Genetic Technologies Limited (ASX:GTG, NASDAQ:GENE, OTC:GNTLF) has established a precision oncology division that will encompass a highly anticipated portfolio of new diagnostic tests under its GeneType precision oncology brand.
The proprietary-developed tests will provide invaluable information to medical oncologists, helping determine which therapies will have the most efficacious impact in treating a range of cancers including, melanoma, lung, pancreatic, colorectal, breast, ovarian and brain cancers.
Earlier detection of a range of cancers leads to significantly improved patient outcomes.
Market opportunity
This presents a considerable market opportunity for this advanced portfolio of methylation, mutation and liquid biopsy tests. The new tests will transform oncology diagnostics, companion diagnostics and disease monitoring.
A guideline-driven approach for reimbursement makes tests accessible and affordable for patients. Significantly, the global liquid biopsy and methylation market has a combined valuation of more than US$11 billion.
The portfolio will include methylation tests, developed in collaboration with the University of Melbourne Department of Surgery, which identify unique features of the cancer such as methylation patterns.
The range will also include solid tumour mutation tests to identify the molecular signature of tumours and detect mutations and liquid biopsy tests to monitor disease progression.
Grand View Research valued the global genomics market at US$32.65 billion in 2023 and projected a compound annual growth rate (CAGR) of 16.5% from 2024 to 2030. Back in 2021, the firm estimated the DNA methylation market at US$1,242.5 million and with a CAGR of 14.67% from 2022 to 2030.
Now, two years later, Grand View Research valued the global liquid biopsy market size at US$10.42 billion in 2023 and predicted a CAGR of 11.60% from 2024 to 2030. Subsequently, this new test portfolio will provide GeneType with access to a significant market opportunity within the next 12 months.
GeneType is building a guideline-driven approach with a goal to achieve reimbursement across its test portfolio. This will significantly drive uptake by making genomic tests widely available and financially accessible to eligible patients.
Dr Muchnicki, who is leading this new division at GeneType said, “The ability to deliver accurate companion-diagnostic solutions is paramount for best-in-class outcomes, translating into better survival, lower morbidity and lower cost to the health system.”
Precision oncology tests drive a more personalised care approach, delivered with greater accuracy. This portfolio of new genomic tests will dramatically change the landscape of oncology diagnostics and help achieve better treatment outcomes for patients.