Radisens vision is to enable a mobile diagnostic handheld in every doctor’s hand, resulting in rapid blood testing and disease diagnosis for patients at point-of-care.
No single solution on the market offers an affordable quantitative detection platform supporting the rapid diagnosis of multiple applications at point-of-care.
The medical industry is scrambling to follow the market pull for decentralized diagnostics, driven by US healthcare needs. Radisens’ disruptive platform technology is driving a step change towards ubiquitous desktop and handheld diagnostic analyzers by significantly reducing test costs while improving robustness, portability and usability.
The Market
The US clinical laboratory testing market is valued at $50 billion (2007), with the 8,700 hospital affiliated laboratories contributing over 55% of this, growing at over 7%. The biggest growth segment is in physician-office laboratories with these estimated 110,000 laboratories contributing $2.5 billion with a 12% growth rate.
Between them, these two segments are responsible for conducting over 280 million blood tests, equating to almost 60% of the annual worldwide standard blood testing. The major trend driving the growth of these segments is the decentralization of diagnostics from the central reference laboratory, as Government payors, such as Medicare and Medicaid are pushing to significantly reduce healthcare costs and improve patient satisfaction.
Today’s portable hematology analyzers range from $40,000 to $80,000, and beyond. By replacing the detection systems of current diagnostic instruments, our customers will be able to offer up to 70% cost reduction, with significantly lower maintenance/support costs, improved usability and multiple applications.
Radisens addressable niche in the point-of-care medical diagnostics market is $1.7 billion. This increases significantly once neighbouring verticals such as veterinary, pharmaceutical drug discovery and bio-terrorism are considered.
The Opportunity
No single solution on the market offers an affordable quantitative detection platform supporting the rapid diagnosis of multiple applications at point-of-care. That is, until now. Radisens is developing a highly integrated detection platform that significantly reduces the cost and size of the diagnostic instrument, and leverages its huge embedded processing power to implement myriad cell- and bead-based assays for multiple application support.
Routine blood and urine tests are especially susceptible to the growth in decentralised diagnostics into point-of-care environments. Whereas central reference laboratory results can take multiple hours or even days to process, point-of-care testing 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.
In addition to supporting multiple applications and simplifying operator usage, significant end-user cost savings are expected on top of the significant instrument savings. Since fixed costs are typically amortized across the consumables, this reduces the per-test cost, something that government agencies and insurance providers are striving for. In light of reducing reimbursement rates, this positively impacts the adaptation rate of Radisens’ platform technology.