Market Size of South Korea Aesthetic Devices Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 1.20 Billion |
Market Size (2029) | USD 2.17 Billion |
CAGR (2024 - 2029) | 12.60 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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South Korea Aesthetic Devices Market Analysis
The South Korea Aesthetic Devices Market size is estimated at USD 1.20 billion in 2024, and is expected to reach USD 2.17 billion by 2029, growing at a CAGR of 12.60% during the forecast period (2024-2029).
The healthcare system in South Korea has experienced enormous challenges as a result of the COVID-19 pandemic. All outpatient treatments were postponed or restricted during the COVID-19 pandemic to reduce the risk of viral transmission as most chronic therapies were regarded as non-urgent. For instance, according to the study published in the Archives of Craniofacial Surgery, titled "Effects of COVID-2019 on plastic surgery emergencies in Korea" in April 2021, between March and June 2020, there were 800 emergency plastic surgery patients, down from 981 during the same time period in 2019. Patients presenting with face trauma dropped in 2020 due to fewer injuries occurring on the streets. Slipping and sports injuries decreased in 2020. This has led to a decrease in medical aesthetic procedures during the pandemic, thereby impacting market growth. However, with the advent of the COVID-19 infection, large-scale vaccinations were performed across the country, which helped the aesthetic devices market to gain traction. The major factors for the growth of the South Korean aesthetic devices market include the rise in medical tourism in South Korea, technological advancements in devices, and an increasingly obese population.
Furthermore, the lower cost of treatment for medical aesthetic services compared to countries like the United States, Japan, and China is one of the key factors responsible for the growth of this market. Korea's tourism organization also reported that there has been an increase in medical tourists pursuing plastic surgeries like breast augmentation surgery, liposuction, facelifts, and others. Furthermore, according to the study published in BMC Public Health titled "A Bilingual Systematic Review of South Korean Medical Tourism: A Need to Rethink Policy and Priorities for Public Health?" in April 2021, medical tourism proponents continue to lobby the government for more deregulation and investment in the industry. This has led to increased investments in medical tourism in South Korea, which will further lead to increased aesthetic procedures in this region due to decreased prices. In addition, according to the study published in the International Journal of Environmental Research and Public Health, titled "A Look at Collaborative Service Provision: Case for Cosmetic Surgery Medical Tourism at Korea for Chinese Patients" in December 2021, customers' attitudes toward medical tourism for cosmetic surgery are influenced by a hospital's service quality in terms of tangibles, certainty, and empathy, which in turn influences satisfaction with medical tourism. The rising customer satisfaction for patients from the medical tourism services in Korea will lead to a rise in the inclination of patients for aesthetic procedures in this region, which is thereby expected to drive the growth of this market in South Korea.
Also, the increasing obese population in the nation seeking aesthetic devices to improve their appearance is propelling the market's growth. For instance, an article titled "Obesity Fact Sheet in Korea, 2020" published in the Journal of Obesity and Metabolic Syndrome in June 2021 indicated that there was a dramatic increase in the prevalence of class II and III obesity among young adults, as well as the population as a whole. There has been a rapid rise in the number of obesity cases in South Korea. The increasing awareness about body image perception among people and the side effects associated with obesity are expected to add to the growth of the studied market over the forecast period.
The key market players, with their technological innovations in the aesthetics sector, are playing a major role in the market's growth. For instance, in August 2021, Sofwave Medical received approval from the Korean Ministry of Foods and Drug Safety (MFDS) to market Sofwave, its proprietary next-generation Synchronous Ultrasound Parallel Beam technology, SUPERB, for reducing the appearance of fine lines and wrinkles while also revitalizing the skin. Such product approvals across the nation are expected to boost the growth of the market over the forecast period. Also, in May 2022, South Korea-based Daewoong Pharmaceutical Co. registered for the application of its botulinum toxin product Nabota beyond cosmetic indications to speed up its global outreach. The company filed a new drug application (NDA) for its use in the treatment of benign masseteric hypertrophy (square jaw) with the Ministry of Food and Drug Safety. Such activities are likely to add to the growth of the market.
Thus, owing to the aforementioned factors, the South Korea aesthetic devices market is expected to grow over the forecast period. However, the social stigma concerns and the poor reimbursement scenarios in the nation are likely to hinder the market's growth.
