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Physician office lab (POL) term is wide and diverse, it encompasses physician’s practices as small (2 to 5 doctors) to large practitioners (200 physicians) that operate labs similar to small laboratory hospitals. Hospitals and commercial labs perform tests, but physicians prefer to perform in-house testing in order to enhance the patient care. In-house testing facilitates physicians to no longer rely on the reference labs for test results. In addition, physicians can obtain faster results from their own labs and increase profits. POL also reduces the chances of loss or deterioration of the sample. Therefore, definition of POL is broad and it refers to the test performed in: physician office setting, provides a result during medical visit, conducted at the time of consultation or with other healthcare professional and is used for diagnosis, screening or monitoring purposes.
 
In addition global market for POL’s is increasing owing to rise in infectious diseases and the associated public health issues with increasing cardiovascular and other chronic conditions.  Moreover, increasing trends of preventive medicine and proactive approach in treating the increasing number of diabetic patients is also accentuating the market size.
 
Advancements in technology is favoring the market growth, as new microelectronic and microfluidic instruments that are small, easy to use and offer excellent quality and control. The compact size of many lab instruments has made POL feasible for even smaller offices and has enabled some physician to even perform test for other doctors. Therefore, physicians who want to access the test results immediately are setting up POL’s.
 
North America represents the largest market where number of POL’s grew from 95,069 in 2000 to 111,000 in 2010. The FDA has approved many tests such as spun microhematocrit, monitoring instruments, nonautomated testing for erythrocyte sedimentation and other various tests. In addition there are more than 9 tests which are yet to be approved by FDA.
 
POL’s streamlines the doctors testing procedure by reducing time, increase patient efficiency and also positively impact staff efficiency. POL also provides fast turn around time of results and hence enables review of results face to face with the patient. All these factors collectively contribute to the growth of POL’s testing market.
 
Some of the key players in POL market include 3D Medical Diagnostics, Accumetrics, Biomerica, Inc., Nanosphere, Inc. and other significant players.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Pol Testing Market

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