Clinical Laboratory Services Market Growth Due to Demand for Early Diagnosis

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Dec 16, 2016, 01:35 ET

NEW YORK, December 16, 2016 /PRNewswire/ --

http://www.Financialbuzz.com - While it is known that the global healthcare sector is booming due to technological innovations and growth in emerging markets, a less popular yet crucial sub-market is the global clinical laboratory services market. It is primarily driven by an increasing need for early diagnosis to improve therapeutics or disease management. According to a research report by Radiant Insights, the global clinical laboratory market is projected to reach USD 261.42 billion by 2020. Pressure Biosciences Inc. (OTC: PBIO), Danaher Corporation (NYSE: DHR), Qiagen NV (NASDAQ: QGEN), Agilent Technologies Inc. (NYSE: A), Boston Scientific Corporation (NYSE: BSX)

The research estimates that largely untapped emerging markets such as China, India and Brazil, where healthcare infrastructure is consistently improving, will be the most prominent growth opportunity in the clinical laboratory segment. The research also shows that clinical chemistry based services dominated the overall market, accounting for over 45% of the revenue share in 2013. This is primarily because these tests are a part of the initial disease diagnostic process and therefore are carried out in large volumes.

Pressure Biosciences Inc. (OTCQB: PBIO) describes itself as a leader in the development and sale of broadly enabling pressure cycling technology ("PCT")-based sample preparation solutions to the large and growing worldwide life sciences industry, announced today that the company, "discussed the potential impact on the Company of the $6.3 billion "21st Century Cures Act" that was signed into law earlier this week. The bill contains $1.8 billion earmarked specifically for cancer research (the "Cancer Moonshot" initiative). The Company's PCT sample preparation system is already being featured as an essential technology and used by leading researchers participating in the Cancer Moonshot and other important research programs.

Dr. Nate Lawrence, Vice President of Marketing and Sales at PBI, said: "We believe strongly that discovery starts with sample preparation. Consequently, it is critical that cancer researchers have access to cutting-edge instruments, consumables, and other products that will give them the best chance of success, by giving them the best-in-class method or methods to prepare their samples prior to testing…Several months ago, we announced the development and commercial release of our next-generation Barocycler instrument. This instrument was designed specifically with the scientific research community in mind. We announced at the time that the first three commercially available PCT systems were purchased by the Children's Medical Research Institute ("CMRI") in Sydney Australia, to be used in the study of as many as 70,000 tumor samples over seven years. CMRI is an official collaborating site to the Cancer Moonshot…We believe that, in many cases, the use of our PCT Sample Preparation System in protein analysis results in higher quality research data when compared to sample preparation with current technologies. This should result in a greater opportunity for discovery, which is one of the most important goals of the Cancer Moonshot initiative."

Mr. Richard T. Schumacher, President and CEO of PBI, said: "We believe the Cancer Moonshot initiative has the potential to completely transform cancer research. We believe our PCT platform will play a critical role in this regard. In an effort to take advantage of this opportunity, we have already taken action to expand our manufacturing and supply capacity, to expand our sales and marketing capabilities, to increase our collaborative programs with key opinion leaders worldwide, and to enhance our PCT platform applications and support. This is a terrific opportunity for PBI and we are completely focused on taking full advantage of it."

Pressure BioSciences, Inc. recently announced a co-marketing agreement with SCIEX, a company focuses on science analytical technologies like mass spectrometry, with a focus on improved sample preparation. SCIEX is a wholly-owned subsidiary of Danaher Corporation (NYSE: DHR). Under the agreement, SCIEX will promote Pressure BioSciences' PCT-based sample preparation systems. Mass spectrometry is a highly selective analytic technique which provides significantly more accurate measurements and as a result, is now being used in an increasing number of clinical laboratories. SCIEX's expertise in this technique provides marketing personnel and a worldwide distribution network that Pressure BioSciences, Inc. needs and will utilize.

Qiagen NV (NASDAQ: QGEN) is a Netherlands based company focused on providing Sample to Insight solutions that transform biological samples into molecular insights. The company recently announced teams up with provider of instruments and reagents for molecular profiling applications, HTG Molecular Diagnostics, with the goal to offer pharmaceutical companies a complete NGS-based solution for the development and commercialization of companion diagnostics, with a focus in oncology. "We are very impressed with QIAGEN's Sample to Insight philosophy and quickly envisioned development and commercial synergies through our combined efforts with pharma," said TJ Johnson, HTG's President and Chief Executive Officer. "Our objective is to develop a complete NGS solution from biomarker discovery to commercialized companion diagnostics and we believe this agreement accelerates both companies' efforts. We are excited to offer this solution to customers," added Mr. Johnson.

Agilent Technologies Inc. (NYSE: A) FDA Class l listed medical devices, the Agilent K1260 Infinity LC system and either a K6460 or K6420 triple quadrupole mass spectrometer, offers unique capabilities essential for quantitative analysis in the LDT laboratory. The company provides application focused solutions that include instruments, software, services and consumables for the entire laboratory workflow. Agilent serves the life sciences, diagnostics and applied chemical markets. It has three business segments: life sciences and applied markets business, diagnostics and genomics business, and Agilent CrossLab business.

Boston Scientific Corporation (NYSE: BSX) has recently acquired biological tissue business sector of Neovasc Inc., in a 15 percent equity stake. The Neovasc advanced biological tissue business makes elements used in transcatheter heart valves, including the Boston Scientific Lotus™ Valve System. Upon completion of the transaction, the Neovasc advanced biological tissue capabilities will be integrated into the Boston Scientific structural heart business for use in the manufacturing of the Lotus valve and future heart valve technologies. Boston Scientific is a developer, manufacturer and marketer of medical devices that are used in a range of interventional medical specialties. The Company offers its products by seven core businesses: Interventional Cardiology, Peripheral Interventions, Cardiac Rhythm Management, Electrophysiology, Endoscopy, Urology and Pelvic Health, and Neuromodulation. It operates in three segments: Cardiovascular, Rhythm Management and MedSurg.

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