Precision CNC machining is present wherever the cost of failure is high, or wherever failure would be dangerous to people, and/or the environment.
Precision CNC machining was utilized in the aerospace field where I worked; we were machining brackets, housings, small engine parts, and even landing-gear parts, where every gram of material is critical to ensure that all holes line up as per the CAD model to allow assembly of the aircraft.
We have also completed machining of satellite components and complex parts for defense projects, where the quality of the Inspection Report will typically be considered equal to the quality of the part itself.
On the Medical side, the precision-machined parts I see are used in Surgical Instruments, Orthopedic Implants, and Fluid-Handling Blocks.
These areas require biocompatibility of the material, smooth surface finish, and tight tolerance of mating features to prevent binding of the assembly or leakage.
While many of these jobs involve short runs, they all require a level of Process Control and Documentation of the machining process.
Automotive and Industrial customers utilize precision CNC machining for Valve Bodies, Pump Housings, Transmission Components, and Fixtures that are required to maintain Production Lines.
The primary advantage of utilizing precision CNC machining for these types of jobs is tighter tolerances, better repeatability, less rework, shorter set-up time, and increased production.
I have also seen extensive use of precision CNC machining in the Electronics, Robotics, and Automation Industries for Heat Sinks, Sensor Mounts, Frames, and Custom Tooling that must fit around other hardware with minimal clearance.
Everywhere Designers attempt to increase Performance, Reduce Weight, or Create Smaller Assemblies, Precision CNC Machining is one of the solutions that can accomplish those objectives.