Covina, July 11, 2023 (GLOBE NEWSWIRE) -- “According to the latest research study, the demand of Healthcare Digital Twin Market accounted for US$ 0.58 billion in 2022 and is estimated to be US$ 5.7 billion by 2032 and is anticipated to register a CAGR of 25.7%.
Digital Twin is a virtual model which reflects physical object accurately. Various benefits such as to reduce operational costs and to improve patient outcomes and surge in demand for telemedicine given rise in popularity of digital twin technology.
Adoption of digital technology has given positive impact on market growth. Growing adoption of mobile application, sensors, wearable and medical records for monitoring patient data has further facilitated the demand for Healthcare Digital Twin Market. Emergence of AI (artificial intelligence) technology and improved healthcare organizations is expected to fruitful the demand for Healthcare Digital Twin market in future.
What are the recent news in the Healthcare Digital Twin Market?
- In September 2022, Verto Health joined CAN (Co-ordinated Accessible Network) Health Network to simplify the sharing of data across health care organizations at global level. Verto is a Toronto-based digital health company help in streamlining of consent management, help in managing ambulatory patient flow and also help in transforming patient experience across ambulatory clinics.
Report Scope:
| Attribute | Details |
| Base year for estimation | 2022 |
| Forecast period | 2022 – 2032 |
| Accounted in 2022 | US$ 0.58 Billion |
| Estimated to be in 2032 | US$ 5.7 Billion |
| CAGR | 25.7% |
| Market representation | Revenue in USD Billion & CAGR from 2022 to 2032 |
| Market Segmentation | By Type - Product Digital Twin, Process & System Digital Twin By Application - Drug Discovery, Personalized Medicine, Asset & Process Management and Others By End-Users - Hospitals, Clinical Research Organizations, Research & Diagnostic Laboratories and Others |
| Regional scope | North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
| Report coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
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What is Prophecy’s Analyst View on Healthcare Digital Twin Market?
Growing popularity and adoption of digital twin in healthcare sector has become major contribution in market growth. Further, adoption of digital twin technologies to improve healthcare organization performance & customized medicine and to develop new technology & novel drugs has provided lucrative opportunities in Healthcare Digital Twin market growth over the forecast period.
What are the emerging trends and future developments in the healthcare digital twin market?
The healthcare digital twin market is witnessing emerging trends and future developments such as personalized medicine, integration of IoT devices, advancements in AI and ML, and the utilization of VR and AR technologies. These trends are driving the adoption of digital twin technology in healthcare and leading to improved patient outcomes, remote monitoring capabilities, enhanced diagnostic and treatment planning, and more immersive healthcare experiences. The future holds promising opportunities for further advancements in precision medicine, remote patient management, AI-driven analytics, and expanded applications of digital twin technology in healthcare.
What are some of the challenges and limitations of implementing digital twins in healthcare?
- Data integration from various sources is challenging, requiring interoperability and seamless data integration.
- Data privacy and security are critical due to the sensitivity of healthcare data, requiring robust cyber security measures.
- Scalability of digital twin infrastructure to handle large data volumes can be costly and resource-intensive.
- Ensuring the accuracy and validity of data used in digital twin models is essential for reliable insights.
- Adoption and acceptance among healthcare professionals and patients require overcoming resistance to change.
- Upfront costs and demonstrating the return on investment are important considerations.
- Regulatory and ethical considerations regarding data privacy, consent, and responsible use of patient data.
Who are the key players or vendors in the Healthcare Digital Twin Market?
- Microsoft
- Atos
- Philips Healthcare
- Verto Healthcare
- PrediSurge
- Dassault Systems
- Twin Health
- Unlearn.AI, Inc.
- QiO Technologies
- ThoughWire
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What are the key factors driving the growth of the healthcare digital twin market?
The growth of the healthcare digital twin market is driven by factors such as technological advancements, the demand for personalized medicine, remote patient monitoring needs, improved healthcare efficiency, cost reduction goals, collaboration and interoperability initiatives, and the focus on patient empowerment and engagement. These factors collectively contribute to the increasing adoption of digital twin technology in healthcare, enabling better patient outcomes, optimized resource utilization, and enhanced collaboration among healthcare stakeholders.
Key Reasons to Purchase Report:
- A report provides comprehensive market analysis, including size, trends, and key players.
- It offers in-depth research and insights into the healthcare digital twin market.
- Reports assist in strategic business planning and decision-making processes.
- They provide valuable information for investment and market entry decisions.
- Reports offer competitive intelligence on key market players and the competitive landscape.
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Key Questions Answered in Report:
- What is the current market size and growth rate of the healthcare digital twin market?
- What are the key drivers and challenges shaping the healthcare digital twin market?
- What are the different types of healthcare digital twin technologies available and how do they differ?
- How is the healthcare industry currently adopting and implementing digital twin technology?
- What are the key applications and use cases of healthcare digital twins?
- Which regions or countries are witnessing significant growth in the healthcare digital twin market?
- Who are the major players in the healthcare digital twin market and what are their market strategies?
- What are the emerging trends and future developments in the healthcare digital twin market?
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