Many biotechnology firms focus on the health sector. However, there has been recent growth in the use of biotechnology in cancer research and treatment.
Biotechnology (biotech) plays a vital role in a myriad of sectors, by improving industry standards, services, and developing new products. While agriculture, material science and environmental science are amongst the main areas of research, the largest impacts are made in the medical field.
As major research groups in the development of pharmaceuticals, the role of biotechnology firms in the healthcare field is indisputable. From genetic analysis to the development of drugs and treatments for common and rare conditions, many biotechnology businesses are transforming into pharmaceutical and biopharmaceutical companies.
Some of the processes within the industry include microbiology, genetic engineering and biochemistry, among many others. And while there are many various types of medical conditions, the market is seeing a large spur of demand for therapeutic and diagnostic solutions such as red biotechnology, recombinant technology, and DNA sequencing.
Additionally, the rising occurrence of persistent conditions such as diabetes and cancer globally are expected to further increase the need for new and innovative biotechnology products. And, according to Polaris Market Research, the global biotechnology market size was valued at $390.1 bn (~€350.8) in 2017 and is projected to register a CAGR of 7.7% during the forecast period of 2019 – 2026.
Overall, the cancer treatment market is one of the biggest segments of the biotechnology industry. According to the National Cancer Institute, it was estimated that 1.73 million in the US were affected by cancer in 2018.
Todos Medical announced that it has entered into an exclusive option agreement to acquire Provista Diagnostics, an in vitro diagnostics company with a CLIA/CAP certified lab in Alpharetta, Georgia, developing and commercialising the proprietary Videssa blood test for breast cancer. Videssa has been clinically validated for the early and accurate detection of breast cancer based on data from over one thousand patient samples.
‘The Videssa technology platform and the menu of cancer and autoantibodies tests from Provista Diagnostics represent a robust, reliable, cost- effective and clinically useful line of products for the early and accurate detection of breast cancer,’ said Dr. Jorge Leon, Senior Medical Advisor of Todos. ‘Once confirmed through a clinical utility study to support reimbursement in breast cancer and bench marking, this pipeline of tests can play a real role in the management of cancer patients worldwide.’
Additionally, the report, by the National Cancer Institute, suggested that 609,640 people passed away due to cancer. The increase in competition and continuous technological advancements has so far led to improvements in the product portfolio of biotech firms in the field.
Therefore, product approvals and product development are one of the key developmental strategies adopted by the market players in the global cancer therapeutics market. More specifically, by cancer type, the market is segmented into Blood Cancer, Breast Cancer, Prostate Cancer, Gastrointestinal Cancer and numerous other cancer types.
According to a report by Mordor Intelligence, the breast cancer segment is projected to account for the largest market size over the forecast period of 2020–2025. As per estimates provided by the Breast Cancer Organization in 2018, it is estimated that over 2,66,120 new cases of invasive breast cancer are expected to be diagnosed in women in the United States, along with 63,960 new cases of non-invasive breast cancer.