Market Insights Health OTC Pharmaceuticals

Skin Treatment - South Korea

South Korea

In South Korea, the revenue in the Skin Treatment market market reached US$0.47bn in 2024.
It is projected to experience an annual growth rate of 6.70% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, amounting to US$4,184.00m in 2024.
In terms of per capita revenue, in South Korea generates US$9.14 per person in 2024.
South Korea is experiencing a surge in demand for innovative and high-tech skincare products, making it a leading market for skin treatment in the OTC Pharmaceuticals industry.

Key regions: Europe, United Kingdom, United States, Canada, China

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Analyst Opinion

South Korea is known for its advanced skincare industry, and the Skin Treatment market in the country is no exception. With a strong emphasis on beauty and skincare, South Korean consumers are increasingly seeking out innovative and effective skin treatments to achieve flawless and youthful-looking skin.

Customer preferences: South Korean consumers place a high value on skincare and are willing to invest time and money in maintaining their skin's health and appearance. They are well-informed about the latest skincare trends and products, and are constantly seeking out new and innovative treatments to address their specific skin concerns. South Korean consumers also prioritize natural and organic ingredients in their skincare products, making them more inclined towards treatments that are gentle and minimally invasive.

Trends in the market: One of the key trends in the Skin Treatment market in South Korea is the rising popularity of non-invasive and minimally invasive treatments. Consumers are increasingly opting for treatments such as laser therapy, microdermabrasion, and chemical peels, which offer effective results without the need for surgery or extensive downtime. These treatments are not only more convenient and affordable, but also align with the growing demand for natural and less invasive skincare solutions.Another trend in the market is the increasing demand for personalized skincare treatments. South Korean consumers are becoming more aware of their individual skin needs and are seeking out treatments that are tailored to their specific concerns. This has led to the rise of customized skincare solutions, such as personalized facial treatments and targeted serums, which are designed to address specific skin issues and deliver optimal results.

Local special circumstances: South Korea's beauty industry is highly competitive and innovative, with a strong focus on research and development. The country is home to numerous skincare brands and clinics that are at the forefront of skincare technology and innovation. This competitive landscape drives constant innovation and the introduction of new and advanced skin treatments in the market.Additionally, South Korea's beauty standards play a significant role in driving the demand for skin treatments. The Korean beauty ideal emphasizes flawless and youthful-looking skin, which has led to a high demand for treatments that can help achieve these standards. This cultural emphasis on beauty and skincare has created a favorable environment for the growth of the Skin Treatment market in the country.

Underlying macroeconomic factors: South Korea has a strong economy with a high disposable income, which enables consumers to invest in skincare and beauty treatments. The country's growing middle class and increasing urbanization have also contributed to the rise in demand for skin treatments. Furthermore, the influence of social media and beauty influencers has played a significant role in shaping consumer preferences and driving the demand for skincare treatments.In conclusion, the Skin Treatment market in South Korea is thriving due to the country's strong emphasis on skincare, consumer preferences for non-invasive and personalized treatments, a competitive and innovative beauty industry, and favorable macroeconomic factors. With the continuous development of new and advanced skin treatments, it is expected that the market will continue to grow and evolve in the coming years.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.