Plastic surgery, unwanted hair removal, skin tightening anti-aging, excess fat removal, body contouring, and several other aesthetic procedures are performed under medical aesthetic procedures. These are minimally invasive and non-invasive procedures that are used for increased appearances, beautification, and other improvement in body parts.
Korea can be called the hub of aesthetics in the world due to the availability of the latest technology in medical aesthetics with the use of RF (Radio Frequency), ultrasound, laser, botulinum toxin, fillers, implants, and others are major drivers for market growth. In addition, the prices of the procedures are very effective in Korea as compared to other countries such as the U.S. and Japan among others. It helps in attracting a lot of foreign customers worldwide for aesthetics.
Thus, the above instance states that there is a vast difference in the treatment cost in Korea as compared to the U.S., which is why a lot of people visit Korea for aesthetic procedures. Hence, the effective cost of aesthetics is expected to drive market growth.
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Data Bridge Market Research analyses that the Korea Aesthetic Market is expected to grow with a CAGR of 17.3% in the forecast period from 2023 to 2030, and is expected to reach USD 7,962.27 million by 2030.
Key Findings of the Study
Rise in Medical Tourism in Korea
Medical tourism refers to individuals traveling to another country to seek medical treatments, including aesthetic procedures. Korea has emerged as a popular medical tourism destination, particularly for aesthetic treatments, and this trend has positively impacted the market growth. Korea is considered to be a prevalent place for aesthetic surgeries due to the advancements in medical aesthetics. More than 90% healthcare system is run by the private sector. Every year, Korea’s aesthetic surgery clinics attract millions of patients, both from overseas and at home due to their high success rate and cost-effectiveness.
Korea is renowned for its advanced medical infrastructure, cutting-edge technologies, and highly skilled medical professionals along with that it has gained international recognition and popularity. K-beauty, which encompasses skincare, cosmetics, and aesthetic treatments, has become a global trend. Thus, the Korean aesthetic industry is known for its innovative techniques, natural-looking results, and emphasis on skincare. This unique approach has resonated with international patients seeking high-quality aesthetic treatments.
In addition, most of the respondents said that great effects and natural-looking results are the largest factors in applying Korean beauty products, which is expected to drive market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022 (Customizable to 2015-2020)
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Historic Years
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2021
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Devices (Energy Based Aesthetic Device and Non Energy Based Aesthetic Device), Application (Surgical and Non-Surgical), Brands (Skin Lifting, Botulinum Toxin, Dermal Fillers, And Others), Gender (Male and Female), End-User (Hospitals, Specialty Clinics, Dermatology Clinics, Medical Spas and Beauty Centers, and Others), Distribution Channel (Direct Tender and Retail Sales)
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Countries Covered
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Korea
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Market Players Covered
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AbbVie Inc. (U.S.), Bausch Health Companies Inc (U.S.), Daewoong Open Collaboration (Korea), GALDERMA (Korea), Cynosure Inc (U.S.), HIRONIC CO., LTD. (Korea), Merz North America, Inc. (U.S.), InMode (U.S.), HUGEL, Inc. (Korea), WON TECH Co., Ltd (Korea), Candela Corporation (U.S.), UNIONMEDICAL Co.,Ltd. (Korea), WEERO (Korea), AMIINC (Korea), CLASSYS Inc. (Korea), CLASSYS Inc. (Korea), Medytox (Korea), BLUECORE COMPANY (Korea), Lutronic Corporation (Korea) and among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Segment Analysis
The Korea aesthetic market is segmented into six notable segments based on devices, application, brand, gender, end user, and distribution channel.
- On the basis of devices, the market is segmented into energy based aesthetic device and non-energy based aesthetic device.
In 2023, non-energy based aesthetic device segment is expected to dominate the market
In 2023, the non-energy-based segment is expected to dominate the market with an 81.72% market share due to the increased number of clients for dermal fillers and botulinum toxin, rising aesthetic consciousness in Korea.
- On the basis of application, the market is segmented into surgical and non-surgical.
In 2023, the non-surgical segment is expected to dominate the market
In 2023, the non-surgical segment is expected to dominate the market with a 74.85% market share due to low cost and fewer side effects.
- On the basis of brand, the market is segmented into skin lifting, botulinum toxin, dermal fillers, and others. In 2023, the botulinum toxin segment is expected to dominate the market with a 45.55% market share
- On the basis of gender, the market is segmented into male and female. In 2023, the female segment is expected to dominate the market with a 74.23% market share
- On the basis of end user, the market is segmented into hospitals, specialty clinics, medical spas & beauty centers, dermatology clinics, and others. In 2023, the dermatology clinics segment is expected to dominate the market with a 62.12% market share
Major Players
Data Bridge Market Research analysis AbbVie Inc. (U.S.), Daewoong Open Collaboration (Korea), GALDERMA (Korea), Cynosure Inc (U.S.), and Lutronic Corporation (Korea) as the major players covered in the market
Market Developments
- In November 2020, GALDERMA proclaimed the Phase 2 clinical trials of Dysport which is responsible for the use of treatment of moderate to severe frown lines between the eyebrows. This initiative by the company resulted in quick product approval and rise in product portfolio.
- In October 2020, AbbVie Inc. announced that it entered into a settlement with Luminera, a privately held aesthetics organization primarily based in Israel with a portfolio and pipeline of dermal filler products. This helped in growing product portfolio of the organization.
- In February 2020, Daewoong Open Collaboration product Nabota (Botulinum Toxin) has obtained its marketing authorization in Brazil, the largest market in Latin America. The Brazilian National Sanitary Surveillance Agency approved marketing authorization for Nabota’s indication of improving glabellar wrinkles and treating upper limb spasticity after stroke. Nabota has currently obtained marketing authorization in nine Latin American countries including Mexico, Panama and Bolivia and is planning to further solidify its position in the Latin American market by entering Brazil, the largest market in Latin America with this newly acquired marketing authorization. This increased the revenue and global presence of the company.
- In October 2019, Lutronic Corporation has announced that the FDA has granted market Clearance for the clarity II 755nm and 1064 nm wavelength platform an energy-based medical device. This shows that the company is focused on the requirements as per the standards.
- In August 2019, Cynosure Inc received Food and Drug Administration Approval (FDA) approval of Picosure. Picosure is used to improve the entire facial wrinkles of IV patients in Fizpatrick Skin Type I by use of a focus lens array (6mm handpiece). This initiative by the company aided in swift delivery of the products in the dermatology center and also the increased collaboration between the company and the dermatology centers.
Regional Analysis
Geographically, the countries covered in the market report are Korea
For more detailed information about the Korea Aesthetic market report, click here – https://www.databridgemarketresearch.com/reports/korea-aesthetic-market
