As an international medical frontier and key development field, 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, and promoted the medical and health industry. Leaping Development.
As the anti-aging market has gradually shifted from consumer goods to the medical field in the past two years, the concept of regeneration has also been introduced into the medical aesthetics 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 cut-in layout of regenerative medicine
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 will increase from US$11.659 billion in 2017 to US$33.932 billion in 2021, with an annual growth rate ofcombineThe growth rate reached 30.61%, maintaining a relatively fast growth rate.
At present, the global regenerative medical products mainly cover the fields of musculoskeletal, wound/non-ischemic heart disease, skin/soft tissue, ophthalmology, heart, cancer, diabetes, etc.
In addition to the leading companies that have been listed, this high-growth market has also attracted many innovative companies.
In the past three years, the regenerative medicine industry has continuously created financingrememberrecord. 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 therapies in the world for the first time, of which 515 were committed to the development of gene therapy, 632 of cell therapy, and 136 of tissue engineering/biomaterials. 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 subsidizing its related research, but also including it in medium and long-term development plans, major special projects and key research fields.In recent years, my country’s regenerative medicine has developed rapidly, and the market size in 2021 will exceed 28.5 billion yuan.
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, NuooneMeier, 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 the level of RMB 100 million.
Recycled materials Nuggets light medical beauty
The upstream of medical beauty 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 over 3.6 billion yuan, setting a new historical 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 year of regenerative medicine because the first Tongyan acupuncture and girl acupuncture have been approved one after another.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 therapies rely on materials to stimulate their 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 acupuncture as an example, its main component is poly-L-lactic acid (PLLA), which is metabolized and finally converted into lactic acid and CO2 after injection with water into the dermis, thereby stimulating the skin to generate new fibroblasts and A large amount of collagen is synthesized, so as to achieve the effect of lifting firming and wrinkle removal.
Although it is in the upper reaches of the industrial 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. Take 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%.
At present, the mainstream products for collagen regeneration include Tongyan Acupuncture (PLLA), Girls Acupuncture (PCL), Baby Acupuncture (PN/PDRN), etc., as well as CaHA, PMMA, PVA, and dextran, which can also stimulate collagen regeneration. Bone material.According to data from Founder Securities, 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 itemgoldIn the cattle 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
The continuous tightening of the supervision of medical and aesthetic medical devices has brought new opportunities for the upstream medical and aesthetic institutions with qualified qualifications.There are flowers inside the walls and 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 Bio and other companies focusing on biomedicine and the medical aesthetics track itself In addition to the company, companies that originally focused on real estate development have also crossed into 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 beauty industry since 2016, and has now regarded the medical beauty layout as a major company transformation. However, the 2021 annual report shows that the revenue of Suning’s global medical beauty business accounts for 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 many 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 registration to the State Food and Drug Administration in the first half of this year. Application. However, at present, in its revenue structure in which medicine accounts for more than 70%, the medical beauty business has not yet generated revenue.
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 all 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 “following the heat” or “hyping the 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.
At present, regenerative injection is in the early stage of market growth, and product power 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., gradually expand from large single products to product matrix, and gradually widen different price bands under dislocation competition.