cancer detetction diagnostic kits

Laboratory results coupled by home based diagnostic testing has created a global diagnostic industry worth $26 billion. Cancer testing is estimated at over $2 billion a year, in addition to being one of the fastest growing sectors amongst the diagnostics testing market.

A number of leading companies have been progressively flooding the market with increasingly effective and competitive technologies, capable of making a true difference in cancer detection, such as U.S.-based Johnson & Johnson (JNJ) and Abbott Laboratories (ABT).

As cancer detection technologies continue to rapidly improve, companies dedicated to cancer diagnosis alone are increasingly seen as highly appealing investment opportunities. Last April, U.S. clinical laboratory services company Quest Diagnostics (DGX) completed the acquisition of diagnostic testing firm Ameripath, with hopes of establishing its "leading position in cancer diagnostics," according to Chairman and CEO Surya N. Mohapatra. The deal sent Quest's stock price up to a high of $58.67. Two months later, California-based measurement equipment giant Agilent Technologies (A) announced the acquisition of Denmark's cancer diagnostics company Dako for $2.2 billion.

As the market continues to grow at a rapid pace, two companies have recently caught the eye of U.S. firms and medical specialists, leading to more financial opportunities. Israel's BioView (BIOV) signed a cooperation agreement with Silicon Valley-based laboratory OncoMDx last March, to develop a noninvasive diagnostic test for the early detection of NSCLC. If the clinical trial is successful, the test's market potential in the U.S. is estimated at $80-200 million annually. More recently, BioView entered into a cooperation agreement with France's ScreenCell. The announcement brought Bio View's shares up 3.8%. On the other side of the world, Canada-based Verisante Technology (VRSEF.PK) came into the spotlight when it renewed a promising Collaborative Research Agreement (CRA) with the British Columbia Cancer Agency (BCCA) to pursue the development of its Aura device for skin cancer detection and its Core system for the detection of lung, gastro-intestinal and cervical cancers.


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