Expected Growth in Cancer Cases Reinforces Need for Superior Diagnostic Options
FinancialBuzz.com News Commentary
30 Jul, 2020, 09:00 ET
NEW YORK, July 30, 2020 /PRNewswire/ --The cancer diagnostics market is highly competitive, with a large number of big and small players operating in various market segments. Technological advancements in various fields such as biomarkers, imaging, biopsy, and endoscopy have benefited the market greatly over the years. The goal is to diagnose cancer as early as possible, to reduce mortality rate and treatment management effectiveness. Unfortunately, the number of confirmed cancer cases is constantly on the rise. The growing prevalence of cancer, the rapid rise in aging population, increasing number of awareness initiatives by governments, and growing government funding are all pushing this segment to new highs. And, according to MarketsandMarkets Research, the global cancer diagnostics market is expected to reach USD 13.1 Billion in 2020 while growing at a CAGR of 12.9%. AnPac Bio-Medical Science Co., Ltd. (NASDAQ: ANPC), Exact Sciences Corp. (NASDAQ: EXAS), NeoGenomics, Inc. (NASDAQ: NEO), Veracyte, Inc. (NASDAQ: VCYT), Myriad Genetics, Inc. (NASDAQ: MYGN)
Among the most impressive in diagnostic technology is artificial intelligence. AI platforms are expected to boost the growth of clinical diagnosis by scaling up healthcare services globally, leading to better patient safety, outcome analysis, and data collection. For example, a report by Grand View Research, Inc. indicates that IBM's Watson competes with human intelligence and has been proven to have enormous potential in healthcare industry. This platform has managed to diagnose a woman suffering from leukemia. In another example, from earlier in 2016, Google entered into a partnership with the U.K.'s NHS to analyze medical images collected from patients for early cancer detection.
AnPac Bio-Medical Science Co., Ltd. (NASDAQ: ANPC) announced breaking news yesterday that, "it had completed over 180,000 Cancer Differentiation Analysis ("CDA") based tests as of July 15, 2020.
AnPac Bio had previously completed more than 169,000 CDA-based tests as of March 31, 2020. From April 1, 2020 to July 15, 2020, the Company completed over 10,000 commercial CDA-based tests and over 1,000 CDA-based tests for research purposes, which increased the cumulative number of CDA-based tests to over 180,000.
'We are honored to have achieved this milestone, which demonstrates the market-wide acceptance of our products. We offer a comprehensive product offering to meet different customers' needs and to address this large and growing market. Our CDA-based test can detect and assess an individual's overall risk of having or developing cancers, and a cancer risk assessment report is the final product of the test. The report presents the analytical parameters that our CDA test uses, including the PTF, CTF and overall CDA values,' said Dr. Chris Yu, CEO and Chairman of AnPac Bio.
Dr. Chris Yu continued, 'Our CDA-based test is advanced in many ways. Unlike conventional cancer screening and detection approaches such as imaging technology and tissue biopsy, our CDA test uses liquid-based technology to detect the risk of cancer and non-cancerous diseases. It is minimally invasive, side effect-free and highly automated. Because it focuses on changes in cancer-related biophysical properties as a disease progresses, we believe that our CDA test can be used for multiple purposes, including early cancer screening and detection, and assistance in cancer diagnosis, prognosis and recurrence.'
About AnPac Bio - AnPac Bio is a biotechnology company focused on early cancer screening and detection, with 128 issued patents as of June 30, 2020. With two certified clinical laboratories in China and one CLIA and CAP accredited clinical laboratory in the United States, AnPac Bio performs a suite of cancer screening and detection tests, including CDA (Cancer Differentiation Analysis), bio-chemical, immunological, and genomics tests. In a 2019 market research report by Frost & Sullivan, AnPac Bio ranked third worldwide and first in China among companies offering next-generation early cancer screening and detection technologies in terms of the number of clinical samples for cancer screening and detection, based on approximately 41,700 clinical samples as at May 2020. AnPac Bio's CDA technology platform has been shown in retrospective validation studies to be able to detect the risk of over 20 different cancer types with high sensitivity and specificity. For more information, please visit: https://www.Anpacbio.com."
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Exact Sciences Corp. (NASDAQ: EXAS) announced on May 5th, new research that uses real-world-adjusted adherence rates in a colorectal cancer microsimulation, the Colorectal Cancer and Adenoma Incidence and Mortality model (CRC-AIM), to reinforce the value of Cologuard (mt-sDNA) as an effective colorectal cancer screening test. Cologuard offers significant advantages over the fecal immunochemical test (FIT) and real-world adherence data further highlights those advantages. Cologuard has higher sensitivity, a longer interval, and higher observed adherence rates in real-world usage. The modeling also highlights the importance of improving access to colonoscopy following a positive Cologuard or FIT test. "Policymakers and other leaders often rely on modeling to make decisions about colorectal cancer screening," said Dr. Paul Limburg, Chief Medical Officer of Exact Sciences' screening business. "Modeling that incorporates real-life patient behaviors, and the impact of those behaviors on health outcomes, is limited. This new suite of abstracts provides insight into the effect that complex and dynamic patient patterns have on colorectal cancer screening outcomes."
NeoGenomics, Inc. (NASDAQ: NEO) announced on June 29th, the launch of three liquid biopsy tests for advanced non-small cell lung cancer, all solid tumor types (pan-cancer), and certain breast cancer cases. With the addition of these new testing capabilities, physicians can now rely on NeoGenomics to deliver biomarker information from potentially any patient with a solid tumor or hematologic malignancy even when a tissue biopsy is not possible. "Liquid biopsy testing is an increasingly important tool. Being able to return results for solid tumor patients now means oncologists and pathologists can work with a single laboratory for comprehensive diagnostic and management testing," said Doug VanOort, CEO of NeoGenomics. "The launch of these three liquid biopsy assays exemplifies our commitment to providing the most comprehensive oncology menu for our clients as a one-stop-shop for their testing needs."
Veracyte, Inc. (NASDAQ: VCYT) announced on May 1st, that the company has launched "More About You," a web-based campaign that is designed to educate patients about thyroid nodules, and empower them to both engage in conversations with their physicians and ask for molecular testing when appropriate. The campaign centers on the company's new website, www.AskForAfirma.com, and addresses critical challenges that patients with potentially cancerous thyroid nodules experience during their diagnostic journey. "Our research shows that patients today have limited awareness that their thyroid nodule fine needle aspiration biopsy results may be indeterminate. This can negatively impact their ability to receive advanced testing and personalized care," said John Hanna, chief commercial officer of Veracyte. "Our goal is to help educate patients so that they can have more productive conversations with their physicians about their thyroid nodules and ensure they understand their diagnostic options, including molecular testing."
Myriad Genetics, Inc. (NASDAQ: MYGN) announced on July 7th, two recent publications validating the polygenic risk score (PRS) component of Myriad's breast cancer risk stratification tool riskScore®. The publications clinically validate both the ability of the PRS component of riskScore to predict breast cancer risk in asymptomatic women and modify risk estimations for patients identified with pathogenic mutations. "Historically we've considered breast cancer risk most significant for women diagnosed with pathogenic mutations in hereditary cancer genes. These studies demonstrate clearly that other genetic factors evaluated through Myriad's riskScore test can dramatically alter breast cancer risk both independent of, and in combination with, gene mutations," said Nicole Lambert, president of Myriad International, Oncology and Women's Health. "This information can dramatically change patient clinical management and Myriad is currently working diligently to provide access to this important information for all women."
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