Summary of the Key Points
The author of this article visited a formal functional medicine conference in Hangzhou, which was attended by thousands of people. The conference’s longevity and anti-aging sub-forum almost made one think they had stumbled into a pyramid scheme. The article provides a clear insight into the current state of China’s anti-aging and longevity industry. This industry, estimated to be worth trillions of yuan, is still in its early stages of rapid, unregulated growth. On one hand, numerous players are rushing in, willing to sell almost anything and claim any benefits; on the other hand, the industry lacks unified standards, clear regulation, and user trust, resulting in a chaotic situation. This chaos, however, marks a critical moment for a major reshuffle within the industry.
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Detailed Analysis
1. Why do the PPTs at a legitimate industry conference boast even more than those from pyramid schemes? It’s all about the huge potential market
The seemingly absurd claims in the speeches are not just an illusion. The current optimism within the industry is driven by the potential profits: According to industry calculations, the domestic health product market alone is worth 230 billion yuan, with additional markets for chronic disease management (770 billion yuan), preventive medicine (300 billion yuan), and anti-aging products for the elderly (600 billion yuan), totaling several trillion yuan. Even if a company only captures 5% of this market, it would be sufficient for it to go public. With such a large potential market, anyone in the medical beauty, wellness, or health product sectors is drawn to this field. At the conference, one can see a wide range of products, including food allergy tests, popular anti-aging supplements, stem cell treatments, custom probiotics, microbaric oxygen chambers, and AI-based anti-aging solutions. Some of these products have a scientific basis, while others are purely speculative. The organizers set no strict criteria, allowing entrepreneurs to share their ideas as long as they pay, leading to exaggerated claims that are common in such events.
2. The industry is in a state of complete fragmentation, with no unified standards
The anti-aging industry is highly fragmented and lacks coordination:
- User data is scattered across different providers: People may undergo genetic testing at one institution, receive anti-aging injections at another, and try oxygen therapy at a third. No single entity can gather a complete picture of a person’s health, making it impossible to track long-term effects.
- Different approaches are mutually exclusive: Western functional medicine and traditional Chinese medicine, as well as stem cell technology and dietary supplements, each have their own theories and evidence. Even if the data could be shared, the evaluation criteria vary, rendering them inconclusive.
- Customized services clash with existing regulations: Anti-aging treatments need to be tailored to individual needs, but current regulations require a uniform approval process for all products and services. Companies offering personalized services risk violating laws by providing unlicensed treatments or making false claims.
3. Everyone talks about “compliance,” indicating that regulation is becoming a concern
If the regulatory environment were lax, practitioners wouldn’t constantly emphasize compliance. The frequent mention of compliance at this conference shows that the good times are coming to an end. Many companies are changing their names to avoid penalties. For example, those that previously sold “exosome anti-aging” products quickly rebranded their products as “nano-active vesicles” after being exposed during the 315 consumer protection campaign. Similarly, microbaric oxygen chamber providers claim their products have anti-aging effects, even though the actual technology used in hospitals is vastly different. The industry’s most profitable segment is not related to product development or service provision but rather to courses that teach anti-aging techniques, similar to how people made money with get-rich-quick schemes in the 1990s.
4. The most valuable asset in this industry is user trust
The anti-aging industry has a significant weakness: To prove the effectiveness of their products, companies need long-term data on user outcomes, which is lacking given the industry’s short history. Additionally, traditional Chinese medicine beliefs suggest avoiding hospitals unless necessary, making it difficult to convince people to spend thousands on unproven services. Many companies are shifting to a long-term approach, offering regular check-ups and personalized plans to build trust. However, the presence of many unscrupulous players who make exaggerated claims undermines the industry’s credibility.
5. Industry reshuffle is inevitable
Companies realizing that relying on single products or services is unsustainable are seeking to control the entire value chain. Those with access to personalized user data, such as third-party testing institutions, have a significant advantage. Over the next 3-5 years, many small companies that rely on misleading claims will fail. Once clear regulations and standards are established, and consumers become more accepting of proactive anti-aging measures, the industry will transform into a reliable, trillion-dollar health sector.