The Twisting Future of Point of Care Testing and Rapid Diagnostics
The rapid diagnostics and point of care market is booming. It is estimated to reach a value of $72billion by the end of 2027 compared to $43.2billion in 2022. The industry is experiencing innovation it has never seen before due to several factors including the high prevalence of infectious diseases, a more supportive government, the rising number of new tests being approved, healthcare decentralization, and greater investment in product development. The pandemic pushed the field to new heights with many previous skeptics now seeing the benefits of the industry expanding. This article will detail some of the key trends you can expect to see over the coming years and the difficulties the industry must overcome to truly reach its full potential.
Continuous Glucose Monitoring Systems
Although the pandemic has thrust point of care testing into the public domain in a way we have never seen before, it was glucose monitoring products that accounted for the largest share of the market by product globally in 2021. This market segment is expected to continue to grow due to the prevalence of diabetes – the number of adults with diabetes is expected to increase to 643 million by 2030, coupled with ongoing technological advancements and growing patient awareness. Dexcom is leading the way in this area. In 2018, they launched their G6 CGM system which allows for continuous glucose monitoring, providing an app with real-time glucose data using a small sensor under the skin instead of conventional finger-pricking, which is less invasive and easier to use for elderly patients. Following on from this success, Dexcom is seeking clearance for their CGMs to be used in hospital settings. During trials in these settings, it was found that their device improves glucose control without any increased risk of hypoglycemia.
COVID-19
Although cases of COVID-19 in most parts of the world are falling, we are unlikely to see a decline in the point of care market. As we have learned, you can never be too prepared when it comes to COVID-19. It was only last month that the US Army agreed to a $1 billion contract with Abbott for an unknown number of their BinaxNOW and ID NOW tests. The pandemic flipped traditional healthcare on its head, no longer were patient-doctor meetings safe, instead, telemedicine became the norm. The speed, ease of use, cost-effectiveness, and acceptable test efficacy made point of care one of the only viable options for testing for the disease on mass. The benefits of this type of testing have been seen by many however there is still some skepticism amongst some clinicians regarding pre and post-analytical errors which may not be seen in traditional diagnostics. A key focus for the industry as it grows is to reduce these errors by creating accessible tests that clinicians (or non-professionals) feel confident knowing how to use correctly.
Digital Advancements
Digital advancements will likely shape the future of rapid diagnostics and point of care testing. A key focus for the R&D department at Abbott is to look at how digital technology and rapid diagnostics can be combined to make point of care testing reliable, accessible and affordable. To do this they are looking at the incorporation of digital capabilities from the start of a project rather than thinking of them as an added extra. Abbott is not the only organization putting a focus on the digital element of rapid diagnostics. Pfizer is proposing a $74.2 million deal to acquire ResApp Health. The company has developed an app that uses machine learning algorithms to analyze recordings of a person’s breathing and coughs to determine the extent of a range of respiratory diseases including asthma and pneumonia. The organization believes its app can gather more accurate data than a clinician using a stethoscope as they have no interruptions from muscles or bones in the chest. In a separate agreement, Pfizer has partnered with ResApp on the development of their app designed to identify COVID-19 cases. In March, ResApp announced that their method allowed them to catch COVID-19 cases with a false negative of 8%.
Talent Shortage
As the rapid diagnostic and point of care testing market continues to grow we will likely see several companies entering the market from smaller start-ups to larger multinationals. Investors are also likely to be attracted to the market, leading to an injection of capital and with it, rapid expansion. This will result in a need for more talent in the field. However, across the whole biotech industry, there is a shortage of top talent due to several factors including the ‘great resignation’ post-pandemic and competing industries offering more flexible hybrid working. Firms operating within the rapid diagnostics and point of care testing industries will need to look at different ways to attract and retain talent, particularly within key areas such as R&D. With the industry growing at such a swift rate, it may be difficult to understand and envision what the skills and knowledge your team members will need to have in 5 to 10 years, are. Organizations will likely need to develop processes to reskill talent to handle new technology or modes of operating that likely do not even yet exist.
At Bongene Search, we understand that the war for talent within the biotech space has never been fiercer. As search experts within the field, we recognize the difficulties that the current talent market is causing for all companies, whether you’re a scaling start-up or a global conglomerate. We specialize in helping organizations around the globe engage with hard-to-find talent and design exceptional teams of biotech professionals, with a particular focus on the rapid diagnostics and point of care testing markets. If you’re seeking support in the war for talent and require an adviser to partner with and realize your talent acquisition ambitions, reach out to a member of the Bongene Search team today!
Email: bongene@bongenesearch.com
Phone: +1 888-317-5955