HUGEL and CLASSYS, domestic aesthetic medical corporations that have expanded their presence in South Korea and the Asia-Pacific region, are now targeting the largest market, the United States. Starting this year, both companies will begin selling their flagship products in the U.S. and plan to continue their growth by focusing on marketing aimed at local medical professionals and the MZ generation.
On the 16th (local time), HUGEL and CLASSYS presented their medium- to long-term goals and strategies for expanding into the global market at the Asia-Pacific (APAC) track of the '2025 J.P. Morgan Healthcare Conference' held in San Francisco.
Eva Huang, Chief Financial Officer (CFO) of HUGEL, said, "We plan to strategically target the MZ generation by actively utilizing skin clinic channels in the U.S. ahead of our official launch of botulinum toxin in the first half of this year," adding, "We aim to provide academic content for local medical professionals and achieve a 10% market share within three years post-launch through reasonable pricing policies."
Botulinum toxin is a medication derived from the protein of the botulinum bacteria that causes food poisoning; it paralyzes muscles to smooth wrinkles and improve facial contours. HUGEL's botulinum toxin product 'Botulax (export name Letybo)' was officially launched in South Korea in 2010 and has maintained the number one market share since 2016. In February of last year, the U.S. Food and Drug Administration (FDA) approved the sale of Letybo in 50 and 100 unit products, opening the door for entry into the U.S. market.
According to the global market research firm Fortune Business Insights, the U.S. botulinum toxin market is expected to reach $4.74 billion (approximately 6.8 trillion won) in 2023. By 2030, it is projected to grow to $6.68 billion (approximately 9.7 trillion won).
HUGEL set a goal to expand its presence in over 80 countries for botulinum toxin, over 70 countries for hyaluronic acid (HA) fillers, and over 10 countries for cosmetics by 2028. Under the vision of "leap to a global top-tier corporation," they plan to maintain the number one market share in South Korea while accelerating entry into emerging markets such as the Middle East and North Africa, enhancing profitability and diversifying their product portfolio.
CLASSYS is expected to intensify efforts to sell its high-frequency medical device 'BOLNUMER' in the U.S. this year.
Baek Seung-han, CEO of CLASSYS, stated, "We plan to actively target the U.S. and Europe starting this year," adding, "Since the launch of BOLNUMER in the U.S. last October, we anticipate achieving significant sales growth this year." He noted, "We will also begin expansion in Europe through certification of the Shrink Universe and BOLNUMER under the European (CE) Medical Device Regulation (MDR)."
He emphasized, "CLASSYS is leading the market with non-invasive high-intensity focused ultrasound (HIFU) equipment 'Shrink Universe' and monopolar radiofrequency (RF) equipment 'BOLNUMER,' reducing procedure time and pain while increasing customer satisfaction, thus popularizing our services worldwide. Through CLASSYS's unique energy-based circulation platform (EBRP) business model, we are creating a virtuous cycle where increasing the number of devices leads to higher sales of consumables and an increase in operating profit margins."
He mentioned, "The sales and operating profit increase effects from the merger with Iruda will be reflected in this year's performance, and we expect financial growth as well." Previously, CLASSYS completed its merger with Iruda in October last year, presenting a target of achieving over $1 billion in sales and over 50% operating profit margin by 2030. CLASSYS recorded an annual average sales growth rate of 31% from 2018 to 2023, while the EBITDA growth rate during the same period was 39%.