Young Chinese consumers, including a growing number of men, are splurging on aesthetic medical treatments for physical, emotional and social wellness, according to the CEO of Fosun Pharma‑backed Sisram Medical and its subsidiary Alma, who says Asia’s relatively low penetration offers greater growth potential than North America.
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“It is a global trend that younger generations, including those [in mainland China] and Hong Kong, are turning to energy-based aesthetic treatments such as lasers as a preventive measure – keeping their collagen healthy before there’s anything to fix,” said Lior Dayan in an interview with the Post on Monday. “The demand in Asia is very high and it will increase.”
The Asia-Pacific region, which accounted for about 40 per cent of Sisram’s total revenue of US$165.5 million in the first half of the year, was the only market to record revenue growth, compared with declines in North America, Europe, the Middle East, Africa and Latin America, according to its filing with the Hong Kong stock exchange.
Dayan, who is also the president, said aesthetic procedures in the US were “very much established compared to China”. Mainland China’s medical aesthetics market reached a 4.5 per cent penetration rate in 2022, still far behind the US, where the rate was 3.8 times higher, according to Dongguan Securities.
Sisram’s laser platforms for advanced treatments – like scar removal – could cost more than US$120,000, according to Dayan, adding he was confident in Chinese consumers’ spending power to afford such luxury services.
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His comments come as Beijing ramps up efforts to stimulate domestic consumption in line with the company’s strategy to boost economic recovery. China’s middle-income population would also double to some 800 million people over the next decade, according to official estimates.