RecensMedical, a medical device developer, said Thursday that it had signed a business agreement with LG Chem to market TargetCool, a rapid cooling medical device, in China.
The agreement is a further expansion of the previous accord signed in 2022, further strengthening their collaboration to expand business in the medical aesthetics market in China as well as Korea.
LG Chem plans to launch TargetCool in the Chinese market and maximize synergies with its existing hyaluronic acid filler business through effective sales, marketing, and academic training for medical staff in China.
TargetCool is a rapid precision cooling medical device developed by RecensMedical, which has received U.S. FDA approval and European CE certification, providing an immediate anesthetic effect by cooling the skin quickly and precisely.
According to RecensMedical, TargetCool improves patient discomfort by relieving pain and reducing swelling during aesthetic procedures, while simultaneously inducing vasoconstriction to reduce side effects such as blood vessel damage, bleeding, and bruising that can occur during injection procedures.
LG Chem’s filler brand first entered the Chinese market in 2013, and in 2021, the company established a local subsidiary, LG Jiansheng Life Sciences in China, to handle local sales, marketing, and product distribution.
According to the Korea Trade Investment Promotion Agency (KOTRA) analysis, China's aesthetic medical device market was valued at 10.9 billion yuan ($1.5 billion) in 2022 and is expected to grow to 15.3 billion yuan by 2025.
Based on TargetCool's technology, RecensMedical believes that reducing the time for skin care procedures and improving side effects such as pain and swelling will increase customer satisfaction and attract potential customers who are considering skin care procedures.
"We look forward to enhancing the satisfaction and convenience of both consumers and medical staff with the innovative technology we have secured through our partnership with RecensMedical," said Jennifer Rho, Vice President and Head of Aesthetic Business Unit at LG Chem. "We will continue to create differentiated customer value in the domestic and Chinese aesthetic markets."
"Through this agreement, we will further strengthen our presence in the Chinese aesthetic market based on the synergy of our rapid and precise cooling technology and LG Chem's business capabilities in China," said Kim Gun-ho, CEO of RecensMedical.