Deloitte Consulting, partnered with Allergan Aesthetics China, launched “China Medical Aesthetic Industry Outlook 2023”

Deloitte Consulting, partnered with Allergan Aesthetics China, launched "China Medical Aesthetic Industry Outlook 2023" ("the report"), aiming to provide up-to-date trends and strategic support to clinics and practitioners in China for the high-quality and sustainable development of China's medical aesthetic market.

The report provides in-depth analysis of China's medical aesthetic market against the current macroeconomic backdrop, covering the key topics of 2023 China’s medical aesthetic market outlook, Chinese medical aesthetic consumer trends and Chinese medical aesthetic city profiles, etc.

The report is jointly compiled by Deloitte Consulting and Allergan Aesthetics China business consulting team, supported by interviews with over 2100 aesthetics consumers in over 100 Chinese cities, validated by discussions with China’s leading medical aesthetic doctors and experienced upstream practitioners.

Carrie Xiao, Deloitte Consulting China Life Sciences Industry Leader, indicates that “In post-epidemic era, the Chinese government has taken measures to promote consumption and economic growth, emphasizing high-quality development of the healthcare industry. In line with the national development trend, Deloitte Consulting has long been focusing on the consumer healthcare sector with timely monitoring. Under current opportunities and challenges of recovering consumer confidence and willingness and tightening regulation, Deloitte Consulting hopes to leverage the accumulation of insights to promote the healthy and sustainable development of the industry. We hope this report will bring forth the new ideas and facilitate medical aesthetic industry’s benign and high-quality development.”

Ethan Qiu, General Manager of Allergan Aesthetics China, indicates that “with the deepened maturity of China’s medical aesthetic market, diversified consumer demands, and strengthened government supervision around licensing of products and practitioners, Allergan Aesthetics, as a global leader in aesthetics, is committed to empowering practitioners to better understand Chinese consumers’ aesthetic preferences, psychological needs and habits aiming to deliver positive and satisfactory treatment outcomes. By leveraging strong resources and experience of our company and Deloitte Consulting, we have again collaborated for the second time, to provide timely, objective and valuable strategic and intellectual support to the long-term quality development of medical aesthetic industry in China.”

The Optimistic Market Outlooks

Medical aesthetic experts and practitioners point out that due to the continued implementation of policies to expand domestic demands in China, the recovery and expansion of domestic consumption has become one of the top priorities. Medical aesthetics, as a typical representative of New Consumption in China, is expected to grow by 20% in 2023 and maintain a compound annual growth rate of 15% in the next four years.

The report shows, owing to the strong resilience and potential of Chinese economy and driven by the growing demands for beauty, the Chinese medical aesthetic market is expected to reach a market size of 200 billion yuan by 2023.

Two Key words: Professionals and Compliance

The report shows, the key drivers of China’s medical aesthetic market include the increasing medical aesthetic consumption ability and wiliness to pay, new innovative products and technologies with new indications, and the improving penetration rate.

On the other hand, the long-term development of China’s medical aesthetic industry has still been constrained by a limited pool of medical aesthetic professionals and lack of consumer education. Besides, the standardization of the medical aesthetic market may be accelerated under the current strong government regulation in this field.

Five Major Trends

The report undercovers five major trends, providing in-depth analysis on characteristics and preferences of high-end consumers, mature-aged and young consumers, potential consumers, male consumers, and consumers with outbound treatment plans.

• Trend #1: Consumption of high-end consumers kept steadily increasing
  The average age of high-end medical aesthetic consumers surveyed is 34, where 70% are above the age of 30. High-end consumers have relatively stable consumption, value physician’s professionalism and treatment outcomes.
• Trend #2: Quality-driven mature-aged consumers V.S. self-pleasing young consumers
  The consumption willingness of young consumers(under age 30) has increased steadily. They pay more attention on the environment of a clinic and total experience. They have strong willingness to try new products.
  Mature-aged consumers(above age 30) are willing to spend more and they are the major power of medical aesthetic consumption. They have more anti-aging needs and hold higher expectations to the treatment outcomes, also value professionalism and postoperative care.
• Trend #3: More space for potential consumers
  China’s medical aesthetic industry features low penetration rate with large potential. The average age for the surveyed potential consumers is 28, where 75% are below the age of 30. 69% of surveyed potential consumers indicate they plan to have medical aesthetic treatments in 2023. This group prefers non-surgical treatments, attaches more importance on safety, outcomes and authoritativeness.
• Trend #4: Male consumers focus on entry-level non-surgical treatments
  The average age of surveyed male consumers is around 30, where 45% are above the age of 30. For potential male consumers, 64% indicate their plans for medical aesthetics in 2023. They pay more attention on safety, prefer functional and cleansing treatments, and not very keen on injection and photoelectric treatment.
• Trend #5: Consumers with outbound treatment plans have more interests in non-surgical treatments
  The relieved pandemic restrictions encouraged a small group of consumers who have outbound treatment plans. Hong Kong, Macau, Taiwan, Japan and South Korea are among the most popular destinations for their medical aesthetic treatment. Apart from surgical treatments, hyaluronic acid injection and tightening/anti-aging photoelectric treatments are on the top their treatment list.

^{* The above content is an excerpt from "China Medical Aesthetic Industry Outlook 2023", the full description is subject to the content of the report.}

About Deloitte Consulting

Deloitte is a global leading professional services firm with a history dating back to 1845. As one of the core businesses, Deloitte Consulting has five business portfolios including Strategy, Analytics, M&A, Customer & Marketing, Core Business Operation, Human Capital, and Enterprise Technology & Performance. Deloitte Consulting has been committed to help clients solve complicated business problems and provide one-stop end-to-end service from strategy planning to implementations.

About Allergan Aesthetics

At Allergan Aesthetics, an AbbVie company, we develop, manufacture, and market a portfolio of leading aesthetics brands and products. Our aesthetics portfolio includes facial injectables, body contouring, plastics, skin care, and more. Our goal is to consistently provide our customers with innovation, education, exceptional service, and a commitment to excellence, all with a personal touch. For more information, visit www.AllerganAesthetics.com.