BURLINGTON, Mass., Oct. 6, 2014 /PRNewswire/ -- Decision Resources Group finds that the Asia Pacific market for facial injectables will grow quickly to approach $1.9 billion by 2022. While the more developed facial injectable markets in Australia and South Korea will continue to expand, the underpenetrated Chinese and Japanese markets will be more dynamic, with revenues in China increasing rapidly and market growth accelerating in Japan toward 2022.
Other key findings from Decision Resources Group's coverage of the Asia Pacific facial injectable market:
- BTX versus HA fillers: While the botulinum toxin (BTX) market has traditionally been larger, hyaluronic acid (HA) dermal fillers are gaining popularity in the Asia Pacific region, particularly in China, Japan and South Korea, where the volumizing effects of HA fillers is more sought after than wrinkle treatment. By contrast, BTX will remain significantly more popular than dermal fillers in Australia.
- Medical tourism: Medical tourism remains prevalent in the Asia Pacific region, especially in South Korea, where procedure costs are low and a large number of facial injectable products are available. Although medical tourism will drive market expansion, some individuals will remain cautious about seeking treatments in Asia Pacific countries due to negative publicity surrounding cases where facial injectable procedures were performed by inadequately trained or unlicensed physicians.
- Price competition: Price competition will intensify in the Asia Pacific facial injectable market. The highly competitive South Korean market will see the fastest price declines due to the strong presence of low-cost local competitors and as more companies, including local pharmaceutical firms, target the lucrative HA filler market.
Comments from Decision Resources Group Analyst Senior Analyst Jeremy Seath:
- "Despite the currently low penetration of facial injectable treatments in China, the country earned the most facial injectable revenues in the Asia Pacific region in 2013. Manufacturers will want to capitalize on the growing demand for these products in China, creating more competition for market leaders Galderma and Allergan going forward."
- "By offering low-cost products, domestic competitors have established a strong presence in the Asia Pacific facial injectable market. For example, Medytox and Lanzhou Institute of Biological Products (LIBP) were among the top three leading competitors in the Asia Pacific BTX market in 2013 due to their strong market performance in South Korea and China, respectively."
- Jeremy Seath has written a Medtech 360 report on this subject entitled Asia Pacific Markets for Facial Injectables 2014.
- Karen Gierszewski and April Lee have written blogs on the subject, which can be found here and here.
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