Korea Aesthetic Market – Industry Trends and Forecast to 2031

Korea Aesthetic Market Analysis and Size

The Korean aesthetic market refers to the industry in South Korea that focuses on cosmetic procedures and treatments aimed at enhancing a person's appearance. This market includes a wide range of services, such as plastic surgery, skin care treatments, hair restoration, and other non-invasive cosmetic procedures. South Korea is known for its advanced technologies and innovative techniques in the aesthetic field, making it a popular destination for individuals seeking high-quality cosmetic treatments. The aesthetics of South Korea is characterized by its emphasis on natural-looking results and its ability to cater to a global clientele.

Korea Aesthetic market size was valued at USD 2.38 billion in 2023 and is projected to reach USD 8.53 billion by 2031, with a CAGR of 17.3% during the forecast period of 2024 to 2031. 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.

Report Scope and Market Segmentation       

Market Definition

Aesthetic procedures are chemical treatments designed to enhance a patient's physical appearance through minimally invasive methods. These procedures, including liposuction, body contouring, and plastic surgery, aim to improve skin quality. Initially developed for use in dermatology and cosmetology, these procedures were created to address facial deformities, rejuvenate the skin, and diminish signs of aging like wrinkles and fine lines.

Aesthetic Market Dynamics

Drivers

• Lower Cost of Medical Aesthetics Treatment

South Korea has emerged as a global leader in aesthetic surgery, offering a wide range of procedures at a lower cost than many Western countries. This affordability has made South Korea a popular destination for individuals seeking high-quality aesthetic treatments without breaking the bank. The country's advanced medical infrastructure and skilled professionals ensure that patients receive top-notch care at a fraction of the cost they would anywhere else. As a result, the lesser treatment cost in aesthetic surgery in Korea has attracted an increasing number of international patients seeking affordable ways to enhance their appearance, driving the market growth.

• Rise in Medical Tourism in Korea

The rise in medical tourism in South Korea can be attributed to the country's reputation as a hub for aesthetic procedures. South Korean aesthetics are renowned for their natural-looking results and innovative techniques, making them highly sought after by international patients. The growth of the country's medical tourism industry is driven by its advanced technologies, skilled professionals, high standards of care, and the rising number of aesthetic clinics in Korea. With a focus on providing a holistic experience for patients, South Korea has become a preferred destination for individuals seeking aesthetic treatments combined with a memorable travel experience.

• Increasing Awareness about Medical Aesthetics

There has been a significant increase in awareness about medical aesthetics, particularly in South Korea. The increased awareness can be credited to the country's flourishing beauty industry, which emphasizes the significance of self-care and improving one's appearance. With a growing emphasis on skincare and beauty, more people are turning to aesthetic procedures to achieve their desired look. This trend is further fueled by the increasing availability of information through social media and other digital platforms, which educate consumers about the various options available to them. As a result, the demand for medical aesthetics in South Korea is on the rise, driving the growth of the industry.

Opportunities

• Cultural Influences on Aesthetic Treatments

Societal norms and cultural influences play a significant role in driving the demand for aesthetic procedures, particularly in regions such as South Korea, where beauty is highly valued. In South Korean culture, appearance is closely linked to success and social acceptance, leading many individuals to seek aesthetic treatments to enhance their features and conform to societal standards of beauty. The influence of K-pop and Korean dramas, which often feature celebrities with flawless skin and perfectly sculpted features, further fuels the desire for aesthetic enhancements. As a result, the demand for aesthetic procedures in South Korea remains consistently high, driven by cultural ideals of beauty and perfection.

• Increasing Disposable Income

Rising disposable incomes in many countries have contributed to the growth of the aesthetic procedures market by enabling more people to afford these treatments. As economies grow and living standards improve, individuals have more discretionary income to spend on non-essential services, such as aesthetic procedures. This has made aesthetic procedures more accessible to a broader range of people. In addition, the increasing popularity of financing options for cosmetic treatments has made it easier for people to undergo procedures that were previously out of reach financially. As a result, the market for aesthetic procedures continues to grow, driven by increasing disposable incomes worldwide.

Restraints/Challenges

• Limited Insurance Coverage      

Many insurance providers do not cover cosmetic treatments deemed to be elective or non-essential, leaving individuals to bear the full cost of these procedures out of pocket. This lack of coverage can make aesthetic procedures prohibitively expensive for many people, particularly those with lower incomes or without supplemental insurance coverage. As a result, individuals may forego potentially beneficial aesthetic treatments due to financial constraints, hindering market growth. 

• Risk of Complications     

Aesthetic treatments carry inherent risks that can deter some individuals from undergoing treatment. These risks include infection, scarring, allergic reactions, and other potential complications that can arise during or after the procedure. While the likelihood of experiencing complications is relatively low, the possibility of adverse outcomes can be a significant concern for individuals considering aesthetic treatments. Fear of complications, as well as the potential for dissatisfaction with the results, may deter some individuals from pursuing aesthetic procedures, creating challenges for market growth.

This 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 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 Developments

• In August 2020, BISON MEDICAL acquired patent certificates for its microbeam dual-mode technology, boosting its revenue potential through innovative advancements in the medical field
• In October 2020, AbbVie Inc. reached a settlement with Luminera, enriching its aesthetics product lineup with dermal filler products from the Israeli-based company
• In June 2020, BISON MEDICAL obtained CE approval for Oryal Filler, a hyaluronic acid-based dermal filler, ensuring its safety, effectiveness, and efficient delivery to dermatology centers and promoting enhanced collaboration

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 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 market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2016-2021.

Competitive Landscape and Aesthetic Market Share Analysis

The 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 the market.

Some of the major players operating in the 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)

SKU-60219