Millennium Research Group (MRG), a leading provider of strategic information to the healthcare sector, reports that the Asia Pacific market for facial injectables will grow strongly, reaching $439 million by 2017.
The relatively small Chinese market will show the strongest growth, while the South Korean market will have the highest revenues. Japan's growth will be slowest. This research is part of MRG's Asia Pacific Markets for Facial Injectables 2013
This market hasn't been penetrated yet, due to the strict regulatory barriers that have prevented new products from entering China. Now there is a huge opportunity, which many companies will be taking advantage of, and this will lead to rapid growth that will average 15 percent per year through 2017, according to MRG.
South Korea represents over 40 percent of the total Asia Pacific facial injectable market, and will remain the largest national market in the region through 2017. This market is highly saturated, and is characterized by wide acceptance of cosmetic procedures, strong media influence and low average selling prices, making these products widely affordable. South Korea is also a significant destination for cosmetic tourism.
Japan's continued poor economy, exacerbated by the recent earthquake and tsunami, will keep its growth the slowest in the region through 2017.
"Australia has had a lot of recent news activity," said MRG Senior Analyst April Lee. "In April 2012, Ipsen and Galderma signed a five-year exclusive agreement that allows Galderma to distribute and market Dysport for aesthetic use in Australia. Additionally, Merz Pharma held an official event to promote the company as well as their product Radiesse to the aesthetic community there."
In addition to their agreement with Galderma in Australia, Ipsen also entered into an agreement with Galderma to co-promote Dysport and Restylane in South Korea.