Digital Twins in Healthcare Market Size is valued at USD 1.64 Bn in 2023 and is predicted to reach USD 82.40 Billion by the year 2031 at a 63.65% CAGR during the forecast period for 2024-2031.
A "digital twin," or virtual depiction of a person's physical state, is used in medicine to predict how various treatments and interventions would affect a patient's condition. The medical digital twin concept is created by combining data from electronic health records, wearable technologies, imaging research, and other sources. Over the course of the forecast period, the worldwide market is likely to be driven by the expansion of the use of data analytics and machine learning, the increase of telemedicine and remote patient monitoring, and the enhancement of the efficacy of digital twin technology in the healthcare sector. In the near future, it is also expected that the need for digital twins in the healthcare industry will increase due to an increase in new product releases and an increase in company strategic alliances.
Additionally, the industry is expanding because of a greater emphasis on community health management and value-based treatment. Businesses in the industry are offering state-of-the-art software and solutions to increase their market share. Consequently, there are currently lucrative opportunities for digital twin businesses in the healthcare industry.
Competitive Landscape
Some Major Key Players In The Digital Twins in Healthcare Market:
- Siemens Healthineers AG (Germany)
- Dassault Systèmes (France)
- Microsoft (US)
- Koninklijke Philips N.V. (Netherlands)
- Faststream Technologies (US)
- Twin LTD (US)
- IBM (US)
- NVIDIA Corporation (US)
- GE Healthcare (US)
- NUREA (France)
- ANSYS, Inc. (US)
- Rescale, Inc. (US)
- Predictiv (US)
- Verto Health (Canada)
- PrediSurge (France)
- Qbio (US)
- Virtonomy GmbH (Germany)
- Unlearn AI (US)
- Atos SE (France)
- ThoughtWire (Canada)
- Amazon Web Services Inc (US)
- Oracle (US)
- PTC (US)
- SAP (Germany)
- Sim and Cure (France)
- Other Prominent Players
Market Segmentation:
The digital twins in healthcare market is segmented according to component, application, and end user. Based on component, the market is categorized as Software and Services. The application segment includes Drug Discovery & Development, Surgical Planning and Medical Education, Personalized medicine, Medical Device Design and Testing, Healthcare Workflow Optimization & Asset Management, and Others. On the basis of end user, the market is segmented into Pharma & Bio-pharma companies, Research & Academia, Providers, Medical device Companies, and Others.
Based On Application, The Personalized Medicine Segment Is A Major Contributor In The Digital Twins In Healthcare Market.
The personalized medicine category is expected to hold a major share in the global digital twins in healthcare market. The potential of customized medicine to increase patient outcomes, reduce side effects, and optimize treatment efficacy is what is propelling its expansion. The need for digital twin solutions in customized medicine has grown significantly as a result of developments in precision medicine, genomics, and molecular diagnostics.
Providers Segment Witness Growth At A Rapid Rate.
The providers segment is expected to grow at a rapid rate in the global digital twins in healthcare market. The hospitals' improved diagnostic capabilities, which allow for more accurate disease diagnosis, better and timely medication administration, data-driven decision-making, and the growing use of telehealth and telemedicine in the healthcare industry, are all responsible for this segment's size.
In The Region, The North America Digital Twins In Healthcare Market Holds Significant Revenue Share.
The North America digital twins in healthcare market is expected to hold the highest market revenue share in the near future. Due to the rising use of digital twins in healthcare in the area, this region is expected to lead the sector during the projection period. The region's digital twin in healthcare business development is influenced by a number of factors, including the expansion of better healthcare facilities, particularly in hospitals and ambulatory surgery centers (ASC), the development of medical technologies, and the profitable presence of major players in the United States and Canada. In addition, Asia Pacific is estimated to show rapid growth rapidly in the global digital twins in healthcare market because digital twin software is being adopted at a rapid pace in the area. Many businesses in the Asia-Pacific region are working on developing and researching digital healthcare solutions. The digital twin in the region's healthcare market statistics is benefiting from this.
Recent Developments:
- In Sept 2023, PrediSurge successfully raised €6.5 million in Series A funding to advance state-of-the-art Digital Twin Technology in the field of cardiovascular medicine. The European Innovation Council (EIC) Fund, which operates Italian Venture Capital LIFTT S.p.a., led a major investment, and Saint Victor Capital, UI Investissement – Metropoles Innovations, and Crédit Agricole LHL Capital Innovation provided outstanding support.
Digital Twins in Healthcare Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 1.64 Bn |
|
Revenue Forecast In 2031 |
USD 82.40 Bn |
|
Growth Rate CAGR |
CAGR of 63.65 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Component, Application, End-User |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
IBM, Siemens Healthineers AG, Koninklijke Philips N.V, Faststream Technologies, Dassault Systèmes, Twin LTD, Microsoft, NVIDIA Corporation, GENUREA, ANSYS, Inc., AMAZON (AWS), Rescale, Inc., Predictiv, Verto Health, PrediSurge, Oracle, SAP, ATOS SE, Other Prominent Players |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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