Medical artificial intelligence (AI) company Lunit (CEO Seo Beom-seok) announced on the 6th that it signed a contract to supply its chest X-ray AI image analysis solution, Lunit Insight CXR, to Saudi Arabian private medical institution, Dr. Sulaiman Al-Habib Medical Group (HMG).
HMG is a large-scale private healthcare organization that operates more than 20 healthcare facilities in Saudi Arabia, the United Arab Emirates (UAE), and Bahrain. It is leading the digital transformation of the healthcare industry in the Middle East by pioneering the introduction of digital healthcare solutions.
This contract is the second contract following the supply contract for 'Lunit Insight MMG' signed between Lunit and HMG last year. Over 1 million chest X-ray images are expected to be analyzed using Lunit's solution over the next three years, and this is significant in that HMG directly verified the clinical effectiveness of Lunit's AI solution and the reduction in medical staff workload through the first contract before deciding to purchase additional products.
In particular, Lunit achieved its first achievement in the public healthcare sector by participating in the 'SEHA Virtual Hospital' project, a major task of the Saudi government's national project 'Vision 2030' last year. Following this, it is proving its reliability by signing two contracts with HMG and is expanding its area of entry to the entire Saudi Arabia.
Seo Beom-seok, CEO of Runit, said, “The Middle East is a strategically very important market with a high need for digitalization of healthcare infrastructure and active investment at the government level.” He added, “The additional contract with HMG reaffirms Runit’s AI technology and the local trust in our company and products. We will continue to actively expand cooperation with medical institutions and governments in the Middle East.”
Meanwhile, according to global market research firm Markets and Data, the Saudi medical AI market is expected to grow at an average annual rate of 27%, from USD 34.37 million (KRW 49.6 billion) in 2023 to USD 231.77 million (KRW 334.2 billion) in 2031.
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