‘Double whammy' win: Cancer-fighting AI takes on $750 million market

Breast screening programs are proving to reduce the mortality of breast and lung cancers, and Australian-listed company Volpara wants to improve this life-saving practice by making it more personalised.

Chief executive Ralph Highnam – who also founded the business and serves as its chief scientist – told Reach Markets the current ‘one-size-fits-all’ approach to screening can be improved upon.

“That’s where Volpara comes in with our platform and our AI,” he said.

Volpara provides a software-as-a-service platform that measures the compression placed on women’s breasts during screening, as well as recording the radiation dose used during the X-ray procedure and the true density of women’s breasts.

Volpara can even tell doctors whether or not the image they’ve taken will be of a high enough quality to be of use, or if another image should be taken while the woman is still in the practice.

These data points can be used by doctors to ensure women receive all the benefits of breast screening without suffering undue discomfort or pain.

The software’s ability to measure a woman’s breast density is especially important, too. Women with higher breast density are more likely to develop breast cancer, but less likely to have this cancer caught by screening processes.

“It’s a real double-whammy for women with dense breasts,” Mr Highnam said.

In the US – where Volpara has already captured 34% of the market share – some states have ruled that doctors must provide patients with breast density information.

This could soon be required across the entire country, Mr Highnam said, as the Food and Drug Administration (FDA) is currently weighing up a national mandate.

The company has few competitors in this market, which Mr Highnam estimates generates combined annualised rates of return of US$750 million globally.

Horizon 3 chief investment officer Matt McNamara noted the company has experienced rapid growth in its customer base, growing from a 3% market share in the US five years ago to more than one-third today.

“It’s very exciting technology because it is detecting breast cancer earlier in these ladies,” he said.

“Everyone is very hopeful and expecting US legislation to mandate compulsory breast screening measurements soon and these guys will be right at the forefront of being able to deliver that.”

Mr McNamara added that such a change would give medical practitioners a better chance of finding those cancerous cells sooner.

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