Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Korea Medical Aesthetics market.
Trusted Business Insights presents an updated and Latest Study on Korea Medical Aesthetics Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Korea Medical Aesthetics market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Korea Medical Aesthetics Market
The Korean medical aesthetics market size was valued at over USD 0.5 billion in 2020 and is anticipated to grow at a compound annual growth rate (CAGR) of 12.2% from 2021 to 2027. The market is majorly driven by the increasing adoption of minimally invasive and non-invasive procedures coupled with growth in medical tourism. Moreover, the high influence of social media and the rise in awareness regarding K-beauty products is aiding in the growth of the market for medical aesthetics.
The trend of combination treatments in aesthetics is also growing. Aesthetics is now being combined with lasers and radiofrequency to get enhanced and sustained results. Aesthetic procedures are popular in Korea as appearance and beauty are institutionalized in the culture of the country.
Korea has witnessed the highest number of cosmetic procedures in the world, hence it is known as the plastic surgery capital of the world. The number of both non-invasive and non-invasive surgeries performed is high in Korea. Initially, Korea was known to have more facial surgeries. However, other procedures such as body contouring, lifting, Botox, and fillers are gaining popularity owing to the easy access to non-invasive surgeries.
Also, the entry barrier for performing these surgeries is low as anyone with a medical license is permitted to perform these surgeries. Korean men are also undergoing an aesthetic procedure such as anti-aging, jaw surgeries, facial contouring, and blepharoplasty.
On the basis of procedure type, the medical aesthetics market is broadly segmented into invasive and noninvasive. The invasive procedures are further segmented into breast augmentation, liposuction, nose reshaping, tummy tuck, eyelid surgery, and others. The non-invasive segment is further segmented into Botox injections, microdermabrasion, soft tissue fillers, laser hair removal, chemical peels, and others.
The non-invasive procedures segment lead the market for medical aesthetics in 2018 and is expected to register the highest CAGR over the forecast period 2021-2027. The rise in the number of men and women wanting to improve their aesthetic appearance has been fueling the demand for non-invasive procedures.
Key Companies & Market Share Insights: Korea Medical Aesthetics Market
Korea consists of both local as well as major players. Global players are anticipated to expand their presence in Korea through various partnerships and distribution. Adoption of new technologies and price reduction are some of the key trends observed in the market for medical aesthetics. Price competition and the resulting need for lowering manufacturing costs are fueling the growing competition among existing players. Some prominent players in the Korea medical aesthetics market include:
- BioPlus Co., Ltd.
- Daewoong Pharma
- Cynosure (Hologic, Inc)
- Johnson and Johnson
- Galderma S.A.
- Alma Lasers
- Allergan, Inc.
This report forecasts revenue growth at the country level and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the Korea medical aesthetics market on the basis of procedure type:
Procedure Type Outlook (Revenue, USD Million, 2016 – 2027)
- Invasive Procedure
- Breast augmentation
- Nose reshaping
- Eyelid Surgery
- Tummy tuck
- Non-invasive Procedure
- Botox injections
- Soft tissue fillers
- Chemical peel
- Laser hair removal
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