LifeSemantics, a leading Korean digital health company, has achieved a significant milestone with the approval of its AI-powered solution for skin cancer diagnosis in South Korea. The approval, granted by the Ministry of Food and Drug Safety, marks a pivotal moment for the company’s flagship product, canofyMD SCAI.
Developed under the Doctor Answer 2.0 project in collaboration with 30 hospitals and 19 technology firms, canofyMD SCAI utilizes convolutional neural networks—a cutting-edge AI technology for image recognition and processing. This mobile application aids in the detection and diagnosis of skin cancer from smartphone-captured images, distinguishing between malignant melanoma, basal cell carcinoma, squamous cell carcinoma, and benign tumors.
LifeSemantics conducted its first clinical trial earlier this year, showcasing promising results with an impressive diagnostic accuracy of 80.9%. The AI system, trained on 6,500 images from local hospitals, demonstrated superior performance in identifying various skin conditions.
Following regulatory clearance, LifeSemantics plans extensive trials with six local hospitals and aims to launch commercially by the end of the year. The company also eyes regulatory approvals in Australia and New Zealand, responding to high skin cancer rates in those regions.
Beyond skin cancer, LifeSemantics continues to innovate with its canofyMD solutions, which include predictive software for blood pressure, hypertension complications, and hair density analysis. These efforts underscore the company’s commitment to advancing medical AI applications in healthcare.
The growing demand for early detection solutions is underscored by rising skin cancer cases globally and in South Korea, where incidents have surged by 34% in recent years. This trend drives a robust market for skin cancer diagnostics, projected to reach $5 billion by 2028 from $3 billion in 2021.
In the competitive landscape, innovations like DermaSensor in the U.S. and DermaScan AI in Australia highlight global efforts in AI-driven skin cancer detection. These advancements reflect a broader trend of leveraging AI to enhance medical diagnostics, promising significant advancements in healthcare accessibility and effectiveness.
As LifeSemantics expands its clinical trials and regulatory approvals, its contributions to the field of AI-driven healthcare solutions are poised to make a substantial impact, potentially transforming how skin cancer and other medical conditions are diagnosed and managed worldwide.
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