Mode Diagnostics Ltd. wants to bring the medical laboratory into your bathroom -- with a mobile phone-size device that can detect signs of cancer right before your eyes.
The do-it-yourself test market, estimated at $2 billion to $3 billion globally, is expanding 20 percent a year as new checks for colon and prostate cancer, HIV, chlamydia, stomach ulcer, sperm count and drug abuse take their place on pharmacy shelves alongside standards such as blood-sugar monitors for diabetics and pregnancy tests, according to Alan Hirzel, a London-based partner at consulting company Bain & Co.
Behind the growth is a shift in behavior as consumers become more aware of the signs and symptoms of disease and scour websites for tools to diagnose themselves. That trend may benefit Mode and boost shares of IP Group Plc (IPO), which owns 45.7 percent of the closely held Scottish company.
“Up until this point, medicine and health have been either treatment at the hospital or at the physician’s office,” Mode Chief Executive Officer Paul J. Heaney said in an interview. “The third place is now the home.”
Mode expects to begin selling its colon-cancer test, the first in a series of do-it-yourself medical checks it’s developing, directly to patients for about 25 pounds ($38) through online retailers such as Amazon.com Inc. in the second half of the year, Heaney said. The company is awaiting European regulatory permission this year, Heaney said.