CHICAGO, June 6, 2023 /PRNewswire/ -- The utilization of digital twins in the healthcare industry is expected to revolutionize patient care and enhance overall healthcare outcomes in the near future. A digital twin refers to a virtual replica of a physical entity, such as a human body or specific organ system, created using advanced technologies like artificial intelligence and machine learning. In the healthcare context, digital twins offer several advantages, including the ability to simulate and analyze patient-specific data, diagnose diseases more accurately, and predict treatment outcomes. These digital replicas can integrate data from various sources, such as electronic health records, wearable devices, and medical imaging, enabling healthcare providers to gain comprehensive insights into a patient's health status. By leveraging digital twins, healthcare professionals can personalize treatment plans, optimize interventions, and even conduct virtual trials to assess the efficacy of new therapies. Furthermore, digital twins can support medical education and training by providing realistic scenarios for practicing complex procedures. As technology continues to evolve, the potential of digital twins in healthcare is vast, offering a transformative approach to patient care, disease management, and medical research.
Digital Twins in Healthcare Market in terms of revenue was estimated to be worth $1.6 billion in 2023 and is poised to reach $21.1 billion by 2028, growing at a CAGR of 67.0% from 2023 to 2028 according to a new report by MarketsandMarkets. Rise in investments & funding in the digital twin market supporting the growing number of startups and increasing focus on cutting-edge real-time analytics are some of the key factors that offer opportunities to the market during the forecast period. However, the obsolete digital infrastructure and the reluctance towards the use of new technologies are challenging the market growth to some extent.
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Digital Twins in Healthcare Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $1.6 billion |
Estimated Value by 2028 | $21.1 billion |
Growth Rate | Poised to grow at a CAGR of 67.0% |
Market Size Available for | 2021-2028 |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Application, and End user. |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of the world. |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Increasing focus on cutting-edge real-time data analytics |
Key Market Drivers | Increasing investments in digital twin technology by public and private entities |
The research and Academia segment is expected to register a substantial growth in the digital twins in healthcare market, by end user
The research and academia segment is expected to register a substantial growth in the digital twins in healthcare market, by end user. This growth can be attributed to their ability to drive technological advancements in the healthcare sector, collaborative research efforts within these institutions fostering knowledge sharing & enhance patient care outcomes, availability of extensive healthcare data & the expertise to analyze and model it give research institutions a competitive edge in leveraging digital twins effectively. Lastly, the inclination of academic institutions to explore emerging technologies positions them as early adopters and catalysts for growth in the digital twins in healthcare market.
APAC is to witness a considerable growth rate during the forecast period.
The Asia Pacific market is projected to grow at a considerable CAGR during the forecast period. Factors such as increasing medical tourism, growing investments expected to bring about the creation of new market participants, growing prevalence of various technologies such as IoT, machine learning, etc., and the rising geriatric population are anticipated to drive the development of digital twins for healthcare applications in the Asia Pacific region.
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Digital Twins in Healthcare Market Dynamics:
Drivers:
1. Increasing investments in digital twin technology by public and private entities
Restraints:
1. Managing data quality and privacy issues and high implementation costs
Opportunities:
1. Increasing focus on cutting-edge real-time data analytics
Challenges:
1. Lack of technical expertise and data management issues
Key Market Players:
Siemens Healthineers AG (Germany), Dassault Systèmes (France), Microsoft (US), Koninklijke Philips N.V. (Netherlands), Faststream Technologies (US), Twin LTD (US), IBM (US), NVIDIA Corporation (US), GE Healthcare (US), NUREA (France), ANSYS, Inc. (US), Rescale, Inc. (US), Predictiv (US), Verto Health (Canada), PrediSurge (France), Qbio (US), Virtonomy GmbH (Germany), Unlearn AI (US), Atos SE (France), ThoughtWire (Canada), Amazon Web Services, Inc.(US), Oracle(US), PTC (US), SAP (Germany), Sim and Cure (France) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.
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Recent Developments:
- In April 2023, Oracle (US) collaborated with Deloitte (UK), This collaboration focuses on modernizing electronic health records, optimizing operations, and leveraging AI-driven insights to deliver a patient-centric, future-ready healthcare delivery system. By combining Deloitte's industry expertise with Oracle's technology portfolio, they aim to meet the evolving needs of the healthcare industry and improve operational efficiency.
- In July 2022, PTC (US) formed an allince with Schaeffler (Germany), through this, Schaeffler will use PTC technologies to create an integrated, end-to-end IT landscape as part of a new strategic alliance. PTC's efforts to further develop and evolve market-specific standard solutions to better satisfy the demands of automotive and industrial companies would benefit from Schaeffler's input. The new partnership will expand on Schaeffler's strong twenty-year relationship with PTC, which began with Schaeffler's adoption of PTC's CAD and PLM products. These tools are critical for introducing and developing Schaeffler's digital twin initiatives and visualizing 3D models (such as those utilized in augmented reality projects).
- In March 2022 Microsoft (US) partnered with Johnson & Johnson (US), This collaboration aims to develop a new digital surgical platform using Azure Digital Twins technology which will enable surgeons to create a digital twin of a patient's anatomy to plan and practice surgeries.
Digital Twins in Healthcare Market Advantages:
- Personalized Medicine: Digital twins enable personalized medicine by creating virtual replicas of individual patients, incorporating their unique health data and genetic information. This personalized approach enhances the accuracy of diagnoses, treatment plans, and medication selection, leading to improved patient outcomes.
- Predictive Analytics: By integrating real-time patient data with advanced analytics, digital twins can predict disease progression, identify potential health risks, and forecast treatment responses. This predictive capability empowers healthcare providers to intervene proactively, prevent adverse events, and optimize patient management strategies.
- Virtual Simulations and Training: Digital twins facilitate virtual simulations and training for healthcare professionals, allowing them to practice complex procedures in a safe and controlled environment. This virtual training enhances skill development, reduces the risk of errors during actual procedures, and supports continuous medical education.
- Efficient Clinical Trials: Digital twins can streamline and accelerate the clinical trial process by simulating the effects of new therapies on virtual patient populations. This virtual trial approach reduces the need for extensive human trials, shortens development timelines, and potentially brings innovative treatments to market faster.
- Enhanced Research and Development: Digital twins provide a valuable platform for researchers and scientists to conduct in silico experiments, model diseases, and test hypotheses. This accelerates the research and development process, fosters innovation, and improves our understanding of complex biological systems.
- Remote Patient Monitoring: Digital twins enable remote patient monitoring by integrating data from wearables, sensors, and other connected devices. This facilitates continuous monitoring of patient health, early detection of abnormalities, and timely interventions, particularly for individuals with chronic conditions.
- Data-Driven Insights: By aggregating and analyzing vast amounts of patient data, digital twins generate data-driven insights that can inform clinical decision-making, healthcare resource allocation, and population health management. These insights help healthcare organizations optimize care delivery, improve operational efficiency, and make evidence-based decisions.
The adoption of digital twins in healthcare holds immense potential to revolutionize patient care, research, and healthcare management, offering personalized, data-driven, and proactive approaches to improve health outcomes and enhance the overall healthcare experience.
Key Stakeholders:
- Healthcare Providers
- Healthcare Vendors
- Technology Developers
- Patients
- Regulators and Policymakers
- Insurance companies and payers
- Academic Research Institutes
- Imagining and Diagnostic Labs
- Government Institutions
- Market Research and Consulting Firms
- Venture Capitalists and Investors
Objectives of the Study:
- To define, describe, and forecast the digital twins in healthcare market based on component, deployment, technology, application, end user, and region.
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of the market with respect to three geographic regions-North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW), which include regions such as Latin America and Middle East & Africa.
- To profile the key players and comprehensively analyze their core competencies and market shares
- To track and analyze competitive developments such as agreements, partnerships, collaborations, acquisitions, product/technology/service launches, and R&D activities of leading players
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