Dublin, July 06, 2023 (GLOBE NEWSWIRE) -- The "Global Digital Twins in Healthcare Market by Component (Software, Services), Application (Personalized Medicine, Drug Discovery, Medical Education, Workflow Optimization), End-user (Providers, Research & Academia, Payers), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global digital twin healthcare market is projected to reach USD 21.1 billion by 2028 from USD 1.6 billion in 2023, at a high CAGR of 67%
The technological advancements in digital twins supporting various healthcare applications and the growing adoption of digital twin technology in emerging markets will provide lucrative opportunities to the market during the forecast period.
Personalized medicine segment accounted for a substantial share of the digital twins in healthcare market, by Application in 2022
In 2022, the personalized medicine segment accounted for a substantial share of the digital twins in healthcare market. The growth of this segment is attributed to its ability to improved patient modeling, minimized risk factors, and enhanced patient outcomes, making it a highly prominent application in the healthcare industry.
Personalized medicine also offers an undistinguished advantage of tailoring treatments to individual patients based on their unique characteristics and hence optimizing therapeutic interventions, increasing the likelihood of successful outcomes.
Healthcare Providers segment accounted for a considerable share in the digital twins in healthcare market, by end-user in 2022
In 2022, the healthcare providers segment accounted for a significant share of the digital twins in healthcare market. The healthcare provider segment dominates the digital twin healthcare market due to its vital role in workflow management and surgical planning.
Digital twins also offers various additional advantages such as accurate patient modeling, personalized treatment planning, and monitoring, leading to improved clinical decision-making and patient outcomes.
Asia-Pacific to witness the substantial growth rate during the forecast period
Factors such as growing demand for advanced technologies such as increased adoption of technologies such as IoT, telemedicine, government initiatives, digital twin for research & genomics purposes, growing awareness and adoption of digital twin in emerging regions, growing medical tourism, and improving healthcare infrastructure.
Competitive landscape
In-depth assessment of market shares, growth strategies, product offerings, and capabilities of the leading players in the digital twins in healthcare market like Siemens Healthineers AG (Germany), Dassault Systemes (France), Microsoft (US), Koninklijke Philips N.V. (Netherlands), Faststream Technologies (US), IBM (US), NVIDIA Corporation (US), GE Healthcare (US)
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 208 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $1.6 Billion |
| Forecasted Market Value (USD) by 2028 | $21.1 Billion |
| Compound Annual Growth Rate | 67.0% |
| Regions Covered | Global |
Premium Insights
- Increasing Use of Digital Twins and Growing Importance of Patient-Centric Care in Healthcare to Drive Market Growth
- Software Segment to Command Largest Share of Asia-Pacific Market in 2023
- Market in China to Grow at Highest CAGR During Forecast Period
- Asia-Pacific to Witness Highest Growth During Forecast Period
- Developing Economies to Register Higher Growth Rates During Forecast Period
Market Dynamics
Market Drivers
- Increasing Investments by Public and Private Entities
- Growing Applications of Digital Twins
- Technological Advancements
- Growing Funding and Investments in Digital Twin Start-Ups
Restraints
- Managing Data Quality, Privacy Issues, and High Implementation Costs
Opportunities
- Increasing Focus on Cutting-Edge Real-Time Data Analytics
- Growing Importance of Digital Twins in Emerging Economies
Challenges
- Lack of Skilled Professionals
- Integration with Existing Systems and Outdated Digital Infrastructure
Industry Insights
Industry Trends
- Transformation in Clinical Trials
Revolutionizing Medical Training and Diagnostics
Improving Operational Efficiency in Hospitals
Technology Analysis
- Technology Stack
- 5G Networks
- Internet of Things
- Cloud and Edge Computing
- Blockchain
- Augmented Reality, Virtual Reality, and Mixed Reality
- Artificial Intelligence and Machine Learning
Value Chain Analysis
- Planning & Revising Funds
- Research & Development
- Software Design, Framework, and Development
- Product/Solution Providers
- End-users and After-Sales Service Providers
Company Profiles
Key Players
- Microsoft
- Siemens Healthineers AG
- Koninklijke Philips N.V.
- Amazon (AWS)
- Dassault Systemes
- GE Healthcare
- Oracle
- IBM
- PTC
- SAP
- Atos SE
- NVIDIA Corporation
- Ansys Inc.
- Faststream Technologies
- Rescale, Inc.
Other Players
- Twin Ltd.
- Verto Health
- Qbio
- ThoughtWire
- Sim and Cure
- Predictiv
- Nurea
- Unlearn.AI
- Virtonomy GmbH
- Predisurge
For more information about this report visit https://www.researchandmarkets.com/r/za6pg
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
