Lunit (328130.KQ) is accelerating its regional sales push in Europe after winning a series of province-level breast cancer screening contracts. The company expects additional supply deals for its artificial intelligence imaging analysis software to follow in other European countries.
Lunit said on the 28th that Stockholm County in Sweden will deploy Lunit INSIGHT MMG, its AI mammography analysis software, across breast cancer screening programs throughout the county. Under the county-wide supply agreement, the software will be used at hospitals that handle breast cancer screening in Stockholm County, including Capio St. Goran, Karolinska and Sodersjukhuset.
Lunit has been expanding province-level screening contracts across Europe. In September last year, it signed a deal to supply its AI software to the regional breast cancer screening program run by the government of Valencia, Spain. In Sweden, the latest agreement extends coverage to Stockholm County after a contract with Dalarna County in June this year. "AI will play a central role in building more effective cancer screening systems, not only in Sweden but across Europe," Lunit CEO Suh Beom-seok said.
The contract marks a case in which the use of Lunit's AI, which began with a clinical study at St. Goran Hospital five years ago, has expanded into a region-wide screening program. Hospital researchers evaluated the software in a real-world screening setting using data from about 55,000 women who underwent breast cancer screening between 2021 and 2022, and found that readings performed by AI together with one radiologist detected more cancers than double readings by two radiologists. Based on those findings, St. Goran Hospital signed a contract with Lunit in 2023 and has since used the software to read about 200,000 cases over three years.
Europe's breast cancer screening market is projected to grow to $1.26 billion in 2029 from $830 million in 2024, according to market research firm Mordor Intelligence. As the market expands, rivals are also competing for regional contracts. One example is Dutch firm ScreenPoint Medical, which signed an agreement in September last year with public health institutions in Spain's Castile and Leon region to supply its AI-based breast cancer screening software, Transpara.
