AT Sens said that it has signed a contract with Japan Lifeline, a Japanese cardiovascular medical device distribution company, to export AT-Patch, a continuous, long-term use electrocardiogram (ECG) device.

Under the accord, AT Sens will export about 27.8 billion won ($23.7 million) worth of AT-Patch to Japan Lifeline for five years, and the latter will supply the AT-Patch to hospitals and clinics in Japan. The two companies also plan to expand the business area so that patients suffering from various heart diseases can use the device in Japan.

"Entering the conservative Japanese medical device market is quite encouraging, as we have proved the superiority of AT-Patch," AT Sens CEO Jung Jong-wook said. "Through Japan Lifeline's extensive medical network, we will do our best to promote our business and the excellence of Korea's healthcare industry through additional strategic overseas expansion in the U.S. and Europe."

According to AT Sens, amid the rapid population aging worldwide, the prevalence of heart disease is also expected to increase, and the medical device market for diagnosing and monitoring cardiovascular diseases in Japan is expected to record an annual growth rate of 2.6 percent from 2021 to 2026.

AT Patch is the first long-term continuous ECG device in Korea that patients can use continuously for up to 14 days. The company has three models -- ATP-C70 (7 days), ATP-C120 (11 days), and ATP-C130 (14 days) – depending on the period.

AT-Patch has acquired Conformite Europeenne (CE) medical device certification in Europe and completed the registration of medical devices with the Medical and Healthcare Products Regulatory Agency (MHRA) in the U.K.

The company has signed supply contracts for AT-Patch with 10 countries, including Japan and Germany, and is discussing with 13 countries, including the U.S., UK, and Switzerland.