South Korea to remain fastest growing aesthetics market in APAC, says GlobalData
The availability of new cosmetic treatment options and appealing discounts are making South Korea a preferred destination for medical tourism as compared to other parts of the world.
South Korea is the fastest growing aesthetics market in Asia-Pacific (APAC) and is expected to retain its position in the future augmented by continuous innovation, growing demand for beauty, and increased spending on aesthetic enhancement, says GlobalData, a leading data, and analytics company.
GlobalData’s research reveals that South Korea’s aesthetic device market, which accounted for 11% of the APAC in 2021, is expected to grow at a compound annual growth rate (CAGR) of approximately 7% between 2022 and 2030.
Ayshi Ganguly, Medical Devices Analyst at GlobalData, comments: “In South Korea, external appearance is considered very important to attain societal and professional success, and this creates pressure on both women and men to transform their physical appearance. The demand for affordable and quality cosmetic procedures and products is leading to advancements in this field.”
For instance, Ilooda Co.,Ltd., which manufactures and develops professional medical equipment, has recently received the Food and Drug Administration (FDA) approval for Secret Duo, a device to treat scars. This non-invasive aesthetic device is not only affordable, painless, and offers quick results but also treats the aesthetic damage caused by monkeypox and encourages collagen synthesis to fill the scar area with new skin, without harming it thermally, claims the company.
In addition to physiognomy, social media and K-pop are also playing a major role in driving the aesthetics market in South Korea as they influence individuals to enhance their beauty to look like their favorite celebrities. Eyelid surgery and rhinoplasty are the most common procedures performed in Korea.
Ganguly concludes: “The availability of new cosmetic treatment options and appealing discounts are making South Korea a preferred destination for medical tourism as compared to other parts of the world.”