Overview and Scope
A digital twin in healthcare refers to a virtual replica of physical entities such as patients and hospital environments in virtual form, incorporating real-time data from sources such as electronic health records and physiological measurements. These digital replicas facilitate personalized treatment plans, predictive analytics, and enhanced clinical operations by integrating real-time data and virtual simulations.
Sizing and Forecast
The digital twins in healthcare market size has grown exponentially in recent years. It will grow from $1.31 billion in 2023 to $1.96 billion in 2024 at a compound annual growth rate (CAGR) of 49.5%. The growth in the historic period can be attributed to Increasing adoption of digital twin technology in manufacturing and aerospace industries, Advancements in IoT and cloud computing technologies, Growing demand for predictive maintenance and real-time analytics, Growing demand for predictive maintenance and real-time analytics, and Increasing investments in digital twin technology by public and private entities.
The digital twins in healthcare market size is expected to see exponential growth in the next few years. It will grow to $9.69 billion in 2028 at a compound annual growth rate (CAGR) of 49.2%. The growth in the forecast period can be attributed to Increasing adoption of digital twin technology in the healthcare industry, Growing demand for real-time data analytics, Advancements in machine learning and artificial intelligence, Increasing focus on patient-centered care, and Growing demand for predictive analytics and preventive interventions. Major trends in the forecast period include Increasing use of digital twins for drug discovery and development, Growing demand for patient remote monitoring, Increasing use of digital twins for customized medicine, Growing use of digital twins for surgery planning, and Increasing use of digital twins for epidemic management,
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Segmentation & Regional Insights
The digital twins in healthcare market covered in this report is segmented –
1) By Type: Process And System Digital Twin, Product Digital Twin
2) By Application: Asset And Process Management, Personalized Medicine, Drug Discovery,
3) By End-User: Clinical Research Organizations (CROs), Research And Diagnostic Laboratories, Hospitals And Clinics
North America was the largest region in the digital twins in healthcare market in 2023. The regions covered in the digital twins in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The expansion of telehealth is expected to propel the growth of digital twins in the healthcare market going forward. Telehealth refers to using telecommunications technology to provide healthcare services and information remotely. It encompasses various healthcare services, including medical consultations, monitoring, education, and health information exchange, all delivered through digital communication channels. Digital twins can simulate real-time physiological responses and disease progression for individual patients. Telehealth platforms can use this information for remote monitoring, enabling healthcare providers to remotely track patients’ vital signs, medication adherence, and overall health. For instance, in February 2023, according to Rock Health Inc., a US-based health technology company, four out of five consumers had utilized a telemedicine service at least once. Additionally, telemedicine use increased significantly in 2022 among underrepresented groups in healthcare. Telemedicine adoption increased by 12% among people over the age of 55, and rural residents adopted telemedicine at a 13% higher rate. Therefore, telehealth expansion is driving the growth of digital twins in the healthcare market.
Key Industry Players
Major companies operating in the digital twins in healthcare market are Amazon.com Inc., Microsoft Corporation, IBM Corporation, Oracle Corporation, SAP SE, NVIDIA Corporation, Siemens AG, Koninklijke Philips N.V., GE HealthCare Technologies Inc., NTT DATA Corporation, Atos SE, Dassault Systemes SE, Ansys Inc., PTC Inc., Twin Health Inc., Faststream Technologies, Rescale Inc., ThoughWire Corp., Q Bio Inc., Verto Healthcare, Unlearn.AI Inc., PrediSurge, QiO Technologies Ltd., NUREA, Predictive Care Inc., Virtonomy GMbH
The digital twins in healthcare market report table of contents includes:
1. Executive Summary
2. Digital Twins In Healthcare Market Characteristics
3. Digital Twins In Healthcare Market Trends And Strategies
4. Digital Twins In Healthcare Market – Macro Economic Scenario
5. Global Digital Twins In Healthcare Market Size and Growth
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31. Digital Twins In Healthcare Market Other Major And Innovative Companies
32. Global Digital Twins In Healthcare Market Competitive Benchmarking
33. Global Digital Twins In Healthcare Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Digital Twins In Healthcare Market
35. Digital Twins In Healthcare Market Future Outlook and Potential Analysis
36.Appendix
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