Genetic test average cost used for precision medicine worldwide by region 2022-2027
In 2022, the cost of a genetic test that was used for a treatment with precision medicine in North America stood at 1,471 U.S. dollars on average. By 2027, it is projected that this cost will decrease to 1,365 dollars. The idea behind precision medicine, also called personalized medicine, is that every patient needs a specific, tailored approach instead of a one-size-fits-all approach. This is the case, for example, with the various types of cancer which are impacted by many individual factors like people's genetics, lifestyle, environment, etc.