Breast cancer is a type of cancer developed in breast tissue. A formation of a lump in a breast and red patches on the skin are some of the common symptoms of breast cancer. Obesity, lack of physical exercise, overexposure to radiation and drinking alcohol are some of the risk factors for developing breast cancer.
According to WHO, it is the second most common type of cancer in women. Every year 200,000 new cases are diagnosed worldwide and this number is continuously increasing. Prevalence of breast cancer is more common in developed countries compare with developing countries.
Thus, the aid in the effort to provide better diagnostics and treatment, the Innovation and ICT Minister of Western Australia recently announced that the Government will invest $150,000 in funding from the New Industries Fund into a WA-based medical device start-up, aimed at also enhancing capability and creating local jobs at their Nedlands-based R&D facility.
The funding which will further support the company’s ability to run clinical studies in Western Australia, and provide early access to the clinical benefits of its cutting-edge technology to Western Australian patients.
Founded in 2016, the start-up develops medical imaging technology that helps tackle the challenge of incomplete tumour removal during breast cancer surgery, alleviating the significant physical, psychological and economic burdens associated with repeat operations.
The technology behind the company was developed by a team of bioengineers, cancer surgeons and pathologists from The University of Western Australia, the Harry Perkins Institute of Medical Research and the Western Australian Department of Health.
The $16.7 million New Industries Fund was established to support and accelerate new and emerging businesses to diversify the Western Australian economy and create new WA jobs.
The Innovation and ICT Minister stated that the Government is committed to supporting the development and manufacture of cutting-edge medical technology, like that being developed by the company, in WA. Any technology that reduces the need for repeat surgeries is a significant health and cost benefits to the patient and alleviates demand on our hospitals.
“The fact that we have this sort of technology being invented by WA researchers and universities is a testament to the levels of expertise and innovation in our State,” he concluded.
According to recent research, the global breast cancer diagnostic and drug market should reach $28.2 billion by 2024 from $20.9 billion in 2019 at a compound annual growth rate (CAGR) of 6.2% for the forecast period of 2019 to 2024.
An increasing number of females suffering from breast cancer is the major factor for the growth of the market. Besides this, the adoption of unhealthy lifestyles, the growing female geriatric population, exposure to harmful radiation and increasing governmental initiatives also contributed to the growth of the market.
As no absolute treatment is available, there is scope for developing the market across the world. On the other hand, the high cost of the treatment, adverse effects associated with the therapy and long approval time for the drugs are responsible for restraining the growth of the market.
