Chinese to splash out 300b yuan on plastic surgery

The plastic surgery business in mainland China will be worth as much as 300 billion yuan (HK$355 billion) by 2022, according to mainland media reports.

Strong demand has also driven the rapid development of upstream products and industries, the reports said, citing a report by the Chinese Association of Plastics and Aesthetics.

The report predict that China, the world's second-largest market of medical beauty, will beat America to the top spot by 2023.

This came after the mainland market grew from 52 billion yuan in 2014 to 151.8 billion yuan in 2019.

Penetration and consumption rates in China's market is growing five times faster than those in overseas markets,, said the report.

Increases in disposable incomes, enhanced scientific and technological innovation capability of medical beauty equipment and medicines and the improvement of industry regulatory policies are also said to be driving the rapid development of the medical beauty industry.

Meanwhile, technological innovation has promoted the supply-side transformation of the medical beauty industry, the report added.