Hologic, Inc. HOLX entered the Breast Cancer Awareness Month by ringing the Nasdaq opening bell for the 18th year. As part of this annual tradition, Hologic launched a comprehensive patient education campaign named BustTheMyth. The campaign is aimed at dispelling myths about breast cancer, mammograms and breast density.

The latest announcement highlights Hologic’s commitment to advancing technology and improving patient outcomes across the continuum of breast health.

Significance of Hologic’s BustTheMyth Campaign

According to the data released by the National Cancer Institute, breast cancer is the world’s most common cancer among women, affecting one in every eight women in their lifetime. When detected early, breast cancer is highly treatable, with a five-year survival rate of 99%. Despite the prevalence of breast cancer and the benefits of early detection, more than 40% of women in the United States reported skipping potentially life-saving breast cancer screenings. The primary reasons behind women skipping or delaying a recommended exam are not knowing the importance of the screening, anxiety about the exam, lack of time or concerns about pain or discomfort.

As a leading women’s health organization, Hologic aims to support women at every stage of their health journey, including advocating for change and increasing awareness about the importance of breast cancer screening and early detection. The campaign focuses on women empowerment by encouraging them to prioritize themselves and take charge of their health with confidence.

More on the News

Hologic’s educational campaign addresses many deterrents to screening by dispelling common myths, helping women learn the truth about who needs a mammogram, and more. Some of the facts regarding breast cancer are that 85% of women diagnosed with breast cancer have no family history and breast density cannot be felt; it is determined by a mammogram.

Hologic’s 3D Mammography exam is the only FDA-approved mammogram. The exam is best for women with dense breasts (when compared to 2D alone).

Recent Development by Hologic

In July, the company completed its previously announced acquisition of Endomagnetics Ltd (Endomag), a privately held UK-based developer of breast cancer surgery technologies, for approximately $310 million. This strategic move is aimed at bolstering Hologic's breast surgery portfolio, offering surgeons and radiologists an expanded range of innovative solutions for breast cancer procedures.

Industry Propects Favor Hologic

Per a Market Insights Future report, the women healthcare market was valued at $7.9 billion in 2023 and is projected to grow from $8.22 billion in 2024 to $10.9 billion by 2032, exhibiting a compound annual growth rate of 3.58% during the period. The key factors influencing market growth are the rising frequency of chronic health conditions, increasing women’s biological issues and advanced treatment.

Latest Updates From Hologic’s Peers

In the women's healthcare space, Hologic faces competition from some prominent MedTech players. These companies are also making notable developments in their respective categories.

Evofem Biosciences, Inc. EVFM,one of the major competitors of Hologic, recently entered into a market development collaboration with Pearsanta, Inc. to focus on the latter’s blood-based diagnostic test for endometriosis — Mitomic. Endometriosis is a chronic disease associated with severe, life-impacting pain. It affects approximately one in ten women of reproductive age around the world (approximately 190 million women and girls), according to the World Health Organization.

The company also received a U.S. patent for the composition and methods used in producing its Phexxi vagina gel. Phexxi is the first and only FDA-approved hormone-free, locally-acting contraceptive gel.

Aspira Women's Health AWH, another peer of Hologic, is a bio-analytical-based women’s health company focused on the development of gynecologic disease diagnostic tools. Earlier this year, the company launched an updated OvaWatch ovarian cancer risk assessment test after completing all appropriate pre-launch activities. OvaWatch uses an AI-powered algorithm to assess the malignancy risk of adnexal masses. With a negative predictive value of 99%, OvaWatch can help physicians confidently determine the appropriate care plan over time.

Additionally, in August, the company inked a definitive agreement with Dorsata, a healthcare software company, to create a protocol workflow tool for the clinical treatment of adnexal masses.

Another notable competitor of Hologic is Dare Bioscience DARE, which reported favorable data from the postcoital test clinical study of Ovaprene earlier this year. Ovaprene is an investigational hormone-free, intravaginal monthly product candidate currently in clinical development for pregnancy prevention. Additionally, the company achieved technological proof of concept for DARE-LARC1 — a potential new class of long-acting, reversible contraceptive.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Hologic, Inc. (HOLX) : Free Stock Analysis Report

Aspira Women's Health Inc. (AWH) : Free Stock Analysis Report

Dare Bioscience, Inc. (DARE) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research