Market Opportunity

What's the opportunity?

The global cancer burden is significant, with an estimated 50.5 million people living with cancer, 19.3 million new cases and 10 million deaths in 2020[1]. The incidence of cancer is expected to rise to 30.2M million new cases by 2040 due to population aging and growth[2]. This burden can be reduced by improved prevention, early detection, availability of cancer screening programs and effective treatment to improve patient outcomes and reduce mortality. Early detection of cancer before it has spread (metastasised) can increase the 5-year survival rate up to 89% for ovarian cancer, 99% for breast cancer and 55% for lung cancer.

Current limitations

The development of ‘omics’ technologies has led to the field of precision oncology, which comprises tailoring treatment regimens to the molecular characteristics of each patient’s tumour. The current gold standard for diagnosis and molecular profiling of tumours typically involves the use of tissue biopsies. Given their invasive nature, tissue biopsies are associated with many limitations, including patient risk, sample preparation, sensitivity and accuracy, procedural costs and incompatibility for clinical longitudinal monitoring.

INOVIQ’s approach

INOVIQ’s approach using liquid biopsies (blood tests) have a great potential to overcome these existing sampling limitations. Blood is a rich source of tumour-associated biomarkers, which can be isolated from several biosources. 

Each biomarker has potential for blood-based cancer diagnostics, companion diagnostics, prognostics, and therapy selection and monitoring. Liquid biopsies may thus enable:

  1. Early detection of cancer (screening)
  2. Prognostication by providing information about stage and spread of the disease
  3. Identification of new targets for personalised treatment
  4. Pre-treatment therapy response prediction
  5. Early therapy response monitoring and “real-time” assessment of treatment effectiveness
  6. Selection of cancer treatment with the highest likelihood of success
  7. Early detection of recurrence of the disease

The global liquid biopsy market size was expected to reach US$ 5.96 billion by 2030, according to Grand View Research, Inc. 

INOVIQ is therefore targeting the large global market opportunity that exists for accurate, reliable and affordable liquid biopsy tests, which are less invasive and more convenient alternatives to current tissue biopsy and imaging methods.


Incidence, mortality and market potential for cancer screening tests (USD)
Application Global     USA        
  Incidence3 Deaths3 Women 50-74y
Incidence3 Deaths3 Women 50-74y
Screening period Ave price/test
Ovarian Cancer 314k 207k 826M 23.8k 14.4k 48.7M Annual $150
Breast Cancer 2.26M 685k 826M 253k 42.6k 48.7M Biennial $150

[1The Global Observatory 

[2The Global Observatory

[3] International Agency for Research on Cancer