Sihuan Pharmaceutical Holdings Group Ltd. is pleased announce that "Type A Botulinum Toxin for Injection" (Letybo 100U), a product exclusively distributed by Sihuan Pharmaceutical, has officially received the marketing approval from the National Medical Products Administration of China. Letybo 100U is produced by Hugel, Inc. ("Hugel"), a biopharmaceutical company in Korea, Letybo 100U becomes the fourth type A botulinum toxin products approved for launch in the market of China and the first of its kind from Korea. It is expected that Letybo 100U will commence sales in various regions of China within this year.
The market size of botulinum toxin products in China was about US$600 million (about HK$4.66 billion) in 2019. With a penetration rate of less than 2% of the overall medical aesthetics market in China, there is still a large unmet market demand. With the continuous increase in the number of beauty-loving people in China and the continuous rise in spending power and consumption willingness of consumers, coupled by a high acceptance of foreign medical aesthetic technologies and products, especially those from Korea, there exists a huge market potential. It is expected that the sales of botulinum toxin products in China will surge in the next five years, and sales will reach US$1.8 billion (about HK$13.5 billion) in 2025. China will become one of the three largest markets of botulinum toxin products globally, along with the United States and the European Union.
Letybo 100U: a high-quality product with No.1 market share in Korea
Type A Botulinum Toxin for Injection (Letybo 100U), which has received NMPA's approval, is developed by Hugel of Korea and is the best-selling botulinum toxin product with the largest market share in Korea.
Hugel is Asia's leading manufacturer of anti-aging products. Since the launch of its botulinum toxin products in Korea in 2010, Hugel has become the fourth pharmaceutical company and the first Korean company in the Chinese market to obtain the approval for the launch of botulinum toxin product. With its patented technologies, Hugel completely extracts high-purity compound protein. It adopts stricter quality control than those required by the Ministry of Food and Drug Safety of Korea. Through stringent measures implemented in every product procedure, the whole production process is safeguarded by proprietary patents and high quality, high standards, and high efficiency are adhered to.
In terms of curative effect, Letybo 100U has the advantages of a short course of treatment and quick effect. Besides, the minimally invasive treatment only requires a short recovering period and do not affect the daily work and life of consumers. Letybo 100U has quickly received the affirmation from the medical industry and consumers. According to statistics, Letybo 100U has acquired a local market share of more than 40% in Korea, compellingly ranked first.
Beauty-lovers turning China to a massive market in medical aesthetic business
In recent years, with the rising popularity of the "appearance economy", improvement of income level, and the change of medical cosmetology concept, more and more people begin to use medical aesthetic technologies to keep them looking young and beautiful. The huge demand for medical aesthetic services is driving the rapid development of the industry.
According to public data, the CAGR of China's medical aesthetic market will exceed 25% in the next five years and is expected to reach US$45.3 billion (HK$351 billion) in 2022. According to Frost & Sullivan's data published in 2020, the number of medical treatment courses in China surpassed that in the United States, Brazil, Japan, and South Korea, ranking the first in the world.
With the continuous introduction of foreign advanced technologies and brands, medical aesthetic solutions that are simple, safe, and painless have been springing up in China. Non-surgical treatments are becoming more and more popular. Data shows that non-surgical treatments accounted for 70% of the market share in 2018. Facial injections such as hyaluronic acid and botulinum toxin have become po...
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