Core Insights - The Korean medical beauty industry is experiencing significant growth, with a projected increase in foreign patients visiting for treatments, particularly from China and Japan [4][5][6] - The cancellation of the tax refund policy for foreign patients raises concerns about the attractiveness of Korea as a medical tourism destination [1][6] - The competitive pricing and advanced technology in Korean medical beauty services continue to draw consumers, especially from China [2][3][4] Group 1: Market Growth and Trends - In 2024, the number of foreign patients seeking medical treatment in Korea is expected to reach nearly 1.2 million, a 93.2% increase from previous years [4] - The skin care sector is the most sought-after, with 705,000 patients, accounting for 56.6% of total foreign medical visits [4] - The Korean medical beauty market was valued at $572.14 million in 2023 and is projected to grow to $1.14 billion by 2029, with a compound annual growth rate of 12.29% [6] Group 2: Consumer Behavior and Preferences - Many young consumers are opting for "medical beauty weekends," traveling to Korea for quick procedures due to the perceived cost-effectiveness and advanced technology [2][3] - The average cost of procedures in Korea is significantly lower than in China, with some treatments costing only one-third of the price in Japan [5][6] - The presence of multilingual staff and tailored services for foreign patients enhances the overall experience, making it easier for non-Korean speakers to navigate the process [2][3] Group 3: Challenges and Concerns - The recent decision to eliminate the 10% tax refund for foreign patients may lead to a decline in visitor numbers, as this was a key factor in attracting international clients [6][7] - There are safety concerns and potential pitfalls in the medical beauty industry, including price transparency issues and the risk of inadequate pre- and post-operative care [7][8] - The disparity in quality among medical institutions, with many high-quality services concentrated in specific areas like Gangnam, poses challenges for consumers seeking reliable treatments [7][8]