The use of dermal fillers to smoothen wrinkles and facial lines has grown in leaps and bounds because it eliminates the need for more invasive procedures. Its popularity has also risen over the years because of its rejuvenating and cost-effective features. Injection of dermal fillers is one of the most commonly performed cosmetic procedures in the world. 
The medical aesthetics sector is a rapidly expanding industry. In 2021, the International Society of Aesthetic Plastic Surgery (ISAPS) reported dermal fillers as the 2nd most popular non-surgical procedure. Also, they reported that 4.3 million hyaluronic dermal filler procedures were performed in 2022 globally.
The global dermal filler market is quite competitive. There are both international and regional companies in the highly fragmented global dermal fillers industry. Currently, over 60 dermal filler businesses are offering a range of formulations to meet the aesthetic needs of their clientele.
South Korea stands as the 4th largest cosmetics exporter worldwide, after France, the United States, and Germany and they are slowly dominating the American and European markets. This is partly attributed to the fact that they place emphasis on quality despite the price points.
Growth of the Dermal Fillers Industry in South Korea
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Korean scientists have worked hard to manufacture top-notch products that enable aestheticians to personalize treatments. Some prominent brands like Neuramis, Yvoire, and Revolax come from South Korea.
The Korean beauty culture places a strong emphasis on youthful, natural looks, and dermal fillers are one way to help meet this goal. The history of fillers began when Koreans saw the need to reduce complications that emerged from invasive cosmetic surgeries. The dermal filler market kick-started with the introduction of hyaluronic acid fillers in 2002, followed by Poly-L-lactic acid, and further technological advancements.
Demand for dermal fillers increased due to factors such as the influence of K-pop culture, where appearance is highly valued, and the rise of medical tourism. This provided an efficient non-surgical method for improving facial features.
The demand for aesthetics has increased. Factors that contribute to the rapidly growing Korean market are; highly competitive pricing, better quality, safety, individualized treatment, advanced techniques, minimal downtime, and long-lasting results. A rise in awareness, a rise in medical tourism, and an increasing aging population are major factors too.
One of the main drivers of this market’s expansion is the cheaper cost of medical aesthetic procedures as compared to nations like the US, Japan, and China. Many people from all over the world will actually prefer to go to South Korea for cosmetic surgery. The region is known as the “plastic surgery capital”, having the highest number of performed plastic surgery procedures.
Research analysts report that the Korean aesthetic market was $2,380 million in 2023 and is expected to rise to $8,180 million in 2031. The compound annual growth rate (CAGR) is expected to rise by 17.3%.
Dermal filler manufacturers have been experiencing steady growth over the years. Hugel Inc. recorded a percentage revenue increase of 54.4% with a value of 63.8 billion won ($ 56.6 million) in 2023. This was driven by an 80% increase in exports to Thailand and Latin American nations.
Read Also: The Role of Lidocaine in Minimizing Discomfort during Hyaluronic Acid Dermal Filler Procedures
Rejuran, a dermal filler produced by Pharma Research Products Co., recorded a first-half revenue of 25.1 billion won ($22.3 million) last year, and according to analysts, a first-half revenue projected to be more than 30 billion won ($26.6 million) this year, all thanks to the rise in domestic demand.
The Competitive Edge of South Korean Dermal Filler Brands
Compared to other regional markets, South Korean companies that produce dermal fillers have a track record of maintaining product quality while applying cost-effective pricing. Some markets may rely on lower prices while reducing product quality to gain market ground.
Dermal fillers are considerably less expensive in South Korea than they are in other countries. Global consumers are increasingly turning to Korea’s fillers in order to save money and obtain superior quality.
The region has a vast number of companies producing fillers, which makes them compete amongst themselves in terms of pricing and quality. This results in a continuous need to be innovative and be ahead of their competitors. The safety standards of the fillers are always maintained by adhering to strict safety regulations set by the regulatory board, Korean Ministry of Food and Drug Safety (KMFDS).
Brands employ various marketing and branding approaches to differentiate themselves in the market, including celebrity endorsements, partnerships with aesthetic clinics, and targeted advertising campaigns. They also emphasize factors like natural-looking results, long-lasting effects, and minimal downtime to appeal to consumers.
List of major Korean dermal filler brands:
- Neuramis
- Revolax
- Dermalax
- Rejeunesse
- Hyaldew
- Yvoire
- Rejuran
- Chaeum Premium
- QT Fill
- ReMedium
Penetration into American and European Markets
Even with South Korea’s limited resources, projections show that they are going to be successful in the global market. Another country that is well-known in the cosmetic market is Japan, both South Korea and Japan offer high-quality products. However, the South Korean culture and attention to detail will make them stand out in the American and European markets, where they are slowly gaining ground.
The South Korean cosmetic industry, for a while, has mainly exported products to the Chinese and Southeast Asian markets, with China making up 49.9% of the total exports. However, in the Western markets, there is a challenge of competing against long-term brands that have established dominance.
There is also a certain notion about Asian products, Chinese products in particular, called the “spillover effect”. Due to the low-quality nature of Chinese products, people tend to generalize it and extend the notion to South Korean products. So, Asian products in general are always perceived to be fake or low-quality by the general population. This has affected the penetration of Korean dermal filler brands in the European Union and the United States and is a challenge that needs to be overcome.
Cosmetic brands that enter the European market tend to gain ground very fast. Brands that enter the French market are given global recognition immediately because of their influence and vibrance in terms of beauty and cosmetics. In 2023, the French skincare market was valued at an estimated $ 5.57 billion and the CAGR is expected to rise by 4.3% by 2029.
This just emphasizes the importance of South Korean dermal filler brands entering the Western market. Establishing a presence in Europe creates a chain effect that causes other nations to also recognize the brand without actually marketing in their country. It can be seen as free marketing.
Regarding Europe still, in as much as some countries share their enthusiasm about injectable dermal fillers, not all of them have an interest in such things. This means that the dermal filler markets in such areas will experience slow growth. Due to this, only opportunities from a few countries present themselves. Generally, moderate growth is likely to be experienced in this region in the coming years.
Moving on, a region that is likely to experience rapid growth is South America. Growing economies like Brazil and Mexico have shown some market growth and have the potential to gain much ground in the coming years. These countries are likely to experience an increase in the standard of living, which means that they will be able to afford cosmetic treatments which are generally on the high side. This looks like a potential area for the Korean dermal filler industry to penetrate.
Final Thoughts
The South Koreans value preserving beauty and their dermal filler industry is there to meet that need. Being one of the biggest producers of cosmetic products worldwide, it is expected that products from South Korea would be quite pricey, however, the industry’s commitment to maintaining quality despite the prevailing price points of the western countries makes them candidates for global recognition. The challenges of the spillover effects, remaining solely in the Asian market, and the slow growth potential of Europe need to be overcome. Already predictions have supplied promising data for this industry and the future looks bright for South Korea.
References
Korean medical cosmetics firms make big rebound in Q1View Details | Investment News | InvestKOREA(ENG). (n.d.). https://www.investkorea.org/ik-en/bbs/i-465/detail.do?ntt_sn=491322
Dermal Filler Excellence: BNC Global Outshines European Competitors. (2023, December 5). Theworldfolio. https://www.theworldfolio.com/interviews/dermal-filler-excellence-bnc-global-outshines-european-competitors/6039/
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