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Wednesday, Feb 12, 2025
Mugglehead Investment Magazine
Alternative investment news based in Vancouver, B.C.

AI and Autonomy

Korean medical technology company incorporates AI into lung cancer diagnosis

Japan has a critical shortage of radiologists, despite a population double the size of Korea’s

Korean medical technology company incorporates AI into lung cancer diagnosis
Monitor Corporation and Doctor-NET executives, including Monitor Corporation CEO Lee Kyong-joon (second from right). Image via Monitor Corporation.

Korean medical artificial-intelligence company, Monitor Corporation, is now selling its lung cancer diagnosis software in Japan, leveraging a partnership with Japanese telehealth service, Doctor-NET.

Doctor-NET has obtained manufacturing and sales certification for the AI-powered tool MONCAD CTLN in Japan, Monitor said on Friday.

This software helps radiologists detect lung cancer using chest CT scans. The company provides remote image interpretation services to more than 1,300 medical institutions and facilitates over 3 million teleconsultations annually.

Japan faces a critical shortage of radiologists, despite having a population more than twice the size of Korea’s. According to an official from Monitor Corporation, Japan has only slightly more than 5,000 practicing diagnostic radiologists, similar to Korea’s 4,000 to 5,000, even though Japan’s population is much larger.

“Lung cancer is the leading cause of cancer-related deaths among men in Japan and the second most common among women,” said Monitor CEO, CEO Lee Kyong-joon.

“The radiologist shortage has created strong demand for AI-driven diagnostic solutions.”

Monitor was founded in 2018 by radiology professors from Seoul National University Bundang Hospital. It received early-stage investment from Naver Corp’s startup program for 7 billion won (approximately USD$4.8 million) for the device, Now Japanese hospitals have the ability to incorporate artificial intelligence driven lung cancer diagnostics in their systems.

Lee continues to say that Japanese radiologists interpret on average three to four images than their counterparts in the United States.

Japan has established medical device manufacturers, but demand for AI-assisted image interpretation remains high. He added that the government has encouraged AI adoption in healthcare.  Developers, however, have found it challenging to create diagnostic software.

Read more: Akero Therapeutics nearly doubles stock price on positive clinical studies

Read more: Orchestra BioMed shares get shot in the arm on solid clinical trial data

Global lung cancer diagnosis market growing fast

The global lung cancer diagnostics market is experiencing significant growth, driven by increasing incidence and advancements in diagnostic technologies.

Market estimates vary, with projections ranging from USD$1.94 billion in 2023 to USD$4.68 billion in the same year. According to Grandview Research, the market is expected to continue expanding. The analytics firm forecasts estimating a compound annual growth rate (CAGR) between 5.4 per cent and 6.5 per cent from 2024 to 2030.

By 2032, the market is projected to reach between USD$3.12 billion and USD$7.10 billion, reflecting the growing demand for advanced diagnostic tools and services.

Several companies are actively involved in the medtech lung cancer diagnosis market. It provides innovative solutions for early detection and accurate diagnosis. Breath Diagnostics, for example, is developing a non-invasive breath test to detect lung cancer using volatile organic compounds (VOCs) in exhaled breath. Their approach aims to offer a more accessible and less invasive diagnostic tool compared to traditional methods.

Other key players include Thermo Fisher Scientific (NYSE: TMO), which offers advanced molecular diagnostic tools for lung cancer, including next-generation sequencing platforms. Furthermore, Illumina (NASDAQ: ILMN) focuses on genomic profiling and targeted therapies. It uses its sequencing technology for precise cancer detection.

Philips Healthcare provides imaging solutions, including advanced CT scanners for lung cancer screening. Additionally, Guardant Health (NASDAQ: GH) specializes in liquid biopsy technologies, offering non-invasive blood tests for detecting mutations associated with lung cancer. These companies, among others, are shaping the future of lung cancer diagnosis through technological advancements and innovative solutions.

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