What Is The Current and Historic Market Size Analysis Of The Digital Twins In Healthcare Market?
The digital twins in healthcare market has seen considerable growth due to a variety of factors.
• The market size for digital twins in healthcare has seen extraordinary growth in recent years. It's projected to increase from $1.96 billion in 2024 to $2.94 billion in 2025, showing a potent compound annual growth rate (CAGR) of 50.5%.
The amplification in historical times is due to increased utilization of digital twin technology in manufacturing and aerospace sectors, improvements in IoT and cloud computing technologies, a rising need for predictive maintenance and real-time analytics, and considerable investments in digital twin technology from both public and private sectors.
What are the Market Size and Expected Growth Rates for the Digital Twins In Healthcare Market?
The digital twins in healthcare market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations point to a significant surge in the digital twins in healthcare market in the coming years, predicted to reach a value of $14.29 billion in 2029 at a compound annual growth rate (CAGR) of 48.4%.
This anticipated growth within the projected period can be ascribed to factors such as the rising adoption of digital twin technology in the healthcare sector, the burgeoning demand for real-time data analytics, advancements in machine learning and artificial intelligence, an increased emphasis on patient-focused care, and the escalating demand for predictive analytics and preventive interventions. The forecast period also comes with a host of prevailing trends including the mounting utilization of digital twins for drug discovery and development, growing requirement for remote patient monitoring, increasing application of digital twins in personalized medicine, expanding use of digital twins in surgical planning, and enhanced use of digital twins for managing epidemics.
Which Key Drivers Are Propelling The Digital Twins In Healthcare Market's Growth?
The growth of digital twins in the healthcare sector is projected to be driven by the burgeoning expansion of telehealth. Telehealth involves the remote provision of healthcare services and information through telecommunications technology. It offers a range of services such as monitoring, medical consultation, education, and the exchange of health-related information, all facilitated through digital mediums. Digital twins' capability to mimic real-time physiological responses and predict disease development in patients can be utilized by telehealth platforms for remote monitoring. This allows doctors to keep track of patients' vital signs, adherence to medications and overall health from a distance. For example, Rock Health Inc., a health tech company in the US, reported in February 2023 that four out of five customers had, at some point, used a telemedicine service. There was also a notable surge in the use of telemedicine among marginalized groups in 2022. The use of telemedicine grew by 12% among individuals aged over 55, while its adoption by rural dwellers was 13% greater. Consequently, the proliferation of telehealth is spurring the rise of digital twins in the healthcare marketplace.
What Are The Key Segments Within The Global Digital Twins In Healthcare Market?
The digital twins in healthcare market covered in this report is segmented –
1) By Type: Process And System Digital Twin, Product Digital Twin
2) By Application: Asset And Process Management, Personalized Medicine, Drug Discovery,
3) By End-User: Clinical Research Organizations (CROs), Research And Diagnostic Laboratories, Hospitals And Clinics
Subsegments:
1) By Process And System Digital Twin: Patient Journey Digital Twin, Hospital Operations Digital Twin, Healthcare Workflow Digital Twin, Clinical Process Digital Twin
2) By Product Digital Twin: Medical Device Digital Twin, Drug Development Digital Twin, Equipment Maintenance Digital Twin, Personalized Medicine Digital Twin
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What Trends Are Reshaping The Future Of The Digital Twins In Healthcare Market?
Leading firms in the digital twins healthcare market are pioneering digital twin-backed technologies like Emma, to increase understanding of how virtual doubles can expedite medical studies and offer tailor-made care. Emma, a cutting-edge technology utilizing digital twin models, delivers live-like virtual duplicates equipped with extra data points, intelligence, and analyses that enrich the overall user experience. The technology is capable of refining surgical methods and equipping patients with a deeper grasp of possible treatment alternatives. For instance, Dassault Systèmesa SE, a software corporation based in France, unveiled a digital twin avatar dubbed Emma in September 2023 to bolster health research awareness. Emma is a virtual prototype that faithfully mirrors the qualities of a physical entity, and it was developed using anonymized health data to carry out a myriad of tests, thereby yielding insights into multiple diseases and treatments.
Who Are the Key Players In The Digital Twins In Healthcare Market?
Major companies operating in the digital twins in healthcare market are:
• Amazon.com Inc.
• Microsoft Corporation
• IBM Corporation
• Oracle Corporation
• SAP SE
• NVIDIA Corporation
• Siemens AG
• Koninklijke Philips N.V.
• GE HealthCare Technologies Inc.
• NTT DATA Corporation
• Atos SE
• Dassault Systemes SE
• Ansys Inc.
• PTC Inc.
• Twin Health Inc.
• Faststream Technologies
• Rescale Inc.
• ThoughWire Corp.
• Q Bio Inc.
• Verto Healthcare
• Unlearn.AI Inc.
• PrediSurge
• QiO Technologies Ltd.
• NUREA
• Predictive Care Inc.
• Virtonomy GMbH
What Are The Regional Insights Into The Digital Twins In Healthcare Market?
North America was the largest region in the digital twins in healthcare market in 2024. The regions covered in the digital twins in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
