Wilmington, Delaware, United States, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per market research by TMR, the digital twin in healthcare industry size stood at US$ 448.9 Mn in 2021 and is likely to surpass US$ 5.3 Bn by the end of 2031.
A digital twin is a virtual representation of the physical health of an individual. It is applied in healthcare to mimic the impact of several treatments and interventions on health. Data from several sources, such as wearable technology, imaging investigations, and electronic health records, are used to generate medical digital twin models.
According to the research report, the cutting-edge software and solutions offered by players to increase market share are likely to accelerate digital twin in healthcare business growth. Additionally, the industry is expanding owing to greater emphasis on value-based care and population health management.
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Digital Twin in Healthcare Market: Growth Drivers
- Healthcare practitioners are focusing on improving treatment plans and digital twin systems. Concurrently, a number of healthcare institutions have begun implementing digital twin technologies to enhance patient outcomes and save operating costs. The dynamics of the healthcare market are being fueled by rise in demand for digital twin procedures in the healthcare sector.
- Applications of digital twin technology in the healthcare industry includes supply chain management, medication development, clinical trials, research, clinical operations, and patient monitoring. The technological advancements to address the need for painless medical procedures and examinations has opened new growth avenues. Usage of digital twins is increasing in health care globally. This is projected to influence global digital twin in healthcare market statistics.
Key Findings of Digital Twin in Healthcare Market
- Preventative care, medical imaging, surgical planning, and other disciplines are prominently adopted in the healthcare sector, which has opened new growth avenues for the personalized diagnosis and treatment segment
- The healthcare facility segment dominated the market in 2021. It is projected to account for substantial market share during the forecast period. Healthcare institutions would be able to manage operating rooms, employee schedules, and bed shortages using virtual models or digital twins. Usage of virtual models in medical institutions could enhance patient care, increase productivity, and save costs which would eventually propel digital twin in healthcare market development.
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Digital Twin in Healthcare Market: Regional Dynamics
- North America accounted for significant share of the global market for digital twins in healthcare in 2021. The trend is likely to continue during the forecast period due to increase in usage of digital twin in health care. Focus on development of better healthcare facilities and presence of major players in the U.S. and Canada are bolstering the digital twin in healthcare market in the region.
- The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to high rate of usage of digital twin software. Several businesses in the region strive to create and explore digital healthcare technology, which has a favorable effect on the regional market.
Digital Twin in Healthcare Market: Competitive Landscape
Leading market players are enhancing their offerings and emphasizing on research and development activities. Furthermore, strategic collaborations play a vital role in market progress.
Key players operating in the global market are
- Dassault Systèmes,
- Koninklijke Philips N.V
- Predictiv Care, Inc.
- ANSYS, Inc.
- Microsoft Corporation
- Siemens Healthineers
- Faststream Technologies, NUREA
- Virtonomy GmbH
- PrediSurge, Q Bio, Inc.
- Verto Inc.
Digital Twin in Healthcare Market: Segmentation
Application
- Healthcare Facility
- Personalized Diagnosis & Treatment
- Medical Imaging
- Preventive Medicine
- Surgery Planning
- Others
- Device & Drug Development
- Others
End-user
- Hospitals, Clinics, and Diagnostic Centers
- Pharmaceutical & Medical Device Companies
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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