TORONTO, Jan. 23, 2013 /PRNewswire/ -- According to Millennium Research Group (MRG), the global authority on medical technology market intelligence, 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.
Strict regulatory barriers have prevented new products from entering China, leading to a relatively low penetration by facial injectables. Many companies are seeking to enter this promising market, and this will lead to rapid market growth averaging 15 percent per year through 2017. Large multinationals tend to have good brand identity in China, since there are many counterfeit facial injectable products in the market there that result in negative side effects.
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.
Millennium Research Group's Asia Pacific Markets for Facial Injectables 2013 report includes unit, average selling price and revenue information, along with market drivers and limiters and competitive landscape for botulinum toxin (BTX) and dermal filler products sold in Australasia (Australia and New Zealand), China, Japan and South Korea.
About Millennium Research Group
Millennium Research Group (www.MRG.net), a Decision Resources Group company (www.DecisionResourcesGroup.com), is the global authority on medical technology market intelligence and the leading provider of strategic information to the healthcare sector. The company provides specialized industry expertise through multiclient market research, ongoing Marketrack™ projects, customer loyalty tracking, facility-level procedure forecasting, and customized solutions.
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SOURCE Millennium Research Group