NEWS

Back
Title

20 trillion Market 'Fierce Battle' From Alphabet to K-venture [IPO Freeboard]

Posted by aidot(ip:)

Date 2023-03-03

View 141

Rate 0점  

Recommend Recommend this

Message


[View Original Text]




<Anchor> From global big tech companies such as Alphabet, the parent company of Apple and Google, to domestic venture startups, fierce competition is taking place in the artificial 

intelligence medical market.


Let's get to know with reporter Jae-joon Yang.


It seems that Korean artificial intelligence medical companies are gradually entering the US market. How is it?



<Reporter> Domestic venture companies are expanding their entry into the US market, which is the largest among the global artificial intelligence medical markets.


Among domestic artificial intelligence medical companies, the places that have received product approval from the US Food and Drug Administration (FDA) are Lunit (breast cancer, 

lung cancer), Huron (Parkinson's disease), Coreline (contouring), Claripia (CT noise removal), iMedicine, Aidot (cervical cancer).


According to data released by the U.S. Food and Drug Administration (FDA), from January to October of last year, 91 medical devices related to artificial intelligence (AI) and machine 

learning (ML) health solutions were approved.


The U.S. FDA's medical devicwhich is a pre-market approval. It is a system that proves that it is safe even when marketed, because the medical device to be distributed is substantially equivalent to existing equipment in items such as purpose of use, technical characteristics, and performance testing.


Products such as Apple's smartwatch with atrial fibrillation history function, Israel's Nanox, Aidoc Medical, and Alphabet's subsidiary Verily's products are listed as 'FDA 510k'.


In the artificial intelligence medical market, which has grown to 20 trillion won a year, global big techs are competing fiercely to take the lead, and domestic ventures are competing for targeting the global markets.


<Anchor> It seems that not only Alphabet, but also global big tech companies such as Amazon and Apple are actively entering and investing in the artificial intelligence medical 

market. What is the market outlook for this?


<Reporter> In 2020, the size of the global artificial intelligence medical market was $4.5 billion, about trillion won in Korean currency, and this year, it has grown by leaps and bounds 

to $15.6 billions, about20.3 trillion won in Korean currency.


According to market research institutes, by 2025, the size of the artificial intelligence medical market is expected to grow to $ 36.2 billion, about 47 trillion won in Korean currency.


Among them, the US market in particular accounts for about 47%.


In the medical device industry, it is an analysis that it can be another opportunity for domestic venture companies with technological competitiveness to enter the global market given that the AI medical market is growing and the market entry stage is in its early stages.


In the case of the United States, foreign manufacturers are required to have a local US agent in the United States even if they receive medical device approval according to regulations.


As a result, even if a local corporation or branch is established, partnerships with large distribution networks are inevitably accompanied.


Recently, AIDOT, an artificial intelligence medical company, completed registration with the US Food and Drug Administration for its artificial intelligence medical device for cervical 

cancer diagnosis.


Distributors (Distribution companies) are being conducted in a total of 6 states, including New York.


Speaking in Korea, we are pushing forward a lot now to register the CPT code (code given to medical treatment), which means the number of insurance.”]



<Anchor> Reporter said before that it could be another opportunity for domestic AI medical ventures to advance into the global market. What kind of effect will it have on the global 

market if it is registered with the US FDA?


<Reporter> When a product is approved or registered by the US Food and Drug Administration, it is also relatively easier to enter Central and South America such as Brazil and 

Argentina.

The medical device industry explained that in the case of Central and South American countries that do not have their own medical device certification system, such as the European Union, Brazil, Japan, and Korea, FDA's approval items are replaced with import certification reference documents.


If there is no standard certification in developed countries, FDA certification is a way to quickly obtain licenses and permits from the country in Latin America, as certification 

materials such as the official test report of the product itself are required separately.


In particular, in some countries where medical services or screening programs are lagging, it is possible to advance into the country through cooperation with the health authorities of the country through support from the Korea International Cooperation Agency (KOICA).


Let's listen to CEO of AIDOT, Jaehoon Jeong's opinion regarding this issue once again.


“[As AIDOT participates in the KOICA program to prevent female cancer through pre-screening for cervical cancer screening in many countries, the Bolivian Ministry of Health also 

agrees and welcomes it considerably, so we thought this project also could has a great visible effect and success in the first half of this year.


Also, an NDA and non-disclosure agreement have been signed with two large medical companies in Bolivia.


Through the market of Bolivia, we have already reached agreements with neighboring countries and Argentina for licensing and registration with prior partners.”]



Attachment news.png

Password
Edit

Please enter password to remove or edit this post.

Comments

There are no comments to display.

Edit Comment

Name

Password

Message

/ byte

Edit Cancel
Password :
OK Cancel
Add Comment

Name

Password

Combination in 10-16 characters containing at least two of the followings: upper and lower case letters/numbers/special letters

Message

/ byte

Rate

Please type without any spaces.

Comments can be added by Member only.

WORLD SHIPPING

PLEASE SELECT THE DESTINATION COUNTRY AND LANGUAGE :

GO
닫기