Total precision medicine treatment spending worldwide by region 2022-2027
In 2022, total spending on treatments with precision medicine stood at some 18.5 billion U.S. dollars in North America. By 2027, it is projected that total spending will increase to nearly 67 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.