JLK Announces Expansion into the US Market

SEOUL, SOUTH KOREA, July 14, 2024 (GLOBE NEWSWIRE) — JLK (https://www.jlkgroup.com/), a leading medical artificial intelligence company, announced the acceleration of its entry into the US market with its AI-based stroke diagnostic solutions. The Korean company, with world-class AI technology for stroke diagnosis, is now accelerating its entry into the US market.

As the first medical AI company to be listed on the Korean Stock Exchange, JLK is renowned for its cutting-edge technology in AI-based stroke diagnostic solutions. The company offers a comprehensive suite of 11 AI solutions for stroke diagnosis, including five CT-based solutions and six MRI-based solutions under the brand MEDIHUB STROKE, which are gaining traction in the US market.

Stroke is one of the most commonly misdiagnosed diseases. According to a study by Johns Hopkins University, the misdiagnosis rate for stroke in the United States is 17.5%. This translates to approximately 800,000 people suffering permanent disabilities and approximately 370,000 deaths each year.

JLK offers the world’s only solution that uses artificial intelligence to provide essential quantitative values ​​needed for stroke diagnosis throughout the stroke cycle. The AI ​​data, which is derived from deep learning from CT and MRI images, includes various stroke-related information such as the presence of a stroke, lesion location, size and volume, severity (risk level), and the presence of blood flow abnormalities, which doctors can use as biomarkers for stroke diagnosis.

The solution includes JLK-DWI (type of cerebral infarction), JLK-LVO (large vessel occlusion), JLK-ICH (intracerebral hemorrhage), JLK-PWI (cerebral perfusion), JLK-WMH (cerebral white matter degeneration), JLK-CMB (cerebral microbleeds), JLK-LAC (chronic lacunar infarction), JLK-UIA (cerebral aneurysm), JLK-CTL (non-contrast large vessel occlusion), JLK-CTI (early detection of cerebral infarction) and JLK-CTP (cerebral computed tomography perfusion).

This year, JLK officially announced its large-scale entry into the US market and plans to submit applications to the FDA for five AI solutions for stroke diagnosis. The company has already submitted its large vessel occlusion detection solution (JLK-LVO) and aims to obtain at least one solution for reimbursement by US health insurance in order to start billing in clinical settings.

Last month, JLK also received FDA 510(k) clearance for its AI prostate cancer diagnostic solution, MEDIHUB Prostate. Building on the expertise gained from this approval, JLK is poised to accelerate additional FDA approvals for its stroke solutions.

JLK anticipates synergy through its mobile health app, Snappy. Snappy integrates JLK’s 11 AI stroke diagnostic solutions, enabling real-time sharing of AI-interpreted clinical and imaging information, facilitating collaborative efforts between physicians.

The company explains that with the dedicated messaging function for medical staff, easy collaboration and quick decision-making are possible, and it is beneficial to ensure golden time for remote stroke patients, making it an optimized platform for treating time-critical stroke patients in large regions such as the United States.

The medical AI industry is closely watching the US stroke AI market, which is expected to turn into a three-way competition between US-based Rapid AI (www.rapidai.com), Israel’s Viz.ai (www.viz.ai) and Korea’s JLK.

Although Rapid AI and Viz.ai are already actively marketed in the US, their solutions are limited to CT scanners. Therefore, JLK’s comprehensive CT and MRI solution is expected to demonstrate its competitiveness. Furthermore, the prevailing view is that JLK, currently valued at $185 million, will establish a level playing field with Viz.ai, valued at $1.27 billion, and Rapid AI, valued at $769 million, when it enters the US market.

Additionally, AI in healthcare is gaining significant attention due to its potential to reduce treatment costs and improve patient outcomes. A report from the Harvard School of Public Health states that integrating AI into healthcare can reduce treatment costs by up to 50% and improve patient outcomes by up to 40%.

Feedback from the medical community on AI in healthcare has been overwhelmingly positive. According to a survey conducted by the American Medical Association last year, the majority of physicians believe that AI improves diagnostic capabilities (72%), improves clinical workflow (69%), and clinical outcomes (61%), while reducing administrative burdens (54%), suggesting a growing adoption rate of AI solutions in healthcare.

11 Types of AI Solutions for the Entire Stroke Care Cycle Developed by JLK

Contact details

Public Relations Team, JLK Inc.

Myung Ki-Young, Public Relations Team Leader ([email protected] / +82-10-8266-2194)

Lee Jeong-Heon, Deputy Director ([email protected] / +82-10-9123-6690)

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SOURCE:JLK