Korea Medical Aesthetics Market Growth, Strategy And Forecast, 2020

The Korean medical aesthetics market size is expected to reach a value of USD 4.4 billion by 2027, expanding at a CAGR of 13.3%, according to a new report by Grand View Research, Inc. Korea is known as the plastic surgery capital of the world. Korea is one of the highly populated countries in the world. The major factors propelling the market are increasing desire for beauty, the rise of medical tourism, the influence of K-pop beauty, and technological advancement.

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Appearance and beauty are institutionalized in the culture of Korea. The number of both non-invasive and non-invasive surgeries is high in Korea. Eyelid surgery is the most popular surgery as Koreans have monolid eyes. Monolid eyes are those eyes that have no crease on the eyelid. In addition, eyelid surgery is cheaper and has a shorter recovery time in comparison to other surgeries. 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 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 aesthetic procedures such as anti-aging, jaw surgeries, facial contouring, and blepharoplasty.

With the rising geriatric population in Korea, many people above the age of 40 are undergoing aesthetic treatment in order to look younger. Apart from astounding invasive and non-invasive procedures, Korea is known for innovating and developing new minimally invasive methods. For instance, Blue Rose thread facelifts. In this procedure, a series of self-dissolving threads are inserted near the hairline to tighten the skin.

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Further key findings from the study suggest:

• The non-invasive procedures segment dominated the market in 2018 and is expected to register the fastest CAGR over the forecast period. The rise in the number of men and women wanting to improve their aesthetic appearance has been fueling the demand for non-invasive procedures

• Eyelid Surgery held the largest share in the market, owing to factors such as inexpensive procedure and quick recovery time

• Botox injections dominated the market for medical aesthetics owing to the increasing demand for anti-aging treatment and the urge to look younger

• Key players of the market include Medytox; BioPlus Co., Ltd.; Daewoong Pharma; Cynosure (Hologic, Inc); Johnson and Johnson; Galderma S.A.; Alma Lasers; Allergan, Inc.; and Lutronic.

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