The second engine of light medicine and beauty emerges, and the 3 billion yuan regenerative injection market is beginning to grow.

Text|Dynamic Technology

< p>Author|Zheng Huimin

Editor|Steven Lee

As International Medicine Frontier and key development areas, the emergence of regenerative medicine has set off the third medical revolution after drug and surgical treatment: it has opened up a new treatment path through stem cells, growth factors, 3D bioprinting and other means, promoting the leap-forward development of the medical and health industry .

As the anti-aging market has gradually shifted from consumer products to medical fields in the past two years, the concept of regeneration has also been introduced into the medical beauty market. According to Frost & Sullivan’s estimates, the total revenue of China’s medical beauty market in 2022 will reach 320.2 billion yuan. Today, the growth rate of this emerging segment of regenerative medical beauty has far exceeded the entire medical beauty market, and regenerative injection products are also expected to become the mainstay of the light medical beauty market together with hyaluronic acid and botulinum toxin.

Multi-point entry layout for regenerative medicine

< p>Regenerative medicine is a medical technology that uses artificially modified and cultured cells or tissues to repair and regenerate damaged organs. The technical routes mainly include gene therapy, cell therapy and tissue engineering.

The report shows that with the advancement of global bioscience and technology and the continuous advancement of regenerative medicine research and development, the global regenerative medicine industry market size has grown from US$11.659 billion in 2017 To 33.932 billion US dollars in 2021, the compound annual growth rate will reach 30.61%, maintaining a relatively fast growth rate.

At present, the global regenerative medicine products mainly cover the fields of musculoskeletal, wound/non-ischemic heart disease, skin/soft tissue, ophthalmology, heart, cancer, diabetes, etc.

In addition to the listed leading companies, this high-growth market has also attracted many innovative companies. influx.

In the past three years, the regenerative medicine industry has continuously set a record for financing. According to the report of the American Alliance for Regenerative Medicine (ARM), the financing scale in the field of regenerative medicine was US$9.8 billion in 2019 and US$19.9 billion in 2020. The data for the first three quarters of 2021 has been equal to that of last year.

As of the first half of 2020, there were more than 1,000 developers of regenerative medicine and advanced therapy in the world for the first time, of which 515 were committed to the development of gene therapy, 632 of cell therapy, and tissue engineering /Biomaterials 136 homes. Of these companies, 415 are in clinical development.

my country has begun to attach importance to the development of regenerative medicine since the beginning of the millennium, not only funding related research, but also including it in medium and long-term development plans, major projects and priorities field of study. In recent years, my country’s regenerative medicine has developed rapidly, and the market size will exceed 28.5 billion yuan in 2021.

At present, the domestic listed regenerative medicine companies include Zhenghai Biological, Huahai Biological, Guanhao Biological, etc., whose business covers oral prosthetic membrane, biological mening membrane, etc. In addition, Jimei Ruisheng, Erpu, No-Meier, Huayuan Regenerative Medicine, etc. have entered the regenerative medicine market from soft tissue, cartilage repair, skin regeneration, artificial organs, etc., and the early financing scale of many projects has reached 100 million yuan. level.

Recycled Materials Nuggets Light Medical Beauty

Medical The upstream of the United States has long held an absolute advantage in the entire medical beauty industry chain, and is the object of continuous focus of capital. According to incomplete statistics, since 2021, a total of 39 companies in my country’s medical beauty industry have completed financing, with a total absorption of more than 3.6 billion yuan, setting a new record. Among them, 29 are upstream medical beauty companies, accounting for 73%.

At present, mainstream injection products such as hyaluronic acid and botulinum toxin account for about 2/3 and 1/3 of the non-surgical injection medical beauty market, respectively. Frost & Sullivan predicts that the growth rate of the market size of hyaluronic acid and botulinum toxin will slow down in the future. The penetration rate is expected to increase as the market recognition of regenerated injections increases. Regeneration products will replace part of the market share of hyaluronic acid and collagen, opening the second growth curve of the light medical beauty market.

2021 is regarded as the dollar year of regenerative medicine due to the approval of the first Tongyan acupuncture and a girl’s acupuncture. . Regenerative medicine uses stem cells and other regenerative medicine technologies to repair, replace or regenerate human cells and tissues, and at the same time applies medical aesthetics to restore, reshape and improve human appearance, shape and function.

