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Industry: Bio-Technology Industry
Due to the aging population is becoming a social issue, Korean companies strongly make an investment on AI medical devices. Accordingly, the demand for advanced medical devices that combined with AI are creating opportunities for Wisconsin companies.
According to the Institute for Information and Communications Technology Promotion 2018’s report, the South Korean market for big-data and AI medical devices is expected to grow significantly from $2.2 billion in 2020 to $27.5 billion in 2030. Even though it is still in early stage, as an advanced technology country, South Korea already have been combined with Artificial Intelligence (AI) under way in various medical fields.
In the healthcare sector, artificial intelligence (AI) opens the possibility to offer smart healthcare solutions. Many companies continuously developing of wearable sensors that can collect health information including pulse, blood-sugar level, body temperature, and stress for certain amount of period, and then then give statements. For example, IBM Watson which is well known for “Cognitive Healthcare Solutions” that South Korea’s 7 hospitals already utilized IBM Watson to recommends treatment to patients.
In Addition, Korean startup company called, VunoNet (https://www.vuno.co/) created a deep learning engine that processes medical data such as X-ray, CT, and MRI data to build models for how diseases develop in the body. Many South Korean hospitals also jumped into implementing artificial medical intelligence (AI) technology in medical institutions. Recently, one of the largest hospitals in Korea signed MoU with Korean startup company, Lunit (https://lunit.io/). Through their cooperation, hospital expected to expand on disease prediction models, optimize clinician decision-making, and analyze images of radiology and diseases. Moreover, other Hospital which is one of the oldest and biggest university hospital in Korea also announced that they will build a medical artificial intelligence technology research center that hoping its center can foster the advancement in medical AI technology in Korea.
With increasing investment for big-data and AI medical devices, South Korea companies also expected to gain momentum. As South Korean companies try to diversify and globalize their business, Wisconsin biotech companies with advanced technologies and experiences could consider working with South Korean companies through Health-related partnerships.