Korea Medical Aesthetics Market Expected To Witness A Substantial Growth Of $4.4 Billion By 2027: Grand View Research Inc.
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.
With Covid-19 infections rising globally, the
apprehension regarding a shortage of essential life-saving devices and other
essential medical supplies in order to prevent the spread of this pandemic and
provide optimum care to the infected also widens. In addition, till a
pharmacological treatment is developed, ventilators act as a vital treatment
preference for the COVID-19 patients, who may require critical care. Moreover,
there is an urgent need for a rapid acceleration in the manufacturing process
for a wide range of test-kits (antibody tests, self-administered, and others).
The report will account for Covid19 as a key market contributor.
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.
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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.
Korea Medical Aesthetics Market Report
Highlights
·
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.
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.
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.
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Grand View Research has segmented the Korea
medical aesthetics market on the basis of procedure type:
Korea Medical Aesthetics Procedure Type Outlook (Revenue,
USD Million, 2016 - 2027)
·
Invasive Procedure
o Breast augmentation
o Liposuction
o Nose reshaping
o Eyelid Surgery
o Tummy tuck
o Others
·
Non-invasive Procedure
o Botox injections
o Soft tissue fillers
o Chemical peel
o Laser hair removal
o Microdermabrasion
o Others
About Grand View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies
ensuring relevant and fact-based research across a range of industries, from
technology to chemicals, materials and healthcare.
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