In terms of anti-aging, regenerative therapy relies on materials to stimulate its own fibroblasts to secrete collagen. Compared with traditional fillers such as hyaluronic acid, the effect is more natural and long-lasting, and it can repair its own tissue. Taking Tongyan needle as an example, its main component is poly-L-lactic acid (PLLA), which is metabolized and finally converted into lactic acid and water after injection into the dermis. CO2, in turn, stimulates the skin to generate new fibroblasts and synthesize a large amount of collagen, so as to achieve the effect of improving firmness and wrinkle removal.

Although it is in the upper reaches of the industry chain with traditional injections, the price of regenerative medical and aesthetic projects (regenerative materials, instruments and equipment) is significantly higher than that of hyaluronic acid, botulinum and other products. Taking Amic’s “Mixing Angel” as an example, the market price of 0.75ml is 12,600~13,700 yuan, and the gross profit rate is over 93%.

Currently, the mainstream products for collagen regeneration include Tongyan Acupuncture (PLLA), Girls Acupuncture (PCL), Baby Acupuncture (PN/PDRN), etc., as well as CaHA, PMMA, etc. , PVA, dextran and other bone materials that can also stimulate the regeneration of their own collagen. Founder Securities data shows that the market space for girls’ needles/children’s needles in my country will grow to nearly 3 billion yuan in 2025, and will continue to maintain an annual growth rate of more than 20%.

As a large single-product cash cow business, it is expected that the competition for collagen regeneration products will become more intense in the market this year. Deng Xin, an analyst at Zhongtai Securities, believes that among the above-mentioned products, Tongyan needle has the largest room for growth in the future, while girl needle has less short-term competition.

Technology accumulation is the first step

< p>The continuous tightening of the supervision of medical and cosmetic medical devices has brought new opportunities in the industry to qualified medical and cosmetic upstream institutions. Inside the walls, there are fragrances outside the walls. Among the companies currently deploying regenerative medicine and aesthetics, in addition to Huadong Medicine, St. Pomeranian, Amic, Sihuan Medicine, Aoyuan Meigu, Huaxi Biotechnology In addition to companies focusing on biomedicine and the medical beauty track itself, companies that originally focused on real estate development have also entered this emerging field.

Recently, a subsidiary of Suning Universal acquired regenerative medicine service provider Zhongke Huarui and biotechnology developer Hunan Ruishengke, officially entering regenerative medicine and beauty. It is understood that Suning Universal has entered the medical aesthetics industry since 2016, and has now regarded the medical aesthetics layout as a major company transformation. However, the 2021 annual report shows that the revenue of Suning’s global medical beauty business is only 6%, and the current revenue from the main business of real estate is still as high as 86.6%.

In addition, Jiangsu Wuzhong, who has been involved in various industries such as medicine and investment, invested 166 million yuan to win the exclusive sales agency rights of AestheFill, a Korean cosmetic product, in China. , and plans to submit a registration application to the State Food and Drug Administration in the first half of this year. But at present, in its revenue structure in which medicine accounts for more than 70%, the medical beauty business has not yet generated revenue.

The Hanshang Group, which originally operated the exhibition commercial real estate, also announced last year that it would enter regenerative medicine and beauty with polylactic acid products. But then it received an inquiry letter from the Shanghai Stock Exchange, requesting additional explanation of the previous decision-making and preparation progress. Hanshang Group finally terminated the investment on the grounds that the conditions were insufficient.

These listed companies that have transformed into medical aesthetics have a common feature: the main business is frustrated and they are caught in a revenue dilemma. Therefore, they regard medical beauty as a life-saving straw, and take advantage of the opportunity to seize any combinable technological hotspot to develop the so-called layout. However, if it is just “hype” or “hype concept” without the corresponding technical accumulation, it is impossible to get a ticket to participate in the competition, let alone increase the income of this high-margin business.


Although the gross profit margin of light medical beauty is high, the quality characteristics of injections and equipment affect the treatment effect, and its R&D and approval barriers are in the hands of manufacturers. This requires firstly launching commercial products based on continuous R&D investment and leading technological strength, and establishing competition barriers with technological strength and leading production capacity.

Currently, the regeneration injection is in the initial stage of market growth, and product strength is the core competitive factor. Manufacturers need to increase product-level development on the basis of mature technology, so that products show differentiated characteristics in terms of formula, efficacy, positioning, etc., and gradually expand from large single products to product matrix , and gradually widen the different price bands under dislocation competition.

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