In Vitro Diagnostics
NanoLogix technologies are “in vitro” (Latin: within glass) procedures. Globally, the market for in vitro diagnostics (IVD) continues to expand due to several factors including prevalence of disease, greater private sector testing, and significant developments in diagnostic services.
The report “Worldwide Market for In Vitro Diagnostic Tests” (7th ed.) indicated the global market for IVD products in 2009 was $44.3 billion. It expects that market to grow by 6 percent annually.
In addition, according to the research report “Global In Vitro Diagnostic Market Analysis,” the global IVD services industry is expected to grow to reach $52 Billion by 2013. This market includes all laboratory, point-of-care and OTC (over-the-counter) testing product sales.
Market research from Cardiogenics indicates 44 percent of global IVD sales come from North America, followed by Europe at 26 percent and Japan at 11 percent. In total, these sales make up 81 percent of the world’s IVD market. This share of global IVD sales is expected to decrease to 76 percent by 2012, as emerging countries begin to take advantage of simple and cost-effective tests becoming available in the marketplace, such as those from NanoLogix.
Professional POC (Point of Care)
Key sectors within the IVD market are point of care (POC) followed by immunochemistry and molecular diagnostics. NanoLogix technology thrives in the POC market where hospitals and laboratories, as well as basic doctor’s offices, can perform NanoLogix rapid live-cell tests simply and quickly. The only equipment required is a medical facility environment to prepare the sample. With 14 percent growth, this POC market segment is expected to reach $2.77 billion by 2012 (source: Cardiogenics).
Increasingly, hospitals, small labs and independent physicians are demanding simple, cost-effective rapid detection tests that can be conducted at their offices. Professional POC, such as the NanoLogix Quick Tests, are designed to provide near-patient testing within controlled settings, such as hospital or industry laboratories.