Natural healing methods have a long history in South Korea. As a result, it is home to several herbal cosmetics companies, as well as luxurious spas. Medical spas are in high demand in the country thanks to the well-known K-beauty high-quality cosmetic products with low cost and unique ingredients. As a result of these factors, the South Korean market is expected to be worth US$ 1.9 billion by 2032.
Natural healing practices have a long history in South Korea. As a result, it is home to many herbal cosmetics companies, as well as a luxurious spa. The popular K-beauty high-quality cosmetic items with cost-effectiveness and special ingredients improve medical spas in the country favorably.
This country’s market is anticipated to expand at the fastest rate throughout the forecast period, owing to the growing prominence and expansion of the wellness tourism industry, as well as soaring wellness tourism spending. The surge of interest in experiential travel, as well as the escalating affordability of flights and travel offerings, will propel the Korean market even further.
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Spas offer the widest range of services. As medical spas thrive, they are quickly becoming prevalent with wealthy investors who value wellness and beauty. Their achievement has induced quite a stir, uplifting business organizations, major hospital networks, and leading pharmaceutical firms to spend money in several Med Spas. It stands to reason that there will be a considerable rise in the urge to integrate lifestyle management with medical spa services in this nation.
The existence of numerous large and small players, as well as a growing influence of global players, is expected to spur sales growth in this country. The increase in the prevalence of skin damage, lifestyle changes, an increase in the adaptation of noninvasive methods, and rising demand for aesthetic enhancement procedures such as cryolipolysis, laser lipolysis, liposuction, tummy tuck also renowned as abdominoplasty, ultrasound, injectable treatments, red light therapy, and others are cruising the growth of the medical spa market. As a result, aesthetic augmentation is the major motivation for the medical spa industry’s growth in this nation.
Key Takeaways
- South Korea’s market is estimated to be worth US$ 1.9 billion by 2032.
- The facial treatment category dominated the market in 2021 due to the growing consumption of minimally invasive facial methods with few or no side effects.
- For the next ten years, the global Medical Spa Market is forecast to expand at a CAGR of 12%
- Medical spa franchises or authorized syndicated operations account for a substantial portion of the industry’s revenue.
- A significant proportion of the medical spas evaluated show at least a 35% return on gross revenue
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Competitive Landscape
Technological advancements, mergers and acquisitions, new product introductions, and research and development are all aspects where industry participants intend to invest. Furthermore, they are likely to put a stronger emphasis on spending funds on new developments and commodities in order to expand their market reach.
Technological progress is a key trend that is gaining traction in the medical spa market. Medical spa service providers are moving toward more technically sophisticated treatments to increase customer satisfaction.
Recent Developments
- The HEAL Dermatology Clinic is a medical, surgical, and cosmetic technique in Gangnam, Seoul. Scar removal, acne treatment, skin cancer screening, botox for excessive sweating, thread lift, allergy testing, and other services are available.
- Scar treatment and revisions, skin care, injectables, thread lifting, laser and light treatments, cosmetic dermatology, and semi-permanent makeup are all available at the Korean company CDU Medi Spa Clinic.
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Key Segments Covered in Medical Spa Market Survey
Medical Spa Market by Service:
- Body Shaping & Contouring
- Facial Treatment
- Hair Removal
- Scar Revision
- Tattoo Removal
- Other services
Medical Spa Market by Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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