Cancer diagnostics technology continues to evolve, with emerging science based in precision medicine beginning to dominate the industry. Even though global markets are primarily focused on cancer therapeutics, new trends in the development of cancer diagnostic technology will shape the future of these markets.
(Park City, UT) August 8, 2017—As efforts to develop better, more precise ways of diagnosing cancer continue, global markets need to shift focus towards emerging diagnostic technologies that will shape the future, according to NuView Life Sciences. Currently, markets are geared towards therapeutic applications, but current data shows that the growth of both in vitro and in vivo diagnostic markets will flourish through 2021.
According to recent data, the in vitro diagnostic market—which uses procedures that can be performed outside the body in a test tube, culture dish or elsewhere—will experience a 5.5% compound annual growth rate (CAGR) through 2021, eventually reaching a value of $78.7 billion.(1) Additionally, in vivo diagnostics—those that take place inside a patient’s body using various medical technologies, including non-invasive positron emission topography (PET) scans—is forecast to increase at a CAGR of 9.3% through 2021, eventually valuing $7.2 billion.(2)
One factor driving the increase in these markets is the exploration of precision medicine diagnostics, such as those currently under development at NuView Life Sciences. Patients with many types of cancer, including prostate, bladder, and breast, could reap the benefits of such technologies that will come to surpass the diagnostic accuracy of current technologies. Eventually, precision medicine diagnostic tests could become a routine part of health screenings and checkups worldwide.
Paul Crowe, CEO of NuView, says, “The potential in global diagnostics markets is virtually unlimited. There are already several minimally and non-invasive diagnostic options in clinical trials, including our own NV-VPAC1. We’re confident that our technology platform will help to change the focus of the markets towards diagnostics, instead of primarily concentrating on therapeutics.”
Another factor driving the increase in the global diagnostic markets is the increased safety and accuracy of these types of precision medicine-based technologies. NuView’s new technology platform, NV-VPAC1, uses a specific peptide sequence, combined with a medical imaging isotope, to correctly identify cancerous cells using PET scans. This non-invasive method of detecting cancer is superior to current diagnostic procedures, which often involve invasive, painful biopsies and other procedures that return inaccurate or questionable results.
For patients with prostate cancer, a shift in market focus could mean greater emphasis on developing and implementing precision medicine technologies in everyday healthcare. Currently, prostate cancer screening involves the prostate specific antigen (PSA) test using a blood sample from a patient. When PSA levels are high, many men are referred for further testing, including invasive biopsies.(3) Unfortunately for these patients, biopsies are often painful and can lead to a variety of complications, including infection, impotency and incontinence.(3) Furthermore, as many as 75% of men who undergo biopsy learn that their tumors are benign.(3)
Crowe says, “The fact that current diagnostic tests are often inaccurate and capable of causing profoundly negative side effects to patients is unacceptable. We’re confident that the technology we’re developing will help to revolutionize how many types of cancer, including prostate and breast cancer, are detected and conclusively diagnosed. This precision medicine-based technology is the future of the industry.”
In addition to the benefits to the patient, non-invasive precision medicine diagnostic technologies could also save millions for the entire healthcare industry. Healthcare facilities may only spend a few hundred dollars to utilize a platform such as NV-VPAC1 instead of spending thousands on other invasive diagnostic tests that may not even yield accurate results. Globally, this could help save billions of dollars in wasted diagnostic procedures, while still providing patients with definitive results in which they can be confident.
About NuView Life Sciences:
Founded in 2005, NuView Life Sciences is a biotechnology company located in Park City, Utah, working to improve the way cancer is diagnosed and treated in our modern healthcare system. NuView is focused on creating precision cancer diagnostics and therapeutics to improve patient outcomes while reducing healthcare costs through the development and clinical application of its exclusive peptide analog technology, NV-VPAC1.
Led by a team of industry experts with decades of combined experience in healthcare and medical imaging technologies, NuView is poised to change how we look for and respond to cancer. To learn more about NuView Life Sciences, please visit http://nuviewinfo.com/.
Sources:
- In Vitro Diagnostics/IVD Market by Product (Instruments, Reagents, Software), Technology (Immunoassay, Clinical Chemistry, Molecular Diagnostics, Hematology), Application (Diabetes, Oncology, Cardiology, Nephrology, Infectious Diseases)—Forecast to 2021. MarketsandMarkets. http://www.marketsandmarkets.com/Market-Reports/ivd-in-vitro-diagnostics-market-703.html?gclid=Cj0KCQjwwevLBRCGARIsAKnAJvc0owVQjewDYGmav977OMNCqtq5jL6frYeKcFbBHQt78T8fFJ0BTC4aAhnWEALw_wcB.
- Nuclear Medicine/Radiopharmaceuticals Market by Type (Diagnostic (SPECT – Technitium, PET – F-18), Therapeutic (Beta Emitters – I-131, Alpha Emitters, Brachytherapy – Y-90) & by Application (Oncology, Thyroid, Cardiology) – Global Forecasts to 2021. MarketsandMarkets. http://www.marketsandmarkets.com/Market-Reports/radiopharmaceuticals-market-417.html?gclid=Cj0KCQjwwevLBRCGARIsAKnAJvekjgXPt8TZmdAOVcF1mCiytEitnej7spLsDTVk5jVi5YJ2IHaMTj8aAk-fEALw_wcB.
- Prostate-Specific Antigen (PSA) Testing for Prostate Cancer Screening. net. http://www.cancer.net/research-and-advocacy/asco-care-and-treatment-recommendations-patients/prostate-specific-antigen-psa-testing-prostate-cancer-screening.
