The AI Healthcare industry
DermaDetect operates in the field of telemedicine based on artificial intelligence technology (AI). These are two fields that are experiencing significant growth in recent years, with telemedicine gaining significant momentum following the COVID pandemic, which accelerated the trend and emphasized its importance.
According to a report by Markets & Markets, by 2027, an investment of $67.4 billion is expected in the AI Healthcare sector compared to $6.9 billion in 2021. This dramatic figure highlights the expected progress of the field and the confidence of investors in it.
The DermaDetect team
The company is managed by a team of experts from various disciplines, including expert dermatologists and experienced algorithm engineers, who together lead the company professionally – each in its own field. The company’s founder and CEO, Mr. Eugene Dicker, has over 20 years of experience in establishment and management of companies including founding technology firms, (OneElement & SalesLinq) and has extensive experience working with both early stage startups and large growth tech companies, venture building, business development, strategic thinking, go-to market strategy and execution.
The need that DermaDetect answers
Globally, there has been an increase of skin & dermatological ailments, alongside a decrease in the number of dermatologists per capita, with the average waiting time for a specialist dermatologist in some countries of the world, such as China, India and Russia, standing at years, rather than months or weeks. Failure to treat the problem, can exacerbate the condition and lead to medical conditions that require more interventions and more costs to the patient and health care providers.
In the field of biologics and oncology, drug companies are experiencing significant difficulty due to serious side effects and skin toxicity, which can lead to discontinuation of treatment that can save lives.
The solutions the company provides
- The applicative product developed by DermaDetect makes it possible to solve dermatological problems by taking a photo on a mobile device. The user enjoys a particularly fast process – of less than two minutes, and a diagnosis of the problem is obtained with a 100% accuracy level.
- Huge savings in resources for the health care providers as a result of a faster and more accurate diagnosis by doctors and the lessening of appointments and the need for repeat visits.
- Drug companies can monitor patients on medications to treat chronic skin problems such as psoriasis and atopic dermatitis. This way, they can focus on improvement, learning and business growth.
- Endocrinological and biological drugs that are widely used often cause skin toxicity. With DermaDetect, drug companies can monitor side effects and its extent, effectively, and quickly, and respond in real time to prevent recurrence of these cases in the future, while continuing to take life-saving drugs in the event that they are required.
The technological depth
The technology developed by the company is based on artificial intelligence (AI) and its ability to detect skin diseases with maximum accuracy, using an image taken on a smartphone. The company’s technology subtly combines inference systems with image analysis systems – and passes the data between them to achieve an accurate identification of skin diseases.
Investors to date
- eHealth ventures, one of the largest funds investing in early stage digital medical ventures.
- Medison Pharma – a giant oncology drug company that recently signed a collaboration with DermaDetect to advance the activity of diagnosing skin toxicity.
- The Maccabi Fund – one of the leading HMOs in Israel that invests in companies that it believes can promote the health services it provides to its clients.
Derma Detect is after a particularly successful pilot with the health giant “Maccabi Health Services,” which has become a customer and has already assimilated its systems among the dermatological medicines that the company provides to its insured. Another customer of the company is Femi Premium, which offers dermatological services to its insured. In addition, the company is successfully working with the pediatric portal “Yeldoctor”. Its paid app is now available for download to the general public worldwidee.
At the same time, the company works closely with the largest pharmaceutical companies in the world and recently signed a collaboration agreement with Medison, to examine the skin side effects of its oncology drugs on patients.
Target audiences and market potential
- End users all over the world – Anyone who wants to get a diagnosis of a skin problem from which they suffer, quickly, and without having to go to a clinic, using technology based on huge amounts of data held by the company and AI technology. This market is expected to reach about $142B by 2025.
- Medical institutions – who want to save time and resources by using the app’s diagnosis with dermatologists – thus increasing the level of accuracy, reducing recurring visits and optimizing the system through a significant shortening of appointments.
- Pharmaceutical companies – interested in receiving information about the treatment of drug buyers for chronic skin diseases such as psoriasis and asthma of the skin. The app will allow close accompaniment that will improve the quality of care and a more accurate fit.
- Pharmaceutical companies that perform experiments on biological and oncological drugs – receive close monitoring of patients and can treat, in real time, skin problems caused as a result of drug use. The rapid diagnosis can lead to a significant reduction in side effects and a higher chance of drug approval. This market is expected to reach about $ 421B by 2027.
DermaDetect is the only company that combines an asynchronous model, AI capabilities and clinical information approved by a physician to solve the patient’s problem, with an emphasis on extensive dermatological problems.
The other companies offer solutions to specific problems only, or they require the simultaneous presence of the patient and the doctor together on a video call in order to give an appropriate solution to the medical problem. Companies like Skinvision and Google, are technologies for asynchronous testing of defined symptoms and the answer obtained is not a clinical answer and is not approved by a doctor.