Next-generation sequencing (NGS) has led a revolution in the research of genome structure and function.
The cost of NGS is getting cheaper due to competition and technological innovation in the space, leading to an increase in the usage of NGS in healthcare facilities.
According to GlobalData Premium SKU products, the sales of major product lines of NGS solutions in the US increased more than 40% from 2021 to 2022, and the growth remains robust in 2023.
The cost of sequencing has significantly decreased over time due to increasing competition and advancing technology.
The price of sequencing a single genome was $100m in 2001. The cost has steadily decreased since the introduction of NGS, regardless of the platform type or technology.
Leading NGS platform players like Illumina and Life Technologies have claimed that whole genomes can now be sequenced for less than $1,000 using their platforms.
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Overall, sequencing costs have largely stabilised and high-throughput platforms have become widely available, resulting in a broader use of whole-genome sequencing for oncology.
The commercialisation of new sequencing technologies such as DNBSEQ-T20×2, has further contributed to the cost reduction so that it now costs less than $100m to sequence the whole human genome.
Numerous companies are capitalising on the need for personalised treatments by providing different NGS technologies such as sequencing by synthesis and sequencing by ligation.
The increasing and diversifying use of targeted therapies, especially in combination with each other, is likely to increase NGS usage as the industry moves away from just testing for single mutations.
More recently founded companies are utilising NGS technology for direct-to-consumer (DTC) genetic testing, either through targeted analysis or whole-exome sequencing.
The decreasing cost of genetic testing has contributed to the increased adoption of personalised medicine.
As the cost of testing decreases, more healthcare providers and patients are willing to incorporate genetic testing into their medical care.
This has led to growth in the volume of genetic tests being performed. With affordable genetic testing, healthcare providers can gain insights into a person’s unique genetic makeup, which can play a more important role in the practice of medicine.
Personalised medicine aims to tailor medical treatments and interventions to an individual’s genetic profile, leading to more targeted and effective healthcare.