Bella Medical Files IPO Prospectus: Delivering an Integrated Solution for Hair Loss Across 20+ Provinces

At some point, advertisements for hair loss treatments began to frequently appear in subways, on buses, and across major social media platforms. Behind this trend lies a rapidly expanding market worth hundreds of billions of yuan.

According to survey data released by the National Health Commission, the number of people suffering from hair loss in China exceeded 252 million by the end of 2020, accounting for 18% of the total population. Among this vast group of individuals with hair loss, those with androgenetic alopecia constitute the largest proportion, exceeding 90%. In other words, more than 220 million people in China suffer from androgenetic alopecia.

A more disconcerting phenomenon is that, accompanied by the fast-paced lifestyle and changes in living habits in modern society, the trend of hair loss affecting younger individuals has become increasingly pronounced, which has also led to a growing public demand for hair loss treatments.

To address the concern of hair loss, various sectors have been making continuous efforts and developing their own innovative solutions. Bella Medical Technology (Suzhou) Co., Ltd. (hereinafter referred to as “Bella Medical”), established in 2014, is one such contributor.

As an innovator in the field of laser hair growth, Bella Medical has successfully developed a one-stop comprehensive solution for hair loss, covering functions such as detection, hydrotherapy, drug delivery, microneedling, and laser treatment. Currently, this solution has been fully adopted by more than 30 large tertiary hospitals, including Shanghai Huashan Hospital, Beijing China-Japan Friendship Hospital, Beijing Tongren Hospital Affiliated to Capital Medical University, the Second Affiliated Hospital of Chongqing Medical University, the Second Affiliated Hospital of Kunming Medical University, and Hangzhou Third People's Hospital.

Receding hairlines and the trend of hair loss occurring at younger ages have been corroborated by the proliferation of anti-hair-loss and hair-regrowth products, as well as shifts in the primary consumer demographics. According to data from the "Fun White Paper on Hair Loss Rescue" released by Alibaba, among consumers purchasing hair transplant and hair care products on Alibaba’s retail platforms, those born in the 1990s accounted for 36.1% of spending, while those born in the 1980s accounted for 38.5%. Together, these two groups constitute the majority of consumers, emerging as the “main force” in the “hair loss rescue team.”

It is evident that hair loss is increasingly troubling and affecting a growing number of young people. This substantial market demand has spurred strong consumer spending power, fostering the development of multiple sectors, including pharmaceutical treatments, hair care products, hair transplantation, and wigs.

According to the "Guidelines for the Diagnosis and Treatment of Androgenetic Alopecia in China," current primary treatment modalities for androgenetic alopecia include systemic medication, topical medication, hair transplantation, and low-level laser therapy (LLLT). Notably, low-level laser therapy devices were approved by the FDA in 2007 for the treatment of androgenetic alopecia. Compared with pharmacological treatments, LLLT does not present significant adverse reactions, thereby gradually establishing itself as an effective adjunctive clinical intervention for androgenetic alopecia.

Specifically, low-level laser therapy refers to red or near-infrared light with low power density, which itself promotes wound healing and nerve regeneration. Studies have confirmed that low-level laser therapy at wavelengths of 630–670 nm can induce vasodilation and the release of growth factors, thereby promoting hair follicle proliferation and hair growth.

Although the clinical efficacy has been validated through multiple channels, low-level laser therapy (LLLT) devices are not as widely used in the overall hair loss treatment market as medications such as Minoxidil and Finasteride. This is largely because the domestic market for these products remains a blue ocean with limited competition, market education is still in its early stages, and most industry players have only obtained National Medical Products Administration (NMPA) registration certificates for related products in the past two years. It is understood that currently only three companies in China have received NMPA certification for their low-level laser hair loss treatment products, with Bella Medical prominently among them.

From this perspective, although low-level laser therapy for hair loss is still in its early stages, it holds significant room for growth. Therefore, Bella Medical’s decision to enter the market through this avenue is hardly surprising.

Moreover, Bella Medical’s deep commitment to this field is closely tied to the personal experiences of its founding team members. As the founder of Bella Medical, a technology company dedicated to the research and development of hair loss treatment solutions, Wu Xuefeng was himself a patient suffering from hair loss prior to establishing the company. During his medical consultations, he was first introduced to low-level laser therapy (LLLT) devices for hair regrowth at Huashan Hospital Affiliated to Fudan University in Shanghai, where he personally experienced the therapeutic efficacy of the product.

After gaining insight into the state of China’s hair loss treatment market at the time and recognizing the absence of domestic brands in low-level laser therapy (LLLT) devices for hair regrowth, Wu Xuefeng began assembling a team in 2012 to develop such devices, and formally founded Bella Medical in 2014.

Co-founder Hu Wenlong brings 25 years of experience in market development and marketing management within the pharmaceutical and healthcare sectors. Prior to joining Bella Medical, Mr. Hu served as National Sales Director and Marketing Director at companies including Abbott, AbbVie, and Zhejiang Wansheng Pharmaceutical (a subsidiary of 3SBio). During his tenure at Wansheng Pharmaceutical, he was responsible for the national market expansion of Minoxidil Tincture (Mandi) and collaborated with professional industry associations to promote the establishment of hair disorder clinics in hospitals across China, laying a significant foundation for the current market promotion of Bella Medical’s products.

It is understood that Bella Medical has successfully established an integrated online and offline marketing team encompassing hospital channels, OTC, e-commerce, and general market segments. This network now covers more than 20 provinces and municipalities across China, providing robust support for the current market promotion of its products.

At present, Bella Medical’s core products are the “Nutralla” brand series. Within this portfolio, the laser hair growth product line is further divided into two categories based on product form and usage scenarios: large-scale phototherapy devices for clinical use and low-level laser therapy (LLLT) helmets for home use.

When initially entering the field of laser hair growth therapy, Bella Medical placed significant emphasis on the application of its products in clinical settings and launched large-scale phototherapy devices. These devices have demonstrated notable efficacy in regulating sebum secretion, improving blood circulation, enhancing drug absorption, and preventing hair loss while promoting hair stabilization and regrowth.

However, following the successful development of the product, market promotion faced certain challenges due to limited market awareness of laser hair growth devices at that time. In response, Bella Medical established an internal hair care team to conduct continuous product presentations and market education based on clinical application outcomes, gradually gaining recognition from various stakeholders in the industry.

Following the product’s market launch, given that most patients with hair loss face a prolonged treatment course, the additional time burden associated with frequent hospital visits for laser therapy has created market opportunities for home-use laser hair regrowth devices.

Based on this, Bella Medical began exploring the miniaturization and home-use adaptation of its devices, launching a low-level laser therapy (LLLT) hair growth helmet. The device demonstrates a 79% efficacy rate for patients with mild to moderate hair loss and has obtained FDA, CE, and NMPA certifications. Through multiple iterations and updates, the product is now available in both helmet and baseball cap styles, with the lightest model weighing only 350 grams.

Throughout its continuous market expansion, the Bella Medical team has gained deeper insights into the diverse needs of patients undergoing clinical treatment for hair loss, prompting the development of a one-stop comprehensive solution for hair loss. In essence, this involves targeted product development addressing the pain points and unmet needs at each stage of clinical hair loss treatment, thereby fulfilling patients’ multifaceted requirements.

In this process, Bella Medical facilitates the translation of scientific research outcomes into practical applications through collaborations with research institutes, hospitals, and universities. This approach not only rapidly addresses patient needs but also ensures the professional quality of its products. Currently, Bella Medical’s one-stop comprehensive solution for hair loss includes, in addition to its core laser hair growth devices, scalp follicle self-examination microscopes, deep-cleansing hydrotherapy equipment for scalp follicles, topical medication applicators, single-use skin prick lancets, and scalp care products, thereby establishing a truly closed-loop system integrating diagnosis, treatment, and maintenance.

Bella Medical: One-Stop Comprehensive Solution for Hair Loss

Years of dedicated research and the steady establishment of a marketing team have also brought stable development to Bella Medical.

It is reported that since its laser hair growth helmet received NMPA certification in July 2020, Bella Medical has aggressively promoted the product through both online and offline channels. Over the past year, the company achieved RMB 30 million in revenue and expects to reach at least RMB 50 million this year.

As revenue continues to grow, Bella Medical has also established a clear roadmap for future development: first, to continuously expand market channels across China, strengthen team building, and focus on enhancing professional expertise to ensure the effective implementation of its one-stop comprehensive hair loss solutions; meanwhile, the company will continue to intensify its efforts in the consumer (C-end) market, positioning it as a key growth channel for the future.

Second, we will increase investment in product research and development, continuously innovating and iterating products based on market demand. Key areas that Bella Medical will continue to focus on in the future include hair-darkening products, optimization of low-level laser therapy devices, portable hydrotherapy equipment, dissolvable microneedle drug delivery devices, and intelligent hair-growth robots designed for hair loss diagnosis and treatment services.

To ensure the company’s long-term and stable development, core team members at Bella Medical are continuously advancing their professional capabilities. For instance, founder Wu Xuefeng has joined the third cohort of the Fosun Star Future Entrepreneurship Camp, launched in 2021, where he engages in collaborative learning and exchanges with numerous peers from the healthcare and medical sectors.

Meanwhile, in alignment with its current corporate development strategy, Bella Medical has launched its latest financing round to accelerate team building, product R&D, and market expansion.

Fosun Star Future Startup Camp is an incubation and investment platform focused on the big health sector, established by Fosun’s Star Future Capital leveraging the resources of Fosun and Fosun Pharma. Adopting a “community + incubation + investment” model, it explores cutting-edge innovation areas, focuses on entrepreneurial talent, and secures early-stage investments in future unicorns.

In 2022, Fosun Star Future Entrepreneurship Camp is set to launch its fourth cohort. Targeting entrepreneurs in the healthcare sector and aspiring innovators, the program invites top-tier global mentors and introduces six core incubation modules, offering entrepreneurship courses and services grounded in China’s medical industry background and practical experience.