Total precision medicine treatment spending worldwide 2022-2027
In 2022, total spending on treatments with precision medicine stood at some 32 billion U.S. dollars globally. By 2027, it is projected that total spending will increase to around 124 billion 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.