"Spending 244.3 Billion Won a Month"... How Did a Rice-Farming Nation Become a Powerhouse in Aesthetic Medicine? [Weekend Money]

"I Can't Resist Getting Prettier"
Korea Reborn as a Global Beauty Hub
Instinct-Driven SNS Meets Cost-Effective Infrastructure

Monthly Foreign Medical Spending Hits Record High
2.443 Billion Won as of Year-End Last Year

How did Korea, a country that experienced industrialization later than developed nations, come to lead global trends in the aesthetic medicine industry? Recently, the securities industry has released reports attributing this rise to structural factors that go beyond simple product competitiveness.

According to the Kiwoom Securities Research Center on March 21, Minsoo Shin, a researcher at Kiwoom Securities, analyzed in a recent report, "The innate human desire to enhance one's appearance, coupled with culture and infrastructure, has driven the overall growth of the industry."

The Inevitable Growth Born from Rice Farming DNA and Social Media

First, Korea's "historical soil" deserves attention. Traditionally, Korea practiced rice farming, which required large-scale labor, fostering a collectivist culture exemplified by cooperative systems like Dure and Pumasi. This contrasts with the West, where wheat—suited for small-scale cultivation—formed the basis of a culture emphasizing independence and the protection of individual identity. Researcher Shin noted, "The collectivist nature of agrarian society led to the habit of closely observing one another's appearance," adding, "This became the cultural background for being sensitive to others' scrutiny and the widespread habit of caring for one's looks."

Kim Kardashian visiting a dermatology clinic in Seoul. Kim Kardashian Instagram.

This cultural characteristic produced a synergistic effect with the advent of LTE in 2012. With video content, not just still images, becoming the mainstream on social networking services (SNS), the instinct to look more vivid and beautiful has been further amplified. Globally, the number of social media users has reached 5.4 billion, and they spend an average of 141 minutes per day connecting with others. Beauty has become a universal instinct across East and West, and the wave of "K-Premium," where people emulate the beauty routines of Korean celebrities, is crossing borders.

A symbolic event was when global influencer Kim Kardashian visited a Korean dermatology clinic on Liberation Day last year and shared her experience. Vogue also featured Pharmaresearch's "Rejuran Skin Booster" as a flagship product. Shin stated, "The 'K' prefix has become a premium marker even in aesthetics," adding, "The wave of emulating our country's celebrities, who are achieving cultural premium status in film, drama, and music, is spreading overseas as well."

K-content's reach is translating into actual consumption, as seen in the Netflix drama "Squid Game" ranking 1st, 3rd, and 4th in series all-time viewership, and the film "K-Pop Demon Hunters" becoming the all-time number one in the movie category (with a gap of 94.2 million views over the second place). Furthermore, the National Museum of Korea's goods brand "Myuz" achieved annual sales of 40 billion won in 2025 for the first time (+88.0% year-on-year), and its visitor count reached 6.5 million, ranking third globally.

'Cost-Effectiveness' Infrastructure Ushers in the Golden Age of Foreign Medical Tourism

Another powerful weapon in the Korean beauty market is its overwhelming cost-effectiveness. Korea's per capita current health expenditure stands at $3,157, which is less than one-third of the United States' $10,948. Because insurance reimbursements are low, the prices for non-insured aesthetic procedures are also kept affordable.

The gap is even more pronounced by procedure. For example, the price for 300 shots of the high-frequency device "Volumer" is 350,000 to 450,000 won in Korea, compared to 3.5 to 5 million won in the United States—a difference of more than tenfold. For 300 shots of "Shurink," Korea charges 250,000 to 450,000 won, while the United States charges 700,000 to 2.5 million won. With skilled doctors and strong price competitiveness, Korea serves as the ideal "testbed" for verifying the clinical efficacy of aesthetic products. Shin analyzed, "Thanks to the underlying low reimbursement rates, Korea can highlight a clear cost advantage over overseas markets, which forms a virtuous cycle leading to continuous product development and immediate reflection in performance."

In addition, the number of actual foreign patients visiting Korea in 2024 reached a record-breaking 1,137,551, up 96.7% year-on-year. Among Japanese tourists, the pattern of "tourism, shopping, dermatology" has become standardized, and high-spending Chinese patients are driving market growth by increasing their per capita spending. As of the end of last year, monthly foreign medical consumption reached an all-time high of 244.3 billion won, with dermatology (60%) and plastic surgery (20%) accounting for 80% of the total.

Meanwhile, the combined market capitalization of major domestic aesthetic companies soared from 3.6 trillion won in 2017 to 14 trillion won currently. From energy-based devices (EBD) to botulinum toxin, fillers, and skin boosters, Korean aesthetic technology is spreading worldwide in various forms.

Shin maintained an "Overweight" investment rating for the medical device sector, selecting Classys as the top pick. Classys's strong earnings visibility and the anticipated approval of Volumer by China's NMPA in September are key drivers. The second-favorite stock, Hugel, is pursuing long-term growth through expanded toxin exports and a direct sales strategy in the United States. Hans Biomed is scaling up with the rapid growth of its hADM filler "Celluderm" and the return of its breast implant "Bounce" after six years.

This content was produced with the assistance of AI translation services.