The first strategic directive then is to grow our existing products in markets. And I would like to talk briefly about the three of our products. BRACAnalysis is our flagship product. It is a test that identifies an individual’s risk for developing breast or ovarian cancer later in life. And the company is expanding that market by moving from traditional invasive breast cancer to developing information and support for triple negative breast cancer, carcinoma in situ, and expanding in the ovarian cancer market. And these three initiatives have allowed us to grow this market so that BRACAnalysis right now has a market potential of greater than $1 billion annually.
COLARIS is a similar product but focused on colon cancer and endometrial cancer. And we have recently improved the colorectal cancer test by adding a fourth gene to the panel, making it much more informative, called PMS2. We have hired a specialty physician sales force calling on GI docs to expand our outreach. And have experienced very strong growth, in fact, last quarter the COLARIS product grew 35% year-over-year. This represents about a $400 million annual market potential.
The newest product the company has launched is PROLARIS, which assesses a man’s prostate cancer and how aggressive that cancer will be. And I am going to talk a little bit more about each of these tests. PROLARIS has a $700 million market potential. When we think of BRACAnalysis, an individual who has a mutation in one of the two genes we test for, has an 86% chance of developing breast cancer later in life, and a 44% chance of developing ovarian cancer.
Obviously, those are fairly scary numbers. But armed with that information there are things that the patients and the physician can do to reduce substantially by over 50%, the probability that they are going to actually get the cancer. An increased surveillance so that they can catch the disease at an earlier stage when it’s more treatable. Not only is this information critical in terms of managing the patient’s healthcare, but it is very cost effective. If you look at cost effective medicine, which is about $50,000 for quality of adjusted life here saved, BRACAnalysis comes in at about 60% of that, or $30,600. So it is very cost effective, it saves the overall healthcare system money. And at the same time is critical in the managing of patient’s hereditary cancer risk.Read the rest of this transcript for free on seekingalpha.com