Aesthetic medicine market in China is growing rapidly in recent years due to the increase of Chinese people's disposable income and the innate desire for beauty. With the major function to reduce the appearance of skin wrinkle, botulinum toxin injection has become one of the most favorable aesthetic medicine products by Chinese customers. The market size of botulinum toxin in China reached 3.92 billion RMB in 2018 and is expected to reach 14 billion RMB in 2025. The compound annual growth rate from 2015 to 2018 was 30.8%.1
In 2019, botulinum toxin occupied 32.67% of the aesthetic medicine market in China, which was a 90.56% increase compared to 2018.1 There are currently four approved botulinum toxin products in China: CBTX-A (China), Botox (Ireland), Dysport (U.K.), and Letybo (South Korea). The last two were newly approved in 2020 and currently have very low market share. In 2019, CBTX-A and Botox split the Chinese botulinum toxin market, occupying 47% and 53% respectively.1
Botulinum toxin is considered a biological agent in China, requiring official review and approval to be marketed, which is difficult and takes a long time. On the other hand, there are large numbers of smuggled and unauthorized botulinum toxin products from countries like South Korea and Japan. The price of these products is about half or even a quarter of the authorized ones. However, in recent years, due to the high risk of injecting unauthorized botulinum toxin, Chinese agencies and ministries at different levels have adopted extremely strict market regulations and severe punishment for using such products.
China's booming botulinum toxin market has attracted more foreign companies to join the competition and introduce relevant products. For example, in 2018, South Korean company Huons signed a strategic partnership deal with the Chinese company Imeik, who will be authorized to conduct clinical trial on Huons' product Hutox and eventually file application in China.1 American company Revance Therapeutics also authorized Fosun Pharma to market and commercialize its product RT002 in China. Notably, RT002 will be the first DaxibotulinumtoxinA for injection in China. As a neuromodulator, it can not only treat skin wrinkles, but also cervical dystonia.2
The Chinese consumers are now leaning towards using safe and officially authorized products with good reputation. BaiPharm believes that the demand for botulinum toxin products will continue to increase and it is a great opportunity for foreign pharmaceutical companies to enter this sector.
