SEOUL,
South Korea, May 22, 2024
/PRNewswire/ -- Lunit (KRX:328130.KQ), a leading provider of
AI-powered solutions for cancer diagnostics and therapeutics,
proudly announces the successful completion of its acquisition of
Volpara Health Technologies, a global leader in medical software
for breast cancer screening. This landmark acquisition, completed
in an impressive eight-month timeline, marks a significant
milestone in Lunit's mission to conquer cancer through AI.
Strategic Impact:
The acquisition of Volpara significantly boosts Lunit's
capabilities in AI-driven cancer diagnostics. With this
acquisition, Lunit integrates Volpara's advanced breast health
platform—such as breast density assessment, Scorecard™, and
screening workflow enhancement—with its AI-powered solutions for
breast cancer detection. This creates a unique, holistic AI suite
that enhances every part of breast screening, both detection
capabilities and administrative processes. The all-encompassing
offering positions the unified company to lead the market with a
powerful suite and a robust industry reputation.
Looking forward, Lunit is set to capitalize on the powerful
synergy with Volpara, to develop autonomous AI models—an unmatched
capability in the industry. These advanced AI systems will
independently screen, detect, and diagnose cancer, heralding a new
era in cancer diagnostics and significantly enhancing patient care
worldwide.
In addition to strengthening our technological foundation, this
acquisition also facilitates market expansion.
Expansion into the US Market:
With Volpara's established presence in over 2,000 U.S. medical
sites, Lunit is strategically positioned for a robust entry into
the American market, the largest healthcare market in the world.
The US AI healthcare market is projected to grow from USD 2.9 billion in 2022 to USD 51.3 billion by 2030, registering a compound
annual growth rate (CAGR) of 43.22%[1],
driven by the need for more efficient healthcare services and
potential cost savings. Furthermore, the recent recommendation by
the US Preventive Services Task Force (USPSTF) to lower the breast
cancer screening age from 50 to 40 is expected to increase
screening demand, presenting a tremendous opportunity.
Leveraging Volpara's extensive presence in the United States, Lunit will introduce its
solutions to this expansive market, enhancing accessibility and
adoption. Conversely, Lunit plans to promote Volpara's solutions
across Europe, Asia, the Middle
East, and South America,
where Lunit has established a strong market presence. This
expansion will catapult the Group's reach to a broader audience,
solidifying its position as a global leader in the market.
Ushering in a New Era of Medical AI:
"We are thrilled to welcome Volpara into the Lunit family.
Today, we take a monumental step towards revolutionizing our
approach to cancer care. By combining our strengths, we are
creating a formidable alliance in the industry, particularly in the
US market. This merger enables us to develop and deliver
innovative, life-saving solutions that meet critical needs in
cancer diagnostics," said Brandon
Suh, CEO of Lunit. "While our initial focus remains on
breast cancer, both Lunit and Volpara are committed to broadening
our offerings to address a wider range of cancers and medical
conditions. Together, we will enhance our technological
capabilities and strengthen our mission to lead the global fight
against cancer."
"This merger represents an exciting opportunity to enhance our
impact on global healthcare. We can significantly improve early
cancer detection and patient outcomes by integrating Volpara's
innovative breast screening technology with Lunit's AI
capabilities. Together, we aim to set new standards in cancer
diagnostics and drive forward advancements that will benefit
healthcare providers and patients globally. Our shared vision to
conquer cancer will undoubtedly pave the way for transformative
developments in medical AI," added Teri
Thomas, CEO of Volpara.
[1] Insights 10: US Artificial
Intelligence (AI) in Healthcare Market Executive Summary
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About Lunit
Founded in 2013, Lunit is a medical AI company on a mission to
conquer cancer. We harness AI-powered medical image analytics and
AI biomarkers to ensure accurate diagnosis and optimal treatment
for each cancer patient. Our FDA-cleared Lunit INSIGHT suite for
cancer screening serves over 3,000 hospitals and medical
institutions across 40+ countries.
Our clinical findings are featured in top journals, including
the Journal of Clinical Oncology and the Lancet Digital Health, and
presented at global conferences such as the ASCO and RSNA.
In 2024, Lunit acquired Volpara Health Technologies, setting the
stage for unparalleled synergy and accuracy, particularly in breast
health and screening technologies.
Headquartered in Seoul, South
Korea, with a global network of offices, Lunit leads in
medical AI innovation. Discover more at lunit.io
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SOURCE Lunit