According to a 2013 report on hospital-based point of care (POC) diagnostics, Reportlinker notes that the market for POC diagnostic products used in a hospital setting was worth approximately $2.9 billion in 2011.
The report notes that sectors such as cardiac markers have registered double digit growth in 2011. The report adds that there is growing interest in the adoption of POC technologies. In addition, POC technologies are also seeing strong demand in emerging markets. Companies
are also introducing new products that allow POC testing for more applications.
According to Reportlinker, hospital-based POC diagnostics offer healthcare providers with a number of benefits. Not only can healthcare providers improve the quality of patient care but they can also save time and reduce costs.
The Reportlinker report notes that the hospital POC diagnostics market has around 80 active companies. However, many of these companies are either in development stage or have very few products in their portfolio. The biggest players in this market include Switzerland-based Roche, Germany-based Siemens and U.S.-based Abbott.
An emerging player in the hospital POC diagnostics market is Biomerica Inc. (OTCBB:BMRA).
Based in Irvine, California, Biomerica is a global provider of advanced diagnostic products for the early detection of medical conditions. This morning, the company announced its financial results for its first quarter ended August 31, 2015.
For the quarter, BMRA reported net sales of $1.28 million, compared to $1.03 million reported for the same period in the previous year. The company’s net loss for the quarter was $76,335, compared to a net loss of $219,268 reported in the same period last year.
The decrease in net loss was mainly due to an increase in sales to Asia. Research and development spending in the quarter was $157,994, compared to $195,706 reported for the same period in the previous year.
The majority of the R&D spending was invested in new IBS product and the pursuit of obtaining FDA clearance.
Zackary Irani, CEO of Biomerica, said that while the company is pleased with the increase in sales from Asia for the quarter, its European sales were lower than expected, possibly due to order timing.
Irani further said that the company will know more about European sales trends in the next quarter. Irani added that the company continues to work on new distribution and product registrations internationally and expect regulatory approvals and new distribution partners throughout fiscal 2016.
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