Market Overview

We have two business divisions; Human Care and Animal Care. Within Human Care, our focus for superficial tumours is in the Middle East, Asia, India S-E Asia and Africa, where the needs are great and where there are few alternatives and cost-effective treatment methods. The technology platform has already been launched in several markets and is used at a number of hospitals and cancer centres in India, the Philippines, Malaysia and Kenya. As for deep-seated tumours such as Bone and Pancreatic cancer, we focus on the European and North American markets primarily. The wholly-owned subsidiary Vetiqure AB runs the Animal Care business division and is primarily focused on the markets in Scandinavia, Europe, North America and the Middle East.

A great need

There is today a great need for new and effective treatments in oncology, even if development is progressing rapidly. The number of people who get cancer is increasing rapidly all over the world. Although research is advancing rapidly, existing treatments are being refined, and new treatments are being added, there are still a large number of cancer patients whose tumours cannot be treated with conventional methods or do not respond to treatment for various reasons. 

We are currently further developing its technology to treat deep-seated tumours such as secondary bone cancer, pancreatic cancer, prostate cancer and similar deep-seated tumours. Our innovation, therefore, has the potential to become an important treatment option for oncologists and patients worldwide. Today, we operate in both Human Care and Animal Care and thus cover two different markets.

A market for human care

Despite major investments in the field, there are still a large number of cancer patients whose tumours cannot be treated for various reasons or respond to treatment with conventional methods. The reasons why these patients’ tumours cannot be treated include that a diagnosis was made too late, that there is no financial room to use expensive drugs, or that radiation therapy has not produced results. We identified where the market needs were the greatest and where the treatment options were the most limited, which led to the market establishment in India and Southeast Asia. These countries and regions account for over half of all cancer-related deaths. Our establishment strategy within Human Care is based on the commercialization of our technologies by primarily entering into distribution and license agreements for various applications with healthcare providers.

The global oncology market

The oncology market is growing every year. Costs attributable to cancer treatment in 2018 totalled $150 billion. This corresponds to an increase of 12.9 percent compared to the previous year and already in 2023 the market size is expected to exceed USD 220 billion. The Chinese market grew by 24 percent in 2018. In the United States, costs attributable to cancer treatment have doubled since 2013 and, in 2018, exceeded USD 56 billion.

Increased number of new cancer cases

In 2018, roughly 18 million new cancer cases were discovered and roughly 10 million people died of cancer in the same year. By the year 2025, the number of new cases is expected to have risen to nearly 21.5 million, which corresponds to an increase of just over 18 percent. The number of deaths is expected to increase to 11.5 million by 2025, which corresponds to an increase of approximately 20 percent.

Cost-effective and accessible cancer treatment

Developing countries account for 56 percent of new cancer cases in the world and 65 percent of all deaths in the region are caused by cancer. The fact that the deaths are significantly higher in this part of the world is probably due to a combination of late diagnoses as patients do not seek care until the disease is well advanced, as well as limited access to standard treatment and preventive care visits. We believe that with our patented technology, it is possible to provide a palliative, cost-effective, and accessible cancer treatment that has the capacity to provide these patients with effective treatment and extended life.

The countries and regions that we initially focus on are India and Southeast Asia, where we are already established in Singapore, the Philippines, Malaysia, Vietnam, and Myanmar through distributor agreements and orders received. We plan to gradually establish itself in the rest of Southeast Asia over the next two to three years.

IQwave™ can be the solution

An increasingly ageing population is also a relevant social trend for the Company. By 2050, the global population over 60 is expected to have increased to two billion. With increasing age, the number of disease cases will increase. The new medicines and the new medical technology that are introduced are in many cases very costly for healthcare, which, in combination with more and more cases of illness, puts increased pressure on the state’s expenses. Given the skyrocketing healthcare costs, healthcare providers will increasingly look for more cost-effective treatment methods. Our assessment are that IQwave™ has the conditions to meet these needs.

  • IQVIA. Global Oncology Trend Report 2019: Therapeutics, clinical development and health system implications
  • International Agency for Research on Cancer, World Health Organization. World Cancer Report 2020 (2020)
  • World Health Organization; Global Cancer Observatory

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