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CGBIO acquires medical aesthetics product company targeting domestic plastic surgery market

By Park Sae-jin Posted : July 24, 2023, 15:09 Updated : July 25, 2023, 16:05
Gettyimages Bank
[Gettyimages Bank]
SEOUL -- CGBIO, a total healthcare provider in South Korea, has acquired DNC AESTHETICS, a medical aesthetics product maker, to target the domestic plastic surgery market that was valued at $1.95 billion in 2021 with products that are used at plastic and cosmetics surgery hospitals.
 
South Korea has a plastic and cosmetics surgery market that is growing at an average annual growth rate of 13.2 percent, according to Expert Market Research, a global market research firm. For the last decade, South Korea has become the hub for medical tourists from Asia, Europe, and the Middle East.
 
According to data released by the Korea Health Industry Development Institute, operated by the health ministry, some 500,000 people visited South Korea to receive medical treatment in 2019, just before the COVID-19 pandemic, and 15.3 percent of foreign patients received plastic surgery or cosmetics-related treatment. The number of foreign medical tourists to South Korea decreased to 23,571 in 2022 due to travel restrictions.
 
CGBIO said that the company acquired DNC AESTHETICS, targeting the domestic aesthetics and cosmetics surgery market. DNC, established in 2001, has pipelines in the aesthetics and cosmetics sectors including obesity management surgery, filler, and botulinum toxin. According to CGBIO, the aesthetics product maker recorded sales of 46.6 billion won ($36.6 million) in 2022.
 
DNC's main products include "SWITS," an absorbable suture product, "VOLASSOM," a calcium-based filler product, "NABOTA," a botulinum toxin-based product, and "V-OLET," a deoxycholic acid-based injectable agent designed to reduce excess jaw fat. 

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