Endeavor Power Corporation Outlines Its New Target Market, Its Size and Projected Growth
CAMBRIDGE, Mass.--(BUSINESS WIRE)-- 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."
ABOUT ENDEAVOR POWER CORPORATION
Endeavor Power Corp is a fully reporting Nevada corporation traded on the OTCQB under the symbol "EDVP.QB". The Company is headquartered in Cambridge, MA. Parallax Diagnostics, Ltd ("Parallax") is a bio-medical company focused on infectious diseases, which owns a line of proprietary, FDA approved, Point of Care diagnostic tests on a single proprietary platform. Parallax is developing a novel, handheld diagnostic testing system that is simple, rapid and elegant, offering the potential to transform the diagnostic landscape by transitioning critical tests from the centralized lab directly to the hands of the physician or clinicians. Our focus is on tests that detect and/or monitor infectious diseases. The Company's tests combine innovative technologies that provide accessible, practical and rapid point of care in vitro diagnostics are based on the Company's Target System, its FDA Approved Platform that centered on the Target System VT1000, an FDA Approved bench top fluorescence immunoassay spectrum analyzer and its innovative flow through Target System test cartridges. For more information: www.endeavorpowercorp.com or visit Endeavor Power Corp. on Facebook, Twitter, and You Tube.
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, including statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
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