While the medical world rapidly moves toward cloud medical care, and the remote care in the US reaches the 12% mark, the dermatology sector lags behind, lacking the tools which enable dermatologists to remotely diagnose patients. Dermatologists are required to painstakingly examine every patient personally, using a very limited toolset. With the ratio of, one dermatologist per 25,000 people (rough average, developed countries), it leads to a very low dermatological health care market share, and low efficiency of procedures currently used to diagnose and treat patients.
Melanoma cancer is a widespread disease that mainly attacks the Caucasians ethnic group. While melanoma is uncommon in African, Latinos, and Asians, it is frequently more fatal for those populations. About 85% of the ¼ billion new annual cases, occur in developed countries and result in high mortality rates; roughly 10,000 annually in the US alone. Early diagnosis increases the 5 year survival prognosis from 16% to above 98%. Dermatologists currently perform lengthy manual examinations in a small minority of the population-at-risk, and they encounter a relatively high rate of false negatives.
NeviMed has developed the DermoScout, a Full Body Skin Scanner (dermatology health booth), for monitoring a wide variety of abnormal skin conditions. DermoScout is equipped with advanced algorithms capable of comparing, tracking, screening and diagnosing multiple phenomena. The first generation DermoScout, in addition to providing remote examination capabilities, will utilize algorithms focused on Melanoma screening. DermoScout will assist the dermatologist with a patients’ examination, and will decrease false negatives and reduce the physician’s time per patient from 30-50 minutes to less than 6 minutes. This will enable the dermatologist to significantly increase revenues per patient, and increase the total clientele and the derived revenues.
With Telehealth, NeviMed targets cloud hospitals (currently 30M customers in Guangzhou and Ningbo, China – a rapidly growing market), US/European telehealth providers (such as American Well, MDLive), and eHealth service providers (like WellDoc) – current market size is roughly $8B, with about 30% annual growth in each of the past 5 years.
For melanoma screening, the major markets for the DermoScout are North America, Western Europe, Australia and New-Zealand. In the US alone, with 140,000 new cases annually, the very basic Medicare insurance (HCPCS code 96904), allows more than $75 per insured per year, for a full body scanning (other health insurance policies allow much higher sums), and in Germany the screening is statutory paid by the federal government. We assume that the vast majority of governments and health organizations in developed countries will soon adopt the same guidelines, as it has with the diagnosis of breast and colorectal cancers.