Radisens’ vision is to enable a single connected diagnostic device into every physician office, emergency room, intensive care unit and acute care setting, capable of running the majority of blood tests ordered at point-of-care, with results to the clinician within minutes.
No solution on the market offers an affordable quantitative diagnostic platform supporting the rapid diagnosis of multiple immunoassay, biochemistry and haematology assays at point-of-care….
The medical industry is scrambling to meet the market pull for decentralized diagnostics, driven by the need to drive significant productivity gains and work practice efficiencies in healthcare, reduce patient waiting lists and pressures on hospital beds, ensure optimal use of professional times, and significantly improve patients’ disease management. Clinicians do not want the myriad of devices currently required to fulfill minimum point-of-care needs, each with their differing use cases, maintenance and quality procedures, and training requirements. Radisens’ disruptive device platform is driving a step change towards a single device for point-of-care testing (PoCT) by offering an extensive menu across immunoassay, biochemistry and haematology tests, reducing test costs, simplifying quality assurance procedures and offering sample-to-answer operation.
The Market
In 2008, the PoCT market worldwide was $4.7 billion and is expected to grow at 5-8% CAGR to $5.9 billion (2013). The U.S. PoCT market share is approximately 55%, with Europe at 35%, Japan/Asia representing 5% and the ROW accounting for the 5% balance. The U.S. clinical laboratory market comprises almost 5,500 central reference labs, 8,900 hospital laboratories and 115,000 physician-office laboratories. Over one billion blood tests are ordered annually in the U.S. physician office alone. Immunoassay, chemistry and haematology tests account for three quarters of the one billion tests ordered in the physician office and hospital PoCT settings.
The major trend driving the growth of these segments is the decentralization of diagnostics from the central reference laboratory into PoCT, as regional and national healthcare services are obsessed to reduce costs, by maximising productivity gains and work practise efficiencies.
The Opportunity
Routine blood and urine tests are especially susceptible to the growth in decentralised diagnostics in this $6 billion niche. Whereas central reference laboratory results can take multiple hours or even days to process, PoCT results are obtained within minutes, while the patient waits. This reduces healthcare costs and minimizes delays in treatments, with significant savings to be had once patient diagnosis can be delivered early and rapidly in the patient management cycle.
There is an unmet market need to deliver a single economic diagnostic device covering the majority of blood tests needs at point-of-care. Clinicians and physicians do not want the current solution of numerous machines with different quality, operational, training and maintenance procedures clogging up their lab, thus not realising the significant cost savings that point-of-care testing promises. By converging medical diagnostics and consumer electronics fields, Radisens is developing a market-driven, patent pending solution for this $6bn niche, by multiplexing three families of blood tests onto a single consumable test panel, reporting results within minutes from a finger-prick of blood.