Genetic test average cost used for precision medicine worldwide 2022-2027
In 2022, the cost of a genetic test that was used for a treatment with precision medicine stood at 1,816 U.S. dollars on a global average. By 2027, it is projected that this cost will decrease to below 1,700 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.