Biopsy Devices Industry Spurs with Growing Need to Detect & Remove Cancer Cells
Manufacturers of biopsy devices are taking various steps such as increasing investment in R&D activities, partnerships, and receiving funding for detection and removal of different types of cancer.
Biopsy devices are used for carrying out biopsy procedures with the help of advanced imaging technologies. The demand for integrated biopsy technologies has increased with rising awareness for diagnosis of chronic diseases including breast cancer and lung diseases. In addition, early detection of cancer cells along with application of advanced diagnostic technique aid medical professionals in reduction of mortality rate. Rise in geriatric population, increasing incidence of liver diseases, and demand for diagnostic testing are factors responsible for rising demand for biopsy devices. In its recent report on the biopsy devices market, Allied Market Research states that the market is expected to generate a revenue of $1,621 million by 2022, registering a CAGR of 5.5% from 2016 to 2022. Following are recent trends shaping the biopsy devices industry:
Increasing investments in R&D activities of biopsy devices:
Companies are investing in huge amount in research and development activities of biopsy devices with growing cases of different types of cancers. These devices help in detection of cancer cells and hinder their further growth. Proscia, Inc., a Baltimore-based start-up working on health technologies, has added image analysis tools in its cloud-based cancer biopsy database. The company aims to improve cancer research and diagnosis with the help of image analysis of tissue samples. “Quantitative image analysis is at the cutting edge of cancer research,” said David West, CEO of Proscia at the Digital Pathology Association's Pathology Visions conference in San Diego, U.S. The company stated that their method is faster and cost effective than other methods, which analyzes a tissue sample by digitally comparing it to array of samples. This system helps in spotting differences that are not visible to naked eyes. The company is planning to join forces with research organizations, academic medical centers, and biopharmaceutical companies to use their cancer biopsy database for detection of cancer cells. Proscia received $1 million in seed funding in July this year from a group of venture capitalists led by Emerald Development Managers. Other investors included Robin Hood Ventures, A-Level Capital, and TCP Venture Capital.
Partnership for liquid biopsy test development:
Manufacturers are partnering with other manufacturer to combine expertise and capabilities to develop liquid biopsy tests. Exosome Diagnostics, Inc., a biofluid-based diagnostics firm has entered into a partnership agreement with Amgen, a biotechnology giant based in California, U.S. Financial terms of the partnership agreement have not disclosed yet. Both companies will work together to develop liquid biopsy tests that will lead to drug development. This partnership will also help Exosome gain momentum in liquid biopsy test development, in which the company has been endeavoring from past few years. Partnerships also help companies in expanding their offering product portfolio. First liquid biopsy test of Exosome included testing RNA and DNA to detect lung cancer, prostate cancer, and solid tumor. Now the company is planning to expand its offerings by including tests for inflammatory, cardiovascular, metabolic, and neurodegenerative diseases. John Boyce, CEO of Exosome said, “The strategy and positioning of the company since the beginning of 2016 is garnering significant results, and we look forward to expounding upon these successes.” Liquid biopsies help in less invasive and easier collection of samples with fewer complications.
Dune Medical Received €3 million for biopsy device development:
Dune Medical Devices has received €3 million grant from European Union for development of a new biopsy device on the basis of technology used to create its MarginProbe device. The company received the funding from Horizon 2020, an EU research and innovation program. This funding will accelerate the development of soft tissue biopsy system of Dune Medical. The system will help medical professionals in finding tissue abnormalities with the help of tip of biopsy needle, which in turn, reduces time for diagnosis and repeated biopsies. Radio frequency spectroscopy will be used in this new device for tissue characterization. Lori Chmura, president of Dune Medical’s U.S. operations, stated that the design of this new device has finished and also refused to give the name of this device. The funding will primarily be used for commercialization of the device. The new device will be one its kind as it uses technology used in MarginProbe, which will also help Dune Medical in strengthening their position in biopsy devices industry.
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ABOUT THE AUTHOR
Deepak Bandal is a keynote senior consultant on digital marketing at Allied Market Research. He has been recognized for developing a robust social network strategy for the company. Bandal has written several whitepapers, case studies, and articles. He is a visiting faculty member at various educational institutions and has expertise in life sciences and medical devices.