South Korea Aesthetic Devices Industry Segmentation
As per the scope of the report, the South Korea aesthetic devices market refers to medical devices that are used for various cosmetic procedures, which include plastic surgery, unwanted hair removal, excess fat removal, anti-aging, aesthetic implants, skin tightening, etc., that are used for beautification, correction, and improvement of the body. The South Korea aesthetic devices market is segmented by Type of Device (Energy Based Aesthetic Device and Non-energy Based Aesthetic Device), by Application (Skin Resurfacing & Tightening, Body Contouring, and Cellulite Reduction, Hair Removal, Tattoo Removal, Breast Augmentation, and Others ), and by End User (Hospital, Clinics, and Home Settings). The report offers the value (in USD million) for the above segments.
By Type of Device | ||||||||
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By Application | |
Skin Resurfacing & Tightening | |
Body Contouring and Cellulite Reduction | |
Hair Removal | |
Tattoo removal | |
Breast Augmentation | |
Others |
By End User | |
Hospital | |
Clinics | |
Home Settings |
South Korea Aesthetic Devices Market Size Summary
The South Korea aesthetic devices market is poised for significant growth over the forecast period, driven by several key factors. The market is experiencing a resurgence following the challenges posed by the COVID-19 pandemic, which had initially led to a decline in aesthetic procedures due to restrictions on outpatient treatments. However, the rollout of vaccinations and the subsequent easing of restrictions have rekindled interest in aesthetic procedures. The market's expansion is further bolstered by the rise in medical tourism, as South Korea offers competitive pricing for aesthetic services compared to countries like the United States, Japan, and China. This has attracted a growing number of medical tourists seeking procedures such as breast augmentation, liposuction, and facelifts. Additionally, technological advancements in aesthetic devices, such as Sofwave's SUPERB technology and Daewoong Pharmaceutical's botulinum toxin product, are enhancing the appeal and effectiveness of these procedures, contributing to market growth.
The increasing prevalence of obesity in South Korea is also a significant driver of the aesthetic devices market, as more individuals seek solutions to improve their appearance. The market is characterized by a competitive landscape, with both global and local players expanding their presence through partnerships and product launches. The skin resurfacing and tightening segment, in particular, is expected to see substantial growth due to the aging population and heightened awareness of aesthetic enhancements. Non-invasive technologies, such as micro-focused ultrasound and laser-assisted devices, are gaining popularity for facial rejuvenation. Despite the market's promising outlook, challenges such as social stigma and limited reimbursement options may pose obstacles to growth. Nonetheless, the ongoing innovation and regulatory approvals in the sector are likely to sustain the market's upward trajectory.
South Korea Aesthetic Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rise in Medical Tourism in South Korea
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1.2.2 Technological Advancement in Devices
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1.2.3 Increasing Obese Population
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1.3 Market Restraints
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1.3.1 Social Stigma Concerns
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1.3.2 Poor Reimbursement Scenario
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - in USD Millions)
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2.1 By Type of Device
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2.1.1 Energy Based Aesthetic Device
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2.1.1.1 Laser Based Aesthetic Device
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2.1.1.2 Radiofrequency (RF) Based Aesthetic Device
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2.1.1.3 Light Based Aesthetic Device
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2.1.1.4 Ultrasound Aesthetic Device
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2.1.2 Non Energy Based Aesthetic Device
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2.1.2.1 Botulinum Toxin
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2.1.2.2 Dermal Fillers and Aesthetic Threads
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2.1.2.3 Chemical Peels
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2.1.2.4 Microdermabrasion
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2.1.2.5 Implants
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2.1.2.6 Other Aesthetic devices
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2.2 By Application
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2.2.1 Skin Resurfacing & Tightening
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2.2.2 Body Contouring and Cellulite Reduction
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2.2.3 Hair Removal
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2.2.4 Tattoo removal
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2.2.5 Breast Augmentation
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2.2.6 Others
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2.3 By End User
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2.3.1 Hospital
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2.3.2 Clinics
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2.3.3 Home Settings
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South Korea Aesthetic Devices Market Size FAQs
How big is the South Korea Aesthetic Devices Market?
The South Korea Aesthetic Devices Market size is expected to reach USD 1.20 billion in 2024 and grow at a CAGR of 12.60% to reach USD 2.17 billion by 2029.
What is the current South Korea Aesthetic Devices Market size?
In 2024, the South Korea Aesthetic Devices Market size is expected to reach USD 1.20 billion.