Secure Early Leadership in Domestic Medical AI Market
The author is an analyst of NH Investment & Securities. He can be reached at midas.sohn@nhqv.com. -- Ed.
Standing as the first medical AI solutions provider to have acquired MFDS approval in Korea, VUNO is to further strengthen its position in the domestic medical AI market, which remains in an early growth phase. Boasting robust competitiveness backed by an impressive track record, the firm should enjoy brisk growth moving ahead via sales channel diversification.
Successfully secured early leadership in domestic medical AI market
VUNO has developed Korea’s first Ministry of Food and Drug Safety (MFDS)-approved medical AI solution, which analyzes medical data such as CT, MRI, and radiographic images.
The firm has released a number of medical AI solutions targeted at such arenas as medical imaging, pathology, biometrics, and speech recognition. Thus far, it has acquired MFDS approval for eight medical AI solutions. Standing as the first company to have obtained regulatory approval in the industry, VUNO has successfully secured early leadership in the medical AI market. We believe that VUNO has entered a virtuous cycle in which the collection of medical data from existing clients helps it to improve the accuracy of its medical AI solutions, in turn leading to the securing of new clients.
Medical AI solutions assist doctors by helping them to spend less time analyzing medical images. Furthermore, they prevent diagnostic mistakes and allow for more accurate and standardized readings of medical data.
Growth prospects strengthening amid sales channel diversification efforts
Since the acquisition of MFDS approval, VUNO has continued to further strengthen its track record and build consumer trust. Via ongoing sales channel diversification, the company’s earnings growth should accelerate this year.
Engaging in business partnerships with a number of pharmas and medical device makers, VUNO has recently signed an exclusive supply contract for VUNO Med-BoneAge with UBcare, the number-one player in the domestic electronic medical record (EMR) market. In Dec 2019, after obtaining Japanese approval for VUNO Med-LungCT AI, VUNO signed a related license agreement with M3, a subsidiary of Sony. In addition, VUNO has inked an exclusive distribution contract with Taiwan’s largest healthcare player, CHC HealthCare Group.