company
Sopwave
+16.53%
Base:871
opening:892.2
High:1,150
low:892.2
change:309,880
Page Quote News Graphs Company Profile Recommendations
More articles on the subject:
Received regulatory approval from Taiwan’s Food and Drug Administration for the marketing of the technology it developed for skin firming and rejuvenation. The approval paves the way for the company to enter operations in Taiwan, one of the largest and fastest growing markets in Asia in the field of medical aesthetics. For confirmation, a first order of about 700 thousand dollars has already been added from the company’s distributor in Taiwan, for the supply of the company’s systems. At the same time as the approval in Taiwan, Sophoviv is awaiting regulatory approval in other large markets such as China, Japan and Mexico. Receiving the approval boosts the company’s stock in trading in Tel Aviv by about 24%.
According to the Interactive Journal of Medical Research, Taiwan’s medical aesthetic device market contributes about $1.4 billion to Taiwan’s gross domestic product. In addition, nearly 60% of Taiwan’s middle class spends $2,300 to $6,700 on plastic surgery and microsurgery annually, and -30% of visitors from China come solely for beauty purposes.
The approval of marketing in Taiwan comes a few days after receiving the approval of the FDA in the USA to expand the use of Sofwave technology also for improving the appearance of cellulite, in the short term, when the scope of the cellulite treatment market in the world was estimated in 2021 at approximately 1.2 billion dollars, and is expected to grow at an annual growth rate of 11 % until 2030. Last month it was updated. Sofwave received marketing approval in Brazil, which is the second largest market in the world, after the USA, for non-invasive aesthetic procedures.
Shimon Ekhuiz, the chairman of Sofviv, was interviewed 4 months ago by BizPortal and said that “in Asia in general and in China in particular, people want to look more like Westerners, and want to change their appearance, and the elements we offer hit the Chinese market’s wishes in all respects. Many actors in China contacted us and wanted to work with us. The Chinese look at us as the most advanced solution in the world. They like the brand, so there is a very significant growth potential here for us.”
Lou Scapuri, CEO of SopWave: “We are continuing the implementation of Sofwave’s expansion plans in the Asia-Pacific region. The regulatory approval in Taiwan is significant for Sofwave because the market for medical aesthetic devices in Taiwan is growing and ranks among the top 3 in Asia. This approval joins the US FDA approval for cellulite as well as the marketing approval Sofwave received Recently in Brazil and the approval of the patent in the USA. We are continuing with the global expansion strategy of Sofwave and in other attractive markets.”
Comments to the article(0):
Your response has been received and will be published subject to system policy.
Thanks.
for a new comment
Your response was not sent due to a communication problem, please try again.
Return to comment