The growing diversification of Chinese consumers' needs has positioned consumer healthcare as a major market focus. Recently, the 2025 High-Quality Development Forum on Medical Aesthetics, hosted by Shanghai Waigaoqiao Group, was held in Pudong.
Waigaoqiao’s unique ecosystem for the health industry has become a "powerful magnet" for leading global companies. In the consumer healthcare sector, multinational medical aesthetics firms such as Allergan Aesthetics, Galderma, and Solta have established their regional headquarters in Waigaoqiao, attracting upstream and downstream enterprises to cluster in Pudong.
Allergan Aesthetics, which set up its regional headquarters in Pudong’s Waigaoqiao six years ago, has successfully launched multiple new products and indications in China.
"We have always viewed China as a key growth engine for our global business. Since entering the Chinese market in 2009, Allergan Aesthetics has deeply benefited from its market-driven, rule-of-law-based, and internationalized business environment. We remain highly optimistic about the vast potential of China’s medical aesthetics market," said Qiu Hanhua, China general manager of Allergan Aesthetics.
In 2024, China’s medical aesthetics market reached 250 billion yuan (US$34.25 billion), accounting for about one-fifth of the global industry. At the forum, Hu Qicong, managing director and global partner at Boston Consulting Group (BCG), noted that the global medical aesthetics market is expected to grow at 7 percent annually by 2029, while China’s market is projected to expand at a 17.4 percent compound annual growth rate, demonstrating strong growth potential.
As of January 2025, the Pudong New Area is home to 57 medical aesthetics institutions, the highest concentration in Shanghai.
Waigaoqiao serves as a critical import hub for the biopharmaceutical industry, leading the nation in product imports. Waigaoqiao handles over 44 percent of China’s imported medical devices and equipment and 26 percent of pharmaceutical imports, according to Zhu Yaopeng, general manager of Waigaoqiao Biopharma Development Co Ltd.
