Data released by market research firm Global Data showed that the South Korean skincare market is projected to be reinvigorated thanks to eased COVID-10 restrictions. Demand for skincare products is on the rise this year unlike in 2022 when the government limited the number of private gatherings to eight people each and all restaurants and bars had to close at 11 p.m. The domestic skincare market which stood at $8.5 billion in 2021 is expected to reach $11.4 billion in 2026.
According to Lululab on January 9, the company signed an agreement with Hancom Care Link at the Consumer Electronics Show (CES), an annual electronics show held in Las Vegas, for the development of artificial intelligence (AI)-based skincare platform. The smart solution will be used to help dermatologists efficiently treat various skin-related diseases. More than 500 medical centers are currently working with Hancom Care Link.
"Through cooperation, the skin health service will become a K-content and we will later work on overseas markets to distribute the platform around the world," Lululab's CEO Choi Yong-joon was quoted as saying. The company said the new skincare platform will be combined with gene analysis data.
According to market research firm Grand View Research, the global digital healthcare market which stood at $211 billion is projected to grow at an average annual rate of 18.6 percent from 2023 to 2030.
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