Intromedic Advances AI Capsule Endoscopy Development to Target "Home Care Market"

[Asia Economy Reporter Hyunseok Yoo] IntroMedic, a capsule endoscopy specialist company, is developing AI capsule endoscopy in collaboration with JLKE, an AI (artificial intelligence) software specialist company.

On the 4th, IntroMedic announced that it has established a strategic partnership with JLKE for the development and production of capsule endoscopy applying AI software. Under this contract, IntroMedic plans to equip its capsule endoscopy, which has already received approval from the US FDA (Food and Drug Administration), with JLKE's AI technology and then obtain re-approval.

In the US, the capsule endoscopy market has been rapidly growing since the COVID-19 pandemic. In October last year, the FDA approved the home use of capsule small bowel endoscopy. If IntroMedic launches the AI capsule endoscopy, it is expected to expand its influence mainly in the home care market.

According to global market research firm IBISWorld, the US home care market is expected to grow at an average annual rate of 5.7%, reaching $122.6 billion (133.38 trillion KRW) in 2023. Global research firm Frost & Sullivan forecasted that the AI medical market will grow from $600 million (652.8 billion KRW) in 2014 to $6.6 billion (7.18 trillion KRW) in 2021.

The rapid growth of the diagnostic market using AI is also an opportunity factor. The European Commission (EC) introduced AI-based tools capable of analyzing images of lung infections to 10 hospitals across Europe last year to speed up COVID-19 diagnosis and improve patient treatment.

In particular, while global medical company Olympus currently applies AI technology only to colonoscopy, JLKE’s colonoscopy and gastroscopy products have also received approval from the Ministry of Food and Drug Safety, aiming to lead the AI capsule endoscopy market in the future.

Yongsuk Cho, CEO of IntroMedic, said, “This AI capsule endoscopy development is significant in that leading domestic healthcare companies, which have been more recognized overseas, have joined hands,” and added, “We will strive to achieve rapid results by entering the global home care market starting with the US.”

Dongmin Kim, CEO of JLKE, said, “The global medical AI market, including capsule endoscopy, is rapidly growing,” and added, “Based on JLKE’s AI software technology, we will work to enhance the competitiveness of Korea’s medical AI solution sector in domestic and overseas markets.”

Meanwhile, JLKE, established in 2014, developed and commercialized AI-based medical image analysis solutions. In August 2018, it received Class 3 medical device approval from the Ministry of Food and Drug Safety and CE certification in Europe for the brain MR image analysis solution 'JBS-01K', and in October 2019, it obtained certification for the colonoscopy image analysis solution 'JFD-01A' and gastroscopy image analysis solution 'JFD-02A'.