South Korea wins race in aesthethic market: report

The market is expected to grow 7% annually between 2022 and 2030. 

South Korea emerged as the fastest growing market in aesthetics amidst persisting demand for beauty and rising spending on aesthetic enhancement. 

According to GlobalData, South Korea’s aesthetic device market is projected to grow at a compound annual rate of approximately 7% between 2022 and 2030. South Korea accounted for 11% of the APAC market in 2021. 

“In South Korea, the 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,” Ayshi Ganguly, Medical Devices Analyst, GlobalData, said. 

“The demand for affordable and quality cosmetic procedures and products is leading to advancements in this field.”

Read more: South Korea’s skincare market to reach $11.4b by 2026

Just recently, medical equipment manufacturer Ilooda Co., Ltd. secured the approval of the Food and Drug Administration for the use of the scar treatment device Secret Duo. The device is non-invasive and affordable to treat even the aesthetic damage caused by monkeypox. 

“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,” Ganguly said.