The major factors for the growth of the South Korea aesthetic devices market include the rise in medical tourism in South Korea, technological advancement in devices, and an increasingly obese population

The lesser cost of treatment for medical aesthetic services compared to countries, like the United States, Japan, and China is one of the key driver for responsible for the growth of this market. Korea tourism organization also reports that there has been an increase in medical tourists pursuing plastic surgeries, like breast augmentation surgery, liposuction, facelifts, and others. South Korea is a country with the world’s highest rate of cosmetic surgery. This increasing trend is definitely going to boost the market for medical aesthetic devices in South Korea. Medical tourists in South Korea are majorly from China, the United States, Russia, Japan, and Mongolia. Generally, a facelift surgery in the United States is USD 10,000- 12000, whereas in South Korea it is nearly USD 2000–3000. Thus, owing to the rising medical tourism in South Korea the market is expected to witness a healthy growth over the forecast period.

Key Market Trends

Skin Resurfacing & Tightening is the Segment under Application and is Expected to Account for Largest Market Share during the Forecast Period

Older aged women opt for various types of looks enhancement procedures including Skin Resurfacing & Tightening to enhance their looks. Facelift, eyelids enhancements, face fat reposition, jaw bone reductions, skin resurfacing and tightening etc. are most common face features enhancements performed in South Korea. There are innovative and minimally invasive new methods doctors have developed in South Korea for skin resurfacing and tightening.

Moreover, the demand for these procedures is expected to increase due to rising geriatric population in South Korea. As per a 2019 report by the United Nations, the percentage of population aged 65 years and above in South Korea is expected to increase from 15.1% in 2019 to 24.7% by 2030. This will boost the demand for Skin Resurfacing & Tightening procedures in the region, helping the market growth.

Competitive Landscape

The South Korea aesthetic devices market consist of both major and small companies. Most of the global market players are expanding their presence in South Korea through distributorship and partnership. Some of the players in the market are AbbiVe (Allergan Inc.), Alma Lasers, Bausch & Lomb Incorporated, Hologic Inc., Lumenis Inc., Sanuwave Health Inc., Sciton Inc., and Syneron Medical Ltd..

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