Jersey City, NJ, March 26, 2024 (GLOBE NEWSWIRE) -- According to the latest research by InsightAce Analytic, the Global Digital Twins in Healthcare Market is valued at US$ 1.64 Bn in 2023, and it is expected to reach US$ 82.40 Billion by 2031, with a CAGR of 63.65% during the forecast period of 2024-2031.
A virtual representation of an individual's physical health can be used in healthcare to mimic the impact of different treatments and interventions on health. This technology is called as "digital twin technology." An electronic health record, imaging investigations, wearable technology, and other sources of data are used to generate a medical digital twin model. Utilizing digital twin technology can help reduce operating costs and enhance patient outcomes, which has led to its acceptance by many healthcare institutions. In the healthcare market dynamics, this is augmenting the digital twin. Additionally, throughout the projection period, the market will benefit from profitable prospects brought about by the technological improvements in digital twins that serve a variety of healthcare applications and the expanding acceptance of digital twin technology in developing nations.
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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.
List of Prominent Players in the Digital Twins in Healthcare Market:
- 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 Market Players
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Market Dynamics:
Drivers:
When patients require telehealth technology-assisted remote patient monitoring for particular health concerns, it functions effectively. Digital twins are a useful tool in telemedicine and remote patient monitoring to provide a virtual depiction of a patient's medical needs. A digital twin, for instance, can be used to combine data from several sources, such as wearable technology, electronic health records, and others, to present a more complete picture of a patient's health. This may make it possible for medical professionals to manage and observe their patients efficiently. Therefore, it is anticipated that the digital twin in the healthcare market will develop over the next few years because of the rise in telemedicine and remote patient monitoring services.
Challenges:
The high cost of implementation and extremely complex design of digital twins have an impact on market growth. Using digital twins requires a significant financial commitment to the development and upkeep of cloud computing infrastructure as well as services. Additionally, significant investments in security management & IoT technologies are needed. This results in a lot of financial and operational difficulties that limit market expansion.
Regional Trends:
The North America digital twins in healthcare market is expected to lead with a major market revenue share and it is expected to grow at a high CAGR in the near future. Some of the remarkable drivers of the market growth in the region are the rising adoption rates of digital and automated solutions in healthcare facilities around the region. It is expected that the presence of major firms in the area, like Microsoft, IBM Corporation, and IQVIA, will accelerate the technology's acceptance. Besides, Europe had a considerable share in the market due to an increase in the number of major market companies launching new products, the expanding acceptance of the internet, and the growing need for IoT-based engineering services. In March 2022, for instance, the next-generation IoT-based engineering practice centered on Digital Twins for industrial and production sectors was established by L&T Technology Services Ltd., a global leader in pure-play services.
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Segmentation of Digital Twins in Healthcare Market-
By Component-
- Software
- Services
By Application-
- Drug Discovery & Development
- Personalized medicine
- Surgical Planning and Medical Education
- Medical Device Design and Testing
- Healthcare Workflow Optimization & Asset Management
- Others
By End User-
- Pharma & Bio-pharma companies
- Research & Academia
- Providers
- Medical device Companies
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
