ExaWizards Begins Development of an AI Medical Device (SaMD) to Diagnose Dementia Through Natural Conversation
-A collaboration with Showa University to develop a device with clinic-level accuracy. Uses a smartphone to make a diagnosis in minutes-
ExaWizards (Headquarters: Minato-ku, Tokyo; Representative Director & President: Makoto Haruta; hereafter, “ExaWizards”) announces the development of an SaMD (Software as a Medical Device) that uses a conversational AI to diagnose dementia. ExaWizards will work with regulatory authorities in Fall 2023 for early approval of the device.
ExaWizards’ goal is to use AI to solve medical-based social issues regarding drug discovery and developmental support, software-based medical devices, and consumer/patient services.
☑︎Development
ExaWizards is collaborating with a dementia specialist at the Department of Neurology, Showa University Hospital to provide AI-based medical data processing that can diagnose a patient with dementia in just a few minutes. This SaMD utilizes a voice model developed by ExaWizards for use with smartphones and tablets.
This SaMD model is currently undergoing an exploratory study in collaboration with the Outpatient Memory Loss Department of the Neurology Division of Showa University Hospital. This study confirms that the model is accurate enough for clinical use based only on a few minutes of conversation. We are seeking early approval with regulatory authorities and intend to advance diagnostic support development for the early detection of dementia.
☑︎Background
The global SaMD market is expected to grow to over $80 billion by 2027, a compound annual growth rate (CAGR, 2020-27) of more than 20% (three times the CAGR of the medical device market during the same period, according to the Japan Medical Venture Association). SaMD development in Japan has lagged behind due to technical issues and system differences between Japan and other countries.
In 2012, 1 in 7 Japanese people aged 65 and over were living with dementia (4.62 million), which is expected to increase to 1 in 5 by 2025. The future cost of dementia-related care in Japan is estimated to exceed 20 trillion yen, raising concerns about long-term care and social security costs. There are an estimated 55 million dementia patients worldwide, leading to over 1.3 trillion dollars in economic losses (according to the Japan WHO Association), making it one of the most serious social issues in the world. This economic burden, along with the difficulty of diagnosing the disease in its early stages, the lack of effective therapeutic drugs, and the physical and mental burden on caregivers and family members are major issues.
To meet these challenges, Japan must develop novel SaMDs ahead of the rest of the world. Advancements in digitalization and information technology allows ExaWizards’ multimodal AI technology to utilize vast amounts of available data to develop high-performance, easy-to-use SaMDs. ExaWizards, in collaboration with the Outpatient Memory Loss Clinic of the Department of Neurology, Showa University Hospital, will be able to utilize this technology to help solve social issues.
☑︎About ExaWizards
ExaWizards has been developing businesses such as the development and implementation of services leveraging AI as well as strategy planning to consistently address social issues since the establishment in 2016. They accumulate their unique algorithms data through their two business segments: “AI Platform Business” that provides solutions to departmental/company-wide issues while handling more than 250 AI/DX-related projects on an annual basis, and “AI Product Business” that develops products to offer solutions to industry-common or social issues identified through the implementation of “AI Platform Business.” Their cumulative numbers of patent applications and acquisitions are 191 and 85 (as of the end of December 2022), respectively. The company also owns advanced technologies in the hardware area such as robots and AI cameras.
【ExaWizards Corporate profile】
Company name: ExaWizards Inc.
Location: 21F, Shiodome Sumitomo Building, 1-9-2 Higashi-Shinbashi, Minato-ku, Tokyo
Representative: Makoto Haruta, President and Representative Director
Business: Industrial innovation and resolution of social issues through the development of services utilizing AI
URL: https://exawizards.com/
<Contact for public relations>
E-mail address of the Public Relations Division of ExaWizards Inc.: publicrelations@exwzd.com