Dublin, Aug. 30, 2023 (GLOBE NEWSWIRE) -- The "Gene Fusion Testing Market - A Global and Regional Analysis: Focus on by Category, Technology, Indication, End User, and Region - Analysis and Forecast, 2023-2033" report has been added to ResearchAndMarkets.com's offering.
The global gene fusion testing market witnessed a value of $255.3 million in 2022 and is projected to reach $897.6 million by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 12.25% during the forecast period from 2023 to 2033. This growth is driven by the increasing utilization of gene fusion testing in the development of targeted therapies.
Market Lifecycle Stage:
The global gene fusion testing market is currently in the progressing phase. The market is experiencing rapid growth due to the rise in cancer incidence attributed to gene fusion mutations. The need for early detection, precise targeted therapy selection, personalized medicine, and the growing recognition and implementation of gene fusion testing in clinical settings are driving the demand for these diagnostic tests in cancer care.
Impact:
Gene fusion testing involves molecular analysis to detect genetic abnormalities, specifically gene fusions. These arise when two genes from different chromosomal locations join abnormally, resulting in a hybrid gene formation. Such fusions can lead to the creation of abnormal proteins or changes in gene expression, potentially contributing to the development of diseases, including specific types of cancer. In addition to this, the entry of established players like Amoy Diagnostics Co., Ltd., Roche, Guardant Health, Illumina, and others is expected to further boost market growth.
Artificial Intelligence (AI)-powered prediction models have the potential to identify patients who need further diagnostic tests, reducing the need for time-consuming and expensive laboratory assays. These models can uncover novel, previously undetected gene fusion events, enhancing the understanding of the genomic landscape of malignancies and assisting in designing targeted therapies.
Market Segmentation:
- Category:
- Research
- Diagnostic
- Technology:
- NGS (Next-Generation Sequencing)
- FISH (Fluorescence In Situ Hybridization)
- PCR (Polymerase Chain Reaction)
- IHC (Immunohistochemistry)
- Indication:
- Solid Tumors
- Hematological Malignancies
- End User:
- Pharmaceutical and Biotechnology Companies
- Hospitals and Diagnostic Laboratories
- Academic and Research Centers
- Region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Rest-of-the-World
Market Demand Drivers, Challenges, and Opportunities:
Market Demand Drivers:
- Rising Cancer Incidence Due to Gene Fusion Mutations
- Increasing Utilization of Gene Fusion Testing in Targeted Therapies
- Global Rise in Research Grants for Cancer Screening and Prevention
Market Restraints:
- Complexity of Testing Process
- Lack of Standardization and Reimbursement Barriers
Market Opportunities:
- Increasing Demand for Gene Fusion Testing in Clinical Research
- Leveraging AI to Predict Gene Fusion Status in Various Cancer Types
Report's Value to an Organization:
- Workflow/Innovation Strategy: The report provides detailed understanding of different gene fusion testing indications, such as solid tumors and hematological malignancies.
- Growth/Marketing Strategy: It explains the significance of gene fusion testing in molecular diagnostics for identifying and analyzing genetic alterations in cancer cells.
- Competitive Strategy: The report profiles key players in the market and offers competitive benchmarking to understand market positioning.
Key Market Players and Competition Synopsis:
The global gene fusion testing market is driven by advancements in technology, investments, and funding. The report profiles several key companies, including Amoy Diagnostics, ArcherDX, Arima Genomics, Biocartis, Roche, Guardant Health, Illumina, and others, contributing to the market's growth and evolution. The market is empowered by technologies such as NGS, PCR, FISH, and IHC, enabling the detection of gene fusions. The report sheds light on how these advancements are transforming the landscape of gene fusion testing.
| Report Attribute | Details |
| No. of Pages | 239 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $282.5 Million |
| Forecasted Market Value (USD) by 2033 | $897.6 Million |
| Compound Annual Growth Rate | 12.3% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/9erdsz
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