At present, there is still much room for improvement in the market penetration rate of medical beauty in China. The data shows that from 20 14 to 20 19, the market penetration rate of China medical beauty increased from 2.40% to 3.60%. In 2020, the penetration rate of China's medical and American market is close to 4%, and the penetration rates of Japan, the United States and South Korea are 1650 respectively. Overall, there is a steady upward trend. Although the penetration rate of China's medical beauty market is still low, with the development of the industry and the improvement of consumer recognition, the penetration rate of China's medical beauty market shows great growth potential, which is 5-6 times higher than that of the United States, Brazil, South Korea and other countries with mature medical beauty markets!
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The market scale of medical beauty industry in China is growing.
According to the statistics of iResearch, the medical beauty market in China was only 64.8 billion yuan in 20 15 years, but in 20 17 years two years later, this figure has doubled to 1 124 billion yuan.
In 20 19, the medical beauty market rose again, reaching176.9 billion yuan, with a year-on-year increase of 22.2%. In 20 19, the number of medical and beauty users in China was136.72 million, and it is predicted that the number of medical and beauty users will reach 25.483 million in 2023. Driven by consumption upgrading, the medical and beauty industry in China has shown a long-term and rapid growth trend. With the improvement of public aesthetic demand, the progress of medical beauty technology, the support of policies and the improvement of people's consumption level, it is estimated that by 2023, the market size of China's medical beauty industry will reach 311500 million yuan.
Compared with the United States, South Korea and other medical and beauty countries, China's medical and beauty industry started late and is still in the early stage of development. There is still much room for growth in the future. The driving force of growth mainly comes from the accelerated release of demand, mature technology and industry standardization.
The medical beauty industry has the characteristics of "addictive consumption", which is a high-quality track with a huge consumer group and consumption stickiness. The rapid development of medical and beauty industry reflects the phenomenon of domestic consumption upgrading, which means that the public is paying more and more attention to the external image and the demand for beauty is getting stronger and stronger! After all, "everyone loves beauty."
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Light medical beauty is the general trend in the future.
According to the classification of the International Society of Aesthetic Plastic Surgery, medical beauty can be divided into surgical beauty and non-surgical beauty. Surgical medical beauty, also known as plastic surgery, mainly changes or improves the appearance of chest, nose, eyes, eyelids and other parts through surgery, such as eyelid plastic surgery, nose plastic surgery, orthodontics, hair transplantation, breast enhancement and liposuction. Non-surgical medical beauty is called light medical beauty, which mainly includes injection filling, non-invasive rejuvenation and laser beauty, such as hyaluronic acid injection, botulinum toxin injection, photon rejuvenation, mesoderm therapy (commonly known as water needle) and so on.
The market structure of 20 19 medical beauty industry shows that the market size of surgical medical beauty is 109678 billion yuan, accounting for 62%; The market size of non-surgical medical beauty is 67.222 billion yuan, accounting for 38%. The surgical medical beauty market occupies a dominant position. The scale of non-surgical medical beauty market has always been lower than that of surgical beauty market. The growth data shows that the growth rate of non-surgical medical beauty market has been above that of surgical medical beauty market for a long time, and the growth rate of surgical medical beauty market has been lower than the overall growth rate of medical beauty market industry for a long time.
Plastic surgery projects generally have the characteristics of high price, great trauma, long recovery period, great risk, obvious effect and permanence, and are suitable for consumers who need to make major adjustments.
Non-surgical light medical beauty projects have the characteristics of low single price, relatively small risk, little trauma, short recovery period and multiple medical beauty adjustments, but they do not have permanent curative effects, such as hyaluronic acid and botulinum toxin injection, which require consumers to consume again after a certain period of time to maintain the effect.
To a certain extent, light medical beauty is the consumption upgrade of life beauty, which needs continuous investment to improve skin or delay aging, so consumers are more sticky and have a high repurchase rate. For service organizations, the operation of non-surgical light medical beauty projects is simpler, the consumption frequency is higher, the qualification threshold is lower, and the promotion is stronger.
In the process of the whole industry expansion, Light medical cosmetology has a wide audience, a low threshold and a high repurchase rate, which makes it easier to enhance the overall market penetration and become the main incremental market of the medical and beauty industry in China.
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Industrial chain of medical beauty market
Upstream: the market concentration and entry threshold are high, and the profitability is the strongest.
Representative enterprises: Aimeike, Huaxi Bio, Haohaishengke.
The upstream of the industrial chain includes manufacturers of raw materials, drugs/consumables and medical devices. Throughout the entire medical and beauty industry chain, the upstream market concentration is high, and leading enterprises in various fields of the medical and beauty industry occupy the main market share. Because upstream drugs and medical devices need to undergo strict examination and approval, they can only be listed after being examined and approved by the State Administration of Pharmaceutical Products. Therefore, compared with market barriers in the middle and lower reaches, their bargaining power and profitability are also maintained at a high level in the industrial chain of medical and beauty industry, especially the gross profit margin of medical consumables manufacturers is as high as 70%-90%, which is the most valuable link in the whole industrial chain.
In the whole industrial chain, manufacturers of medical and beauty products have core technologies, which can realize large-scale standardized production and reduce unit costs through scale effect, thus achieving higher gross profit margin. Taking hyaluronic acid injection for injection as an example, the terminal product manufacturers represented by Aimeike have the highest price increase ratio, and their gross profit margin is higher than other links.
Botulinum toxin and hyaluronic acid are in the largest demand in the upstream raw material market of medical beauty, occupying most of the market of medical beauty drugs. Hyaluronic acid and botulinum toxin account for nearly 67% and 33% of China Light Medical Beauty Injection Project respectively. It can be said that hyaluronic acid and botulinum toxin injection are the main force of light medical treatment in Miri, Malaysia. China's medical and beauty industry is still on the rise, with broad development prospects. In the future, there is a lot of room for the development of projects such as botulinum toxin and transparent hyaluronic acid! From the perspective of market development space, hyaluronic acid and botulinum toxin have more than double the space! ! !
kreotoxin
At present, four companies have obtained the sales license of botulinum toxin in China, and three companies are yet to be listed. Botulinum injection accounts for about 43% of the medical injection market in China, while it accounts for 62% in the United States. Therefore, there is room for greatly improving the penetration rate.
hyaluronic acid
At present, 13 brands have obtained the sales license of hyaluronic acid materials. Four of them are imported. Nine made in China. Among them, Yiwan, a pharmaceutical agent in East China, has a market share of about 20%, ranking first. Judging from the current global competition pattern of hyaluronic acid, China is the main producer of hyaluronic acid raw materials in the world at present, and Huaxi Bio is the industry leader at present.
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Mid-stream: Medical and beauty institutions are highly dispersed and the industry competition is fierce.
Representative enterprises: Huahan Plastic Surgery, Aoyuan Beauty Bone and Langzi.
The middle reaches of the industrial chain are composed of various medical and aesthetic institutions. It mainly includes plastic surgery department of public hospitals, private large-scale chain medical beauty institutions, private small and medium-sized medical beauty institutions and many small medical treatment institutions. Judging from the competition pattern, large chain medical and beauty institutions account for 6% to 12% of all legal institutions, small and medium-sized medical and beauty institutions account for about 70%, and about 20% are private clinics. By the end of 2020, there will be more than 30,000 medical and beauty institutions nationwide, and the industry competition pattern will be scattered.
Although there is not much difference in basic projects between plastic surgery departments in public hospitals and private medical and aesthetic institutions, due to the supervision of the Ministry of Health, the safety and credibility of surgery are higher, and more top scholars and doctors are gathered, so they are more trusted by consumers and have less efforts in advertising; However, the market of private medical and beauty institutions is scattered and the quality level of institutions is uneven, which leads to less profits than the upstream and obvious differentiation. Brand chain institutions are scarce, and their core competitiveness is reflected in medical resources, brand reputation and scale effect. On the whole, the market concentration in the middle reaches of the medical and beauty industry is relatively scattered, the entry threshold is relatively low, and the higher customer acquisition cost leads to a relatively low profit rate.
With the country paying more and more attention to the safety and standardization of medical beauty industry, the qualifications of medical beauty institutions and the quality of doctors are expected to be significantly improved, the trust of consumers will be enhanced, and the frequency of use of medical beauty products will also increase. Although the pattern of the middle reaches is relatively scattered, with the improvement of industry standardization, consumers will gradually flow to compliant medical and aesthetic institutions.
The era of light medical beauty has promoted standardized operation. At present, the plastic surgery era driven by plastic surgery is gradually developing to the era of light medical beauty. The former mainly gets customers through marketing promotion, mainly one-time consumption, which is mixed and confusing; The latter is driven by word of mouth, and excellent doctors in high-quality institutions will attract beauty seekers to buy again for life. The future development trend of medical beauty is to unify the project, unify the price, realize standardized operation and legal compliance.
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Downstream: terminal market
On behalf of the enterprise: new oxygen, more beautiful and more beautiful.
For a long time, there has been a problem of information asymmetry between medical beauty institutions and medical beauty customers, and it is difficult for consumers to obtain medical beauty service information conveniently. In this case, it not only improves the marketing difficulty of merchants, but also provides the soil for some unscrupulous merchants to resort to deceit, prompting the industry to fall into vicious competition.
With the rise of the mobile Internet, the medical beauty industry has also ushered in new development opportunities. The application of big data, cloud computing, artificial intelligence and other technologies based on Internet technology has brought about the improvement of medical and beauty industry in consumer service, institutional management, clinical diagnosis and treatment, academic research and so on.
With the advent of the Internet era, "medical beauty in internet plus" has become a trend since 20 14. The rise of medical beauty platform integrates offline medical beauty services with online information services, which can effectively solve the problem of information asymmetry, provide accurate and effective channels for merchants to obtain customers, reduce the cost of obtaining customers for medical beauty institutions, and form a bond between institutions and consumers. Vertical medical beauty platform has become the focus of advertising in small and medium-sized medical beauty institutions. Online service platforms such as Novartis and Domenico have enhanced information transparency to a certain extent, given consumers greater confidence and independent choice, and constituted an important driving force for the development of the industry.
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Key listed companies
Bulumaqi biology science and technology co., ltd
The world's leading hyaluronic acid raw material enterprise integrates R&D, production and sales, and carries out in-depth layout in many fields such as medical plate, skin care plate and emerging product plate. The product pipeline takes hyaluronic acid as the core, supplemented by other bioactive substances, and goes hand in hand, driving the company's performance to break out. With the help of two technical platforms of microbial fermentation and crosslinking, the company has established a business system of the whole industrial chain of bioactive materials from raw materials to medical end products, functional skin care products and functional foods, serving the global manufacturing industry in the fields of medicine, cosmetics and food. Medical institutions and end users. It is estimated that the company will achieve operating income of 4.502 billion yuan, 6.528 billion yuan and 9.074 billion yuan in 20021-23, and the net profit attributable to the parent company will be 770 million yuan,1/kloc-0.40 billion yuan and/kloc-0.50 billion yuan respectively, with year-on-year increases of 20% and 40% respectively. It is estimated that the PE corresponding to 2 1-23 years will be 104X/70X/53X respectively.
Aimeike
Hi body performance is bright, and it is a rare injection faucet in China. The earliest high-tech enterprise in China to develop and apply biomedical materials independently. At the end of 2006, the company obtained Hi Body product registration certificate, which is the only three types of medical device products approved to improve neck wrinkles, making up for the market gap. According to Aimeike's prospectus, the gross profit margin of the company's main products is higher than 90%. Hyaluronic acid+childlike innocence+implant line product matrix is rich, and channel+training system promotes continuous heavy volume with high quality and efficiency; Products such as botulinum toxin+buried thread products+liraglutide will grow rapidly, and it is expected to continue to increase its market share by virtue of its forward-looking and license advantages. In addition, it is confirmed that the net interest rate of Q4 dividend, acquisition cost and listing cost of Hong Kong stocks may be reduced. It is estimated that the EPS of the company will be 4.38/6.80/ 10. 13 yuan in 2 1-23 years, and the corresponding PE will be 104/67/45X.
Huadong medicine
In recent years, relying on the growth driven by innovative drugs and medical beauty engines, heavy products such as girls' needles and catgut embedding will soon be listed in China, and plans to cooperate with Botox of Jetema, South Korea; The company has actively laid out three major sectors: pharmaceutical industry, pharmaceutical commerce and medical beauty business, and has developed into a large-scale comprehensive pharmaceutical company integrating pharmaceutical research and development, production and distribution. With the introduction of medical beauty products such as Teenage Needle and F0, the company's new medical beauty business is expected to bring a new growth curve. It is estimated that the net profit from 2002/kloc-0 to 2023 will be 29.3, 34.3 and 410.4 billion yuan respectively, with growth rates of 4.0%, 17.0% and 20.6% respectively.
Haohai Ke Sheng
The main business is ophthalmic products, and the company's three hyaluronic acid series form a synergistic effect. 202 1 semi-annual report shows that medical beauty products accounted for 2 1. 17% of the company's operating income from June to June. Haiwei's positioning is mass entry-level hyaluronic acid, and Lan Jiao's main market positioning is high-end hyaluronic acid, featuring dynamic filling function. Haimei is linear and particle-free, and its market positioning is high-end hyaluronic acid. Through years of independent research and development+outreach mergers and acquisitions, the company has basically completed the layout of "raw materials +R&D+ products+sales" in the four therapeutic fields of ophthalmology, medical aesthetics, orthopedics and surgery, and realized the layout of the whole industrial chain from upstream raw materials to product R&D, production and downstream market sales. The company's performance growth is basically in line with our expectations. The income of 20021/2022/202318.85/210.20/239.6 billion yuan, the net profit attributable to the mother was 408/466/530 million yuan, and the EPS was 2.32/2.65/3 respectively.
Bettaney
With the mission of "building a healthy skin ecology in China" and based on the theory of dermatology, the company deeply understands the needs of consumers, constantly improves the product matrix, promotes the multi-brand strategy, and strengthens the advantages of strong brand and strong operation under the uncertain industry channels. Since 19, it has become the first in the dermatology market, and anchored the cosmetics market endogenously on the basis of maintaining its advantages. The company released the performance forecast of 202 1, and the profit forecast of 2 1 was raised from 8140,000 yuan to 855 million yuan, and the estimated net profit of 211.7//kloc in 2002/-23.
The ancients said, "Lotus is not as good as beauty". As an extension of beauty, light medical beauty is essentially the same as beauty in my opinion. I believe that no one really doesn't care except saints, and most of the people in the world are ordinary people, and most of them can't escape the word beauty and ugliness. No one doesn't want their so-called superior conditions. Nowadays, this era is progressing, and people's pursuit is also progressing. Light medical beauty must be the general trend of future development!