South Korea to remain fastest growing aesthetics market in APAC

South Korea is the fastest-growing aesthetics market in Asia-Pacific (APAC), according to leading data and analytics company, GlobalData.

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.

The country is expected to hold this top spot for the foreseeable future boosted by continuous innovation, growing demand for beauty, and increased spending on aesthetic enhancement.

“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," explains Ayshi Ganguly, Medical Devices Analyst at GlobalData. 

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

The analyst explains that in addition to physiognomy, social media and K-pop are also playing a significant role in driving the aesthetics market in South Korea as they influence individuals to enhance their beauty to look like their favourite celebrities.

The country's reputation as a leader in beauty innovation is also attracting an influx of interest from overseas." 

“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,” says Ganguly.