New Horizon Health and Prenetics will jointly promote ColoClear in Hong Kong, Macao and Taiwan, with additional options to expand the partnership into more markets in the Southeast Asian region. [Photo/IC]

Hangzhou, Zhejiang province-based cancer screening biotech company New Horizon Health announced a strategic partnership on Monday with Hong Kong-based Prenetics Group Ltd to launch its ColoClear, a non-invasive stool-based test for colorectal cancer, in Hong Kong as a first step to venture in markets beyond the Chinese mainland.

As the first molecular colorectal cancer screening test approved by the National Medical Products Administration, the product will be officially launched in Hong Kong on June 8, Zhu Yeqing, CEO of New Horizon Health, said at a media conference on Monday.

New Horizon Health and Prenetics will jointly promote ColoClear in Hong Kong, Macao and Taiwan, with additional options to expand the partnership into more markets in the Southeast Asian region. New Horizon Health and Prenetics will equally share profits from the sales of ColoClear in those markets.

Colorectal cancer screening has a huge potential for growth in the Asian market. According to a Frost & Sullivan research report, Hong Kong's market in colorectal cancer screening is predicted to grow from $1.3 million in 2020 to $290 million in 2030, with a 10-year compound annual growth rate of 71.7 percent. The same market in Southeast Asia is predicted to grow from $33.4 million in 2020 to $2.79 billion in 2030, with a 10-year CAGR of 55.7 percent.

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