The growing prevalence of colorectal cancer has fueled the need for timely and efficient diagnostic and screening methods. This has led to the popularity of molecular-based and at-home test kits, providing crucial information to healthcare providers for the early detection of cancer.
Mainz Biomed, a pioneering molecular genetics diagnostics company, has successfully developed at-home colorectal cancer tests by addressing market demand, embracing technological advancements, and prioritizing user experience.
This shift toward convenient diagnostics in cancer treatment has paved the way for the expansion of the colorectal cancer screening market. According to data insights from BIS Research, the global colorectal cancer screening market is projected to reach $9.73 billion by 2033 from $1.93 billion in 2022, growing at a CAGR of 15.94% during the forecast period 2023-2033.
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This article delves deep into analyzing the strategic approach to expanding the market for products and commitment to user-centricity, through which industry entrants can gain valuable insights into their successful commercialization strategy.
Collaborating with Research Institutions to Reach International Markets
In April 2023, Mainz Biomed announced the addition of the Instituto de Microecologia in Madrid to its network of lab partners. This collaboration aims to expand the commercialization of Mainz Biomed's flagship product, ColoAlert, an at-home stool detection test for colorectal cancer (CRC). The test is safe and non-invasive, which increases the popularity of the kit.
The Instituto de Microecologia recognizes CRC as a leading cause of cancer-related deaths in Spain, with a high incidence rate affecting a significant portion of the population. Early detection of CRC plays a vital role in improving survival rates, with a probability of exceeding 90% survival.
Moreover, with its expertise in microbiota studies and intestinal health, the institute brings valuable insights to the partnership.
By entering into the Spanish and Portuguese markets, Mainz Biomed further strengthens its presence in Europe and enhances consumer access to affordable and reliable CRC screening tests.
Expanding Corporate Health Programs
In April 2023, Mainz Biomed expanded its corporate health program for ColoAlert by partnering with three German-based companies. These companies have chosen to include ColoAlert in their respective corporate health programs.
The inclusion of ColoAlert in these programs aims to provide employees easy access to CRC screening, considering the high number of CRC cases diagnosed annually in Germany.
Mainz Biomed offers an online portal for employees to register and receive the ColoAlert test, with confidential results provided through the portal along with explanations. The company also provides education to employees and physicians on CRC, offers guidance for further steps, and demonstrates its commitment to employee health and well-being.
Acquisition of IP Portfolio for ColoAlert
In February 2023, Mainz Biomed acquired the complete intellectual property (IP) portfolio for its colorectal cancer diagnostic test program. The transaction includes the IP associated with Mainz Biomed's ColoAlert product and the gene expression biomarkers being evaluated in the ColoFuture studies. This acquisition of IP ownership streamlines administration, reduces expenses per test, and allows Mainz Biomed to ramp up its corporate development activities. Mainz Biomed's ColoAlert is being commercialized across Europe and selects international markets through partnerships with third-party laboratories for test kit processing.
The company is also evaluating the mRNA biomarkers acquired from SOCPRA Sciences Sante et Humaines S.E.C. in clinical studies to enhance the technical profile of ColoAlert and improve its sensitivity and specificity in detecting advanced adenomas.
The results of multiple studies conducted in affiliated research institutions will determine the integration of the biomarkers into the ReconAAsense clinical study (which will include approximately 15,000 subjects from 150 sites across the U.S.), which will form the basis for regulatory review by the FDA for marketing authorization.
Conclusion
By providing individuals with the ability to perform a crucial health screening in the comfort of their own homes, Mainz Biomed has tapped into a growing market demand for accessible and user-friendly medical solutions.
With colorectal cancer continuing to pose a significant worldwide health issue, the utilization of at-home testing holds promise in expediting early detection, enhancing patient outcomes, and ultimately leading to saved lives and reduced strain on healthcare systems.
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