an expansion of application scenarios and an increase in the number of approved collagen products, which will enrich indications and enhance market penetration [1] Industry Summary - The number of registered certificates for natural collagen and recombinant collagen products is increasing but is still far from saturation, providing opportunities for various companies to share in the industry's growth [1] - The medical beauty market is expected to see an increase in both the number of consumers and market penetration as more collagen products are approved [1] Company Recommendations - The recombinant collagen freeze-dried fiber registration certificate is expected to be approved and launched in the first half of 2026, with recombinant collagen solutions and gels also anticipated to receive approval in 2026, potentially becoming a second growth curve for companies [1] - Companies entering the natural collagen field through acquisitions, with steady progress in the research and clinical development of related medical beauty Class III devices, are expected to gain approval in the future and become new forces in the existing medical beauty biomaterials matrix [1] - Companies with strong drug development and review experience that are simultaneously laying out natural and recombinant collagen through agency and self-research are well-positioned for growth [1]