Medical cosmetology market eyes double-digit growth

China's medical cosmetology market is likely to see "double-digit" growth every year for the next one or two decades, according to a senior executive at Galderma, a world-leading dermatology company.

Key drivers include a wealthier population willing to spend on micro plastic surgeries and a much younger demographic of beauty seekers who are comfortable with medical professionals or key opinion leaders through social media platforms, said Lainey Lei, general manager of Galderma China.

Lei made the remarks after the Swiss company launched the first hyaluronic acid product for nasal reshaping in the country, and debuted lidocaine-based solutions for painless facials and shaping.

"A decade ago, I thought the aesthetic medicine market in China will mature in the next 10 years. But today, I believe it's just starting to boom," said Lei.

According to Deloitte, the aesthetic medicine industry includes surgery, injections and skin treatments. The global consultancy forecast the industry in China to reach $48 billion by 2023 from 2019's $27 billion.

"With the widespread use of hyaluronic acid in recent years, shortcomings in pain management with injection have begun to attract attention," said Li Qin, chief expert of Este Medical Beauty Group.

"With technological innovation, more and more beauty seekers are turning to safer and more painless medical beauty services," said Li.

The main difference between Western and Chinese beauty seekers lies in the age and the subsequent demands from the practice, Lei said. While a majority of the users in China are under the age of 35, that proportion in most of the overseas markets stands for consumers aged 35 and above.

According to a report published by domestic medical aesthetics platform So-Young International, China had 15.2 million people seeking beauty treatment by the end of last year, with a majority of them being women aged between 20 and 35.

"Consequently, Chinese customers are more keen on shaping and filling, while those in the West are more concerned about improving loose skin conditions or adjusting uneven skin tones," she said.

According to surveys conducted on Asian respondents by academic journal Aesthetic Plastic Surgery, the most highly addressed facial feature for doctors and beauty seekers in China last year, especially in the 18-30 age group, was nose shaping.

To tap into the digital savvy group, Galderma is working in tandem with e-commerce platforms, online review sites and individual professional influencers such as dermatologists to promote the safe and responsible use of medical aesthetic products.

Though the market potential remains huge, Deloitte said the market penetration rate in China was just 3.6 percent in 2019, while that in South Korea and the United States was 20.5 percent and 16.6 percent.

To tap the growing market in China, Galderma will introduce nine medical aesthetic products and six skin care items, and a dermatologic medicine before 2024.

"We welcome competition as it shows demand is robust," Lei said. "General aspirations for well-being and beauty will become cornerstones of the market ecosystem's long-term development."