According to a report by Grand View Research, Inc.; the global fluorescent in situ hybridization (FISH) probe market is projected to reach around USD 1.73 billion by 2022. Growing requirement for timely diagnosis of chronic diseases such as cancer and genetic abnormalities is anticipated to propel the market over the forecast period (2012 to 2022). FISH probes expedite diagnosis process and increase the level of accuracy in diagnosis of various diseases for better and timely treatment of patients.
High demand for in-vitro diagnostics (IVD) testing for the detection of various chronic diseases is anticipated to boost the fluorescent in situ hybridization market in the coming years. Increasing use of IVD in diagnostic activities owing to rapidity, reliability, and sensitivity can further fuel the market. Growing automation of diagnostic tests coupled with identification of new areas for diagnostic sector can augment product demand in the next few years. High prevalence of cytogenetic diseases such as cancer and genetic abnormalities demanding fast and accurate technique to validate such diseases can also boost growth of the FISH probe market during the forecast period.
The FISH probe market can be segregated on the basis of RNA, application, end-use, and region. Based on RNA, the market can be segmented into mRNA, miRNA, and others. In 2016, mRNA dominated the market while accounting for the largest revenue share owing to rising demand for molecular profiling by healthcare specialists. In addition, use of technologically advanced tools in molecular pathology for better stratification and prognosis of disease can fuel growth of this segment in near future. On the contrary, miRNA is likely to grow faster during the forecast period accounting for around 7% CAGR. Increasing use of miRNA as prognostic tool in cancer and growing R&D activities for development of advanced miRNA probes can fuel growth of this segment in the coming years.
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Based on application, the FISH probe market can be divided into genetic diseases and cancer research. In the coming years, cancer research segment is expected to witness healthy growth. This expansion can be attributed to high demand for accurate molecular diagnostic tests. On the other hand, the genetic disease segment is likely to witness slow growth owing to less market penetration. However, growing focus on R&D to improve implementation of product in genetic diseases can foster growth of this segment in the coming years.
Based on end-use, the market can be classified into clinical, research, and companion diagnostics. In 2016, clinical segment accounted for the maximum market share owing to wide range of applications in diagnosis of cancer, genetic disorders, and infectious diseases. In addition, high sensitivity, specificity, and speed offered by the product in research and diagnostic activities of solid tumor and hematological malignancies can augment growth of research segment in near future.
Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa (MEA). In 2016, North America dominated the FISH probe market while accounting for the maximum revenue share. Rising cases of genetic disorders leading to birth defects, metabolic syndromes, and developmental disabilities can fuel market growth in the region. In addition, high adoption of FISH probes in diagnosis of genetic disorders and cancer is expected to augment growth of the regional market in the years to come. Moreover, increasing disposable incomes, awareness regarding early diagnosis for genetic disorders, and technological developments in healthcare infrastructure can further impel product demand.
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The Asia Pacific market for fluorescent in situ hybridization (FISH) probe is estimated to witness significant growth over the forecast period owing to favorable government initiatives to develop biotechnology. In addition, revenue generation from cytogenetics and molecular diagnostic centers present in the region can fuel market growth during the forecast period. Moreover, demand for timely diagnosis of diseases, growing outsourcing activities, and continuous R&D activities for cancer treatment can further augment regional market growth.
Some of the leading companies in the global FISH probe market are Life Science Technologies; PerkinElmer Inc.; Abnova Corporation; Genemed Biotechnologies, Inc.; and Oxford Gene Technologies. Most companies are likely to adopt business strategies such as regional expansions, new product developments, and collaborations to gain competitive advantage.
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