Covina, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Prophecy Market Insights estimates that the healthcare digital twin market size and share, which is valued at US$ 0.9 Billion in 2024, will surge to US$ 8.8 Billion by 2034, achieving a compound annual growth rate (CAGR) of 25.70% over the forecast period.
Healthcare Digital Twin Market Report Overview
Healthcare Digital Twin technology represents a revolutionary approach to personalized medicine and healthcare management. A digital twin is a virtual replica of a patient’s physiological and health status, created using data from various sources such as electronic health records (EHRs), wearables, and medical imaging.
This digital model simulates the patient’s health and disease progression, enabling healthcare providers to analyze scenarios, predict outcomes, and tailor treatments with a high degree of precision.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Competitive Landscape:
The Healthcare Digital Twin Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Microsoft
- Atos
- Philips Healthcare
- Verto Healthcare
- PrediSurge
- Dassault Systems
- Twin Health
- Unlearn.AI, Inc.
- QiO Technologies
- ThoughWire
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Analyst View:
The target market for healthcare digital twins is expected to develop significantly as more and more businesses realize how valuable digital twins can be for improving patient care and operational effectiveness.
Market Dynamics:
Drivers:
Advancement in Data Analytics and Integration
- The target market is expanding due to the integration of various data sources and the ongoing advancement of data analytics. Digital twins make it possible and valuable to combine and analyses the massive volumes of data that healthcare systems are gathering and storing from wearable, medical imaging, and electronic health records.
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Market Trends:
Rise of Personalized and Precision Medicine
- The target market is significantly driven by the trend towards precision and personalized therapy. Because digital twins simulate individual responses to therapies and forecast outcomes based on each patient's unique health profile, they enable a customized approach to patient care.
Segmentation:
Healthcare Digital Twin Market is segmented based on Type, Application, End-Users, and Region.
Type Insights
- Process & system digital twin is anticipated to boost the growth for target market as it offer a holistic view of healthcare operations by simulating and analyzing entire processes and systems. This includes patient flow, resource allocation, and treatment protocols.
Application Insights
- Personalized medicine is anticipated to boost the growth for target market as digital twins in personalized medicine enable the modeling of disease progression and the effects of various interventions.
End-Users Insights
- Hospitals is anticipated to boost the growth for target market as these digital twins can simulate various treatment scenarios, helping healthcare providers predict how a patient might respond to different therapies.
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Recent Development:
- In May 2024, Ontrak Inc., a leading AI-powered and technology-enabled healthcare company, today announced the launch of its pioneering Mental Health Digital Twin (MHDT) technology. This innovative advancement in mental health care delivery seamlessly fuses human empathy with data-driven insights to provide personalized, precise, and effective care for individuals struggling with mental health challenges.
Regional Insights
- North America: Leading hospitals, academic institutions and healthcare organisations are progressively implementing digital twin technology in the United States, setting the country apart in terms of improving patient care, streamlining clinical procedures, and bolstering research endeavours.
- Asia Pacific: The healthcare digital twin market in the Asia-Pacific area is growing quickly, although starting from a lesser basis than in this region. The increasing need for cutting-edge healthcare solutions in nations like China, Japan, and India is fuelling the target market expansion.
Browse Detail Report on "Healthcare Digital Twin Market Size, Share, 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), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/Healthcare-Digital-Twin-Market-5128
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