[Edaily Reporter Kim Jinsoo ] As medical technology advances, the treatment of human diseases is evolving toward “personalized” and “precision medicine.” Consequently, demand for personalized treatment and precision medicine is now extending to companion animals, which have recently come to be regarded as “family” members. Until now, animals have mostly relied on treatments and medical devices developed for humans, as there were no animal-specific options available. While this posed challenges—including cost burdens, product size limitations, and low accuracy—the introduction of animal-specific products has enhanced safety and enabled more precise treatment and diagnosis. In particular, by actively utilizing “technology transfer”—developing animal-specific products based on technologies originally applied to human products—companies have reduced investment and risk in research and development while increasing profits. [Editor’s Note]

A Point-of-Care Diagnostic Platform Offering High Convenience and Versatility

Precision Biosensor Inc.(335810), a company specializing in in vitro diagnostics, is on the verge of reaching 10 billion won in revenue from its veterinary diagnostics business, led by the point-of-care testing device “Exdia PT10V” (hereinafter PT10V), which extends a human diagnostic platform to veterinary use. Precision Biosensor Inc. plans to accelerate revenue growth by expanding its sales channels beyond South Korea into Japan, Europe, and the Middle East.

Precision Biosensor Inc. developed a time-resolved fluorescence (TRF) immunoassay platform utilizing satellite camera imaging technology. Its flagship products include the “Exdia TRF” immunoassay analyzer and cartridges that apply time-resolved fluorescence technology, as well as gold absorption analyzers and the rapid visual diagnostic product “PBCheck.”

Precision Biosensor Inc. began full-scale production of clinical chemistry diagnostic products in 2021, positioning them as a new growth engine. The clinical chemistry diagnostic product line is divided into the human-use ‘PT10’ and ‘PT10S’ models and the veterinary-use ‘PT10V’ model.

The PT10V is a product that adapts the clinical chemistry diagnostic platform and technology designed for humans to veterinary use. Just like the human version, after centrifuging the collected blood and loading it into the cartridge, the blood is delivered through microchannels to different reaction chambers. The system then measures changes in five absorbance wavelengths in real time and derives test results for each parameter by scanning the QR code pre-printed on the cartridge.

The PT10V is smaller and lighter than an A4 sheet of paper, allowing for more efficient use of space in veterinary hospitals and clinics. It can also be integrated with hospital systems, such as EMR, to streamline workflow.

The PT10V’s greatest strengths are its convenience and versatility. The entire process—from cartridge verification to printing test results—is fully automated, enhancing testing efficiency at veterinary hospitals and clinics. It can simultaneously test up to 17 parameters using only a small blood sample and offers a variety of cartridge options tailored to specific diseases and animal types, in addition to pre-surgical testing.

The simplicity of the testing process is another competitive advantage of the PT10V. Once a small amount of blood drawn from the animal is loaded into the cartridge, the device scans the pre-printed QR code and automatically calculates the test values for each parameter. The entire testing process takes around 10 minutes. Test results can be printed via the built-in printer or, if connected to a network, automatically transmitted to the clinic’s internal system.

The range of cartridges is also extensive. With a total of 13 types of cartridges, the PT10V can analyze 28 different biological components—including albumin (ALB), liver enzymes (ALT and AST), blood glucose (GLU), and bile acids (BA)—using just 70 μL of serum or plasma. This enables customized diagnostics tailored to specific situations, functions, and animal species. It is in high demand in clinical settings because a single device can handle everything from preoperative tests and comprehensive health screenings to organ-specific function tests, such as liver, kidney, and electrolyte assessments.

Having been used in the field for over 10 years and proven its performance and reliability, the PT10V is rapidly establishing itself in the global market. It has already entered the Japanese, European, and Middle Eastern markets, and preparations are underway to enter the U.S. market, the world’s largest animal diagnostics market. Success in the U.S. market is expected to further accelerate overseas sales growth.

Growing Demand for Veterinary Diagnostics Drives PT10V Sales

As of last year, revenue from clinical chemistry diagnostics—which includes veterinary diagnostic products—totaled 11.8 billion won, accounting for 60% of total revenue. Analysis indicates that approximately 70–80% of this revenue comes from veterinary diagnostic products, and the company is projected to soon reach 10 billion won in revenue from veterinary diagnostics alone. Veterinary diagnostic products currently account for 40% of total revenue.

The potential for future growth is also immense. According to the market research firm Markets and Markets, the global companion animal diagnostics market is projected to grow at a compound annual growth rate (CAGR) of 9.4%, expanding from $2.4 billion (3.63 trillion won) in 2021 to $3.9 billion (5.9 trillion won) by 2026. By region, Asia and South America are showing the steepest growth. The immunology and clinical chemistry diagnostics segment, to which PT10V belongs, is reported to account for more than 70% of the total animal diagnostics market.

The pet diagnostics market is also expected to continue growing. This is because the trend of treating pets as family members is spreading, and as the number of pets and their lifespans increase, per-pet healthcare spending is steadily rising.

The importance of the livestock diagnostics market is also growing. With the recurrence of large-scale epidemics such as African Swine Fever (ASF), Avian Influenza (AI), and Foot-and-Mouth Disease (FMD), and the increase in preventive culling, rapid diagnosis has become paramount to minimizing the scale of culling and economic losses; consequently, demand for animal diagnostics is expected to continue rising.

Precision Biosensor Inc. official stated, “Annual sales of PT10V cartridges exceeded 1 million units in 2023,” adding, “Based on our track record in South Korea and Europe, we are aggressively pushing to enter the U.S. market with our clinical chemistry products.”