Korea Aesthetic Market – Industry Trends and Forecast to 2031

Korea Aesthetic Market, By Devices (Energy Based Aesthetic Device, Non-Energy Based Aesthetic Device), Application (Surgical, Non-Surgical), Brands (Skin Lifting, Botulinum Toxin, Dermal Fillers, Others), Gender (Male, Female), End User (Hospitals, Specialty Clinics, Dermatology Clinics, Medical Spas & Beauty Centers, Others), Distribution Channel (Direct Tender, Retail Sales) – Industry Trends and Forecast to 2031.

Korea Aesthetic Market Analysis and Size

The demand for aesthetics has increased, and the reason behind this is a rise in awareness about medical aesthetics and an increase in the aging population. The market is growing due to the rise in medical aesthetic tourism in Korea, awareness about minimally invasive treatments, and the well-established market in Korea. The market will grow in the forecasted period with an increase in R&D. The availability of unlicensed dermatologists, social stigma, and inadequate reimbursement development are expected to restrain the market growth.

Data Bridge Market Research analyzes that the Korea aesthetic market which was USD 2,380.13 million in 2023, is expected to reach USD 8,180.13 million by 2031, and is expected to undergo a CAGR of 17.3% during the forecast period of 2024 to 2031. “Adenocarcinoma” dominates the type segment of the market due to rising demand for aesthetic. 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.

Korea Aesthetic Market Scope and Segmentation

Market Definition

Aesthetic is a chemical procedure that aims to improve the physical appearance of the patient with the help of non-invasive to minimally invasive procedures, such as liposuction, body contouring, plastic surgery, and others to enhance skin quality. These procedures were invented in dermatology and cosmetology to redevelop, and reconstruct facial deformities, and resolve the skin's issues related to aging processes, such as wrinkles and fine lines.

Korea Aesthetic Market Dynamics

Drivers

• Lesser Cost of Treatment for Medical Aesthetics

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.

• 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. It is considered to be a prevalent place for aesthetic surgeries due to the advancements in medical aesthetics.

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.

• Increasing Awareness about Medical Aesthetics

Social media is a term used to describe digital platforms that promote information dissemination to target users. These platforms have a vital function to play in facilitating the increased demand for cosmetic procedures. Medical procedures performed in one of the most brilliant ways include aesthetic procedures. Such procedures became increasingly popular with the rise of social media.

The platforms, such as Snapchat and Facebook revolve around images, and less on the text in writing. Naturally, the visual design of this software drives consumers to concentrate on a graphical image. Thus, the surge in the use of social media proportionally increases the awareness of aesthetic procedures among customers, which is expected to drive market growth.

Opportunities

• Strategic Initiatives by the Market Players

Various strategic initiatives are undertaken by market players which involve partnership, product approval, and collaboration among others. These initiatives help them to strengthen their presence in the market and help them to promote market expansion. Moreover, some of the strategic initiatives led to increasing demand for their products among several customers.

The market players operating in the market are adopting various strategic initiatives to fuel up their business in various dimensions leading to market growth. Hence, the strategic initiatives by the market players are expected to create opportunities for market growth.

• Increasing Research and Development

Research and development is a prerequisite to modify the devices intended to treat different kinds of patients. The demand for medical aesthetic devices is increasing in Korea, as it is considered the plastic surgery capital of the world, as thousands of foreign patients come for treatment.

More innovative products are launched in the market as the companies are constantly engaged in developmental activities. Thus, it signifies that increasing R&D is expected to act as an opportunity for market growth.

Restraints/Challenges

• Presence of Unlicensed Dermatologists

In Korea, soft tissue filler injections are quite essential in the aesthetic practice, since it is minimally invasive. However, due to the increased necessity of minimally invasive procedures, unlicensed dermatologists are using the fillers frequently, which pose serious problems to the patients.

The complications incurred by unlicensed dermatologists are due to a lack of expertise in the aesthetic procedure. Hence, it will result in less growth of aesthetic medical tourism in Korea, which is expected to restrain market growth.

• Lack of Skilled Expertise

Traditional Korean aesthetics are grouped into four categories, pure formality, natural simplicity, symbolic decoration, and spontaneity. However, certain fundamental changes have taken place in the country, due to the growing inclination to label personal characteristics as physical features. Though aesthetic skills are a necessity for front-line employees, hence training should be imparted, to prepare them for future jobs and to address the problem of skill shortage. The complications incurred by unlicensed dermatologists will result in less growth of aesthetic medical tourism in Korea, which is expected to act as a challenge to market growth

This aesthetic market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the aesthetic market Contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In October 2022, Lutronic global aesthetic medical device company, announced that it will launch the laser medical device 'Ultra (product name: LaseMD Ultra)' in Korea

Korea Aesthetic Market Scope

The aesthetic market is segmented on the basis of devices, application, brand, gender, end user, and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Devices

• Energy Based Aesthetic Devices
• Non-Energy Based Aesthetic Device

Application

• Surgical
• Non-Surgical

Brand

• Skin Lifting
• Botulinum Toxin
• Dermal Filler
• Others

Gender

• Male
• Female

End-User

• Dermatology Clinics
•  Hospitals
•  Specialty Clinics
•  Medical Spas and Beauty Centers
•  Others

Distribution Channel

• Direct Tender
• Retail Sales

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The aesthetic market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for aesthetic market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the aesthetic market. The data is available for historic period 2016-2021.

Competitive Landscape and Korea Aesthetic Market Share Analysis

The aesthetic market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to aesthetic market.

Some of the major players operating in the aesthetic market are:

• Abbvie Inc. (Ireland)
• Daewoong Open Collaboration (South Korea)
• Galderma (Korea)
• Cynosure Inc (U.S.)
• Lutronic Corporation (South Korea)
• Merz (U.S.)
• HUGEL, Inc. (Korea)
• Medytox (Korea)
• INMODE (U.S.)
• CLASSYS Inc. (Korea)
• Candela Medical (U.S.)
• AMIINC (Korea)
• WON TECH Co., Ltd (Korea)