CHA Meditech continues expansion in aesthetic medicine sector

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CHA Meditech continues expansion in aesthetic medicine sector

Published: 26 Sep. 2024, 18:47 Updated: 26 Sep. 2024, 19:26

SHIN HA-NEE
shin.hanee@joongang.co.kr

CHA Meditech's booth at the Dubai Derma, or Dubai World Dermatology and Laser Conference & Exhibition 2024, which took place in March of last year [CHA BIOTECH]

CHA Meditech, a Korean aesthetic medicine company, is expanding its presence overseas with its filler and skin booster products amid the steep growth of the minimally and noninvasive aesthetic procedure market.

The medical device and cosmetics subsidiary of CHA Biotech began shipping HyaFilia, a hyaluronic acid filler, to Brazil in June. The company plans to attend the CIOSP, Brazil’s biggest dental congress, next January, ramping up a sales drive in the South American country.

Brazil is the biggest aesthetic market in the region with a population of over 200 million, and has the second biggest number of plastic surgeons following the United States, according to data from the Korea Trade-Investment Promotion Agency.

HyaFillia, developed by CHA Meditech, is safer in terms of cytotoxicity as the content of butanediol diglycidyl ether, the cross-linker, is reduced to the minimum, according to the company.

The dermal filler injectable also received sales approval from Thai authorities in October of last year, and began sales in January. HyaFillia is currently available in Europe and the Middle East as well.

CHA Meditech aims to launch HyaFillia in the Chinese market this year, as it signed a 10-year, $58 million exclusive distributorship agreement with a local company in 2019. The Korean firm completed phase-3 clinical trials on 200 patients in China in 2022, and aims to receive sales approval by November.

Moreover, the company plans to begin selling its noninvasive topical skin booster Celltermi Revive NX in the European market. The goal is to achieve a combined export volume of $4.9 million over the next three years to Ukraine, Poland and Switzerland. CHA Meditech will hold a launching event in Poland this year.

“Utilizing our diverse experiences in the overseas market and solid clinical data, we will do our best for a successful overseas launch of our products,” said CHA Meditech CEO Kim Seok-jin.

The global medical aesthetics market size is estimated to reach $49.58 billion in 2031, more than double the $20.84 billion last year, according to market tracker Market Xcel.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]