In established markets, POCT meets needs of growing trends in alternative and decentralized care, says Frost & Sullivan Global Transformational Health Team
MOUNTAIN VIEW, California, June 28, 2016 /PRNewswire/ -- As the cost of care rises, healthcare delivery is decentralizing. Delivery from health settings such as mobile clinics, rapid retail clinics and home settings demands the use of point-of-care (POC) diagnostics. Effective delivery of healthcare has created business and technology convergence between point-of-care testing (POCT) and digital health. In addition to focusing on data and remote monitoring capabilities, manufacturers are capitalizing on the CLIA waiver policy to increase the footprint of POC devices.
New analysis from Frost & Sullivan, Growth Opportunities in the US Point of Care Market (http://utm.io/257077), reviews recent transformation, modifications in business models, growth opportunities and key predictions for the POCT industry.
If you are interested in more information, please contact Kayla Belcher, Corporate Communications, at email@example.com.
Through growth opportunities, the POC industry will experience:
- A focus on developing extremely sensitive assays for high-risk diseases by employing molecular methods
- Advocating POCTs as a part of the screening programs for high-risk diseases
- Real-time access to data from every care setting, enabling direct data transfer via middleware solutions
- Diversifying and investing in high-growth segments of POC, such as infectious disease, cardiac and coagulation PT/INR
- Investing in emerging biomarker applications for sepsis, MRSA, endocrinology and gastric diseases
"The adoption of POCT is highly governed by reimbursement from Medicare and Medicaid. The adoption patterns of POCT technology in the U.S. across emergency departments, hospital laboratories, physician office laboratories and independent reference laboratories is very dynamic and varies," said Frost & Sullivan Transformational Health Senior Industry Analyst, Divyaa Ravishankar. "Challenges hindering adoption include reimbursement laws and technology advancements. POCT devices need to be accurate and operate efficiently, while focusing on portability and ease of use. Companies cognizant of these challenges search for methods to innovate and examine emerging markets and therapeutic segments based on the trends."
Community pharmacies and low-volume physician office laboratories are excellent customers offering medical diagnostic testing near the POC. Given the initial hesitancy to prescribe POCs, suppliers can offer the rental equipment model and seek partnerships with community pharmacies for new and upcoming tests to create awareness with patients through walk-in testing or workplace testing. This is a great way to attract new customers. The CLIA waived testing offers an excellent opportunity in the U.S. to expand the footprint of currently observed POCs.
"POCT creates opportunity for middleware software developers and lab-on-chip manufacturers thereby offering inexpensive disposable and cartridge alternatives to reduce the cost per test or assay at POC," noted Ravishankar. "Furthermore, multiplexing abilities and proficiency to test for a variety of diseases in a single test will prepare the market for broader usability and justify costs."
For future endeavors, CEOs should consider following in the footsteps of QuantumDx, Ubiquitome, Lucigen Diagnostics and GenePOC Diagnostics.
Survive and Thrive in an Unpredictable Future! Schedule a Growth Strategy Dialog with the Life Sciences Global Team to discuss your strategic growth development and discover growth opportunities impacting your business, here: http://ww2.frost.com/consulting/.
Growth Opportunities in the US Point of Care Market is part of the Life Sciences Growth Partnership Service program. Frost & Sullivan's related studies include 2015 Global Laboratory Product Purchasing Trends, Industry Financial Review of the Global Laboratory Research Tools Market, United States Liquid Handling Market, and Global Next-generation Sequencing Market. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
- The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
- The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organization prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Growth Opportunities in the US Point of Care Market
Corporate Communications – North America
SOURCE Frost & Sullivan