Following the K-beauty wave, K-procedures are emerging as a new growth industry. With production and exports of dermatological aesthetic medical devices continuing to rise, and foreign patients flocking to dermatology and plastic surgery clinics, market interest in the medical aesthetics industry is intensifying.
According to the Korea Exchange on May 29, over the past five trading days, Pharmaresearch Co. rose 0.68%, while Classys Inc. fell 1.07%, and Hugel Inc. moved within a narrow range. Although individual stock performances diverged, the market is focusing on the expansion of foreign medical tourism and the growth potential of the medical aesthetics industry.
Demand for foreign medical tourism is also increasing. Last year, the number of foreign patients visiting South Korea reached approximately 1.17 million. Among them, dermatology patients accounted for 56.6% and plastic surgery patients for 11.4%, meaning about 7 out of 10 foreign patients used medical services for aesthetic purposes.
According to the Ministry of Food and Drug Safety (MFDS), domestic medical device production reached 12.3558 trillion won last year, up 8.1% year-on-year. Exports rose 2.2% to $5.37 billion, and the medical device trade balance has remained in surplus for six consecutive years since 2020.
Growth was particularly notable in dermatological aesthetic devices. Production of general electrosurgical units used for wrinkle improvement reached 180.4 billion won, up 36.9% year-on-year. Exports and imports also increased by 48.9% and 69.4%, respectively. Production of disposable hand-controlled electrosurgical electrodes used with these units rose 50.4%, and exports surged 82.0%. Production and exports of tissue repair biomaterials, commonly known as fillers, also increased. The MFDS attributed this to rising demand for skin aging management due to an aging population.
The market notes that the K-beauty craze is expanding from cosmetics to procedures. While past demand from visitors focused on cosmetics and duty-free shopping, consumption is now extending to dermatology and plastic surgery treatments. In particular, domestic aesthetic procedures such as Rejuran, Shrink, and botulinum toxin are gaining recognition among overseas consumers, boosting interest in related companies.
Pharmaresearch holds the skin booster product Rejuran. It has recently expanded into European and Middle Eastern markets and continues to grow its cosmetics business. The company cites Rejuran's brand recognition and accumulated clinical data as competitive advantages. Analysts say that despite a slowdown in foreign dermatology spending, increased domestic demand and expansion of partner clinics have offset this.
Classys is accelerating overseas expansion centered on Shrink and Volnewmer. It is advancing into European and U.S. markets alongside expanding its sales network in Brazil, and market attention is on China's approval of Volnewmer.
Hugel is expanding its overseas business centered on botulinum toxin. In the first quarter of this year, toxin sales reached 65.4 billion won, up 60.6% year-on-year. Exports to North and South America surged 421.2%, and European exports rose 42.5%, sustaining overseas growth. Expanded U.S. exports and resumed exports to Brazil contributed to this.
Securities analysts assess that the K-beauty trend, once centered on cosmetics, is expanding into procedures and medical devices, highlighting the overall growth potential of the medical aesthetics industry. If foreign medical tourism recovery aligns with overseas market expansion, the earnings visibility of related companies could further improve.
Daishin Securities' New Growth Industry Team analyzed: "The key is the recovery of foreign aesthetic tourism and overseas channel expansion. If export and foreign aesthetic tourism data improve together, the overall industry's earnings visibility and supply-demand appeal could be highlighted."
Source: Read the original report | Published: May 29, 2026