Sequencing is the process of determining the nucleic acid sequence in a DNA or RNA sample. The advent of NGS has accelerated biological & medical research and discovery, allowing biologists and medical scientists to collect massive amounts of DNA sequence data rapidly and cost-effectively. Recent advancements in genomics research have substantially reduced the costs of genome sequencing procedures. In the past few years, the availability of advanced NGS technologies has lowered sequencing costs and significantly reduced the time required for DNA sequencing. According to the National Human Genome Research Institute (NHGRI), the cost of sequencing a human genome decreased from USD 29,092 in 2010 to USD 562 in 2021.
Genomics research uses sequencing to assemble genomes, investigate the genetic basis of human diseases, and understand reproductive medicine, oncology, and infectious diseases. Low-cost genome sequencing can revolutionize healthcare delivery, allowing doctors to frequently recommend biomarker testing and explore the viability of targeted therapies and personalized medicine for patients, enabling faster progress in clinical research for cancer and other genetically linked diseases.
In 2003, the human genome was sequenced for the first time, costing USD 2.7 billion. However, by 2013, the price of sequencing an average human genome had reduced to just a few thousand dollars. As of 2021, genome sequencing costs had declined to ~ USD 450–850. With the rising demand for sequencing services, providers are expected to further lower prices in the coming years as their sequencing costs per sample are likely to reduce. Market players are focused on launching advanced NGS products that reduce sequencing costs. For instance, in September 2022, Illumina, Inc. (U.S.) unveiled a new line of DNA sequencing machines that can sequence the human genome for just USD 200.
As the cost of sequencing is declining, the adoption of NGS technology has increased rapidly. NGS technology has allowed the discovery of genetically targeted drugs and blood tests to detect cancer early. It has also enabled diagnoses for people with rare diseases. Next-generation sequencing can generate large volumes of sequencing data. These benefits of NGS, along with its declining costs, have increased its adoption for clinical applications. Thus, the declining costs of sequencing, therefore expected to drive the growth of the NGS market at a CAGR of 15.8% to reach $27.5 billion by 2030, according to Meticulous Research®.
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