Endeavor Power Corporation (“Endeavor Power” or the “Company”) (OTCQB: EDVP) provides an outline of its new target market in the Point-of-Care In Vitro diagnostics market.
The point-of-care testing (“POCT”) market has been predicted to reach a total market value of $34.6 billion by 2021, according to a recent report published by Kalorama Information. With the ability to help reduce healthcare costs while simultaneously improving patient care, POCT represent a significant and growing share of the global in vitro diagnostics (“IVD”) market, according to the marketing research firm Kalorama. In 2010 the value of the POCT market was $13.4 billion and grew to $13.8 billion in 2011. Over the five-year period to 2016 the market is expected to experience a compound annual growth rate (CAGR) of 3.7%, to further increase its value to $16.5 billion.
The driving factors behind the growth in the POCT market can be attributed to a number of factors including staff shortages, older populations, long-term cost savings, the faster diagnostic and care benefits it provides, and rural locations without conventional laboratory services. More tests are being performed at the hospital patient’s bedside, in physician’s office laboratories, outpatient clinics, emergency rooms, and intensive-care units.
Endeavor Chairman Edward W. Withrow III says, “the reason for the shift from central laboratory to POCT and steady growth in the type and number of POC tests performed have been stimulated by various factors such as increased competency of test results, reduced costs, better access for patients and a general reduction in patient time spent with healthcare provider. The patient receives tests results at the health provider facility, the POC tests cost less than their central laboratory counterparts, patients and health insurers paying less and by not having the tests sent to an outside lab the healthcare provider has an opportunity to generate additional income from performing the test in-house.”