Digital Twins in Healthcare Global Market Report 2024

The digital twins in healthcare market size has grown exponentially in recent years. It will grow from $1.31 billion in 2023 to $1.96 billion in 2024 at a compound annual growth rate (CAGR) of 49.5%. The expansion observed during the historic period can be attributed to several key factors, including the increasing adoption of digital twin technology in manufacturing and aerospace industries, advancements in IoT and cloud computing technologies, growing demand for predictive maintenance and real-time analytics solutions, and increasing investments in digital twin technology by both public and private entities.

The digital twins in healthcare market size is expected to see exponential growth in the next few years. It will grow to $9.69 billion in 2028 at a compound annual growth rate (CAGR) of 49.2%. The anticipated growth in the forecast period can be attributed to several significant factors, including the increasing adoption of digital twin technology in the healthcare industry, a growing demand for real-time data analytics, advancements in machine learning and artificial intelligence, a heightened focus on patient-centered care, and an increasing demand for predictive analytics and preventive interventions. Major trends expected during this period encompass the increasing use of digital twins for drug discovery and development, growing demand for patient remote monitoring, the rising use of digital twins for customized medicine, increased utilization of digital twins for surgery planning, and a growing application of digital twins for epidemic management.

The expansion of telehealth services is poised to drive the proliferation of digital twins within the healthcare market in the foreseeable future. Telehealth, leveraging telecommunications technology, facilitates remote delivery of healthcare services and information, encompassing medical consultations, monitoring, education, and health information exchange through digital communication channels. Digital twins, capable of simulating real-time physiological responses and disease progression for individual patients, emerge as a pivotal technology complementing telehealth initiatives. Telehealth platforms leverage digital twins to enable remote monitoring, empowering healthcare providers to track patients' vital signs, medication adherence, and overall health from a distance. For example, data from Rock Health Inc. in February 2023 revealed that four out of five consumers had utilized telemedicine services at least once, with significant increases observed in telemedicine adoption among underrepresented groups in healthcare, including a 12% increase among individuals over the age of 55 and a 13% higher adoption rate among rural residents in 2022. This underscores the transformative impact of telehealth expansion in driving the adoption of digital twins within the healthcare landscape.

Key players within the digital twins in healthcare market are actively engaged in the development of innovative digital twin-supported technologies aimed at enhancing medical research and delivering personalized care. One such innovation is Emma, a digital twin-supported technology designed to raise awareness of the role of virtual twins in accelerating medical research and improving patient outcomes. Emma offers an