The report describes the development of the industry by overall Up and Downstream industry development, key companies, as well as type segment & market application and so on, and makes an authentic Forecast for the development industry prospects on the basis of analysis. finally, South Korea Aesthetic Devices Market analyses opportunities for investment in the industry at the end of the report.
South Korea Aesthetic Devices market report import, export and revenue figures, sales are also developing in the forecast period to 2024. The key players and brands are making their moves by product launches, researches, their joint ventures, merges, and accusations and are getting successful results.
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The major factors attributed to the growth of the South Korean aesthetic devices market are the rise of medical tourism in South Korea, technological advancement in devices, and an increasingly obese population.
The low cost of medical aesthetic services and treatment, compared to countries like the United States, Japan, and China, is one of the key drivers for the growth in this market. According to the estimates of the World Bank, in 2015, there were 13,232,000 arrivals in South Korea for medical tourism, and the number was increased to 17,242,000 arrivals in 2016. Korea Tourism Organization reported that there has been an increase in medical tourists pursuing plastic surgeries, like breast augmentation surgery, liposuction, facelifts, and others. South Korea has the highest rate of cosmetic surgeries in the world. This increasing trend is definitely going to boost the market for medical aesthetic devices in the country. Majority of the medical tourists in South Korea are from China, the United States, Russia, Japan, and Mongolia. Generally, a facelift surgery in the United States costs around USD 10,000- 12000, whereas in South Korea, it is nearly USD 2000â3000. Thus, owing to the rise of medical tourism in South Korea, the market is expected to witness a healthy growth over the forecast period.
Scope of the Report
As per the scope of the report, the South Korean aesthetic devices market is inclusive of medical devices that are used for various cosmetic procedures, including plastic surgery, unwanted hair removal, excess fat removal, anti-aging, aesthetic implants, skin tightening, etc., used for the beautification, correction, and improvement of the body. The market is segmented by product and end user.
Key Market Trends
Facial Aesthetics Devices Segment under Product Type is Expected to Account for the Fastest Growth during the Forecast Period
Aesthetic procedures are extremely popular in South Korea, a country known to host the highest number of aesthetic procedures per 1,000 people than any other country in the world. In the South Korean society, facial features have foremost importance than all other physical features. Male or female, both undergo cosmetic surgeries to enhance their looks. Young women, especially, are known to opt for various types of look enhancement procedures. Facelift, eyelid enhancement, face fat reposition, jaw bone reduction, chin implants, etc. are the most common facial feature enhancement procedures performed in South Korea. In 2014, nearly 450,000 procedures were performed in South Korea, which accounts for nearly 100 per 10,000 people of all ages. The market for aesthetic devices is expected to grow simultaneously with the growth in demand for these procedures.
The South Korean aesthetic devices market consists of both major players as well as small companies. Most of the global market players are expanding their presence in South Korea through distributorships and partnerships. Some of the prominent players in the market are Allergan Inc., Alma Lasers, Bausch & Lomb Incorporated, Hologic Inc., Lumenis Inc., Sanuwave Health Inc., Sciton Inc., and Syneron Medical Ltd.
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South Korea Aesthetic Devices Market Forecast 2019-2024
The South Korea Aesthetic Devices industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue. Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of South Korea Aesthetic Devices production, supply, sales and market status.
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Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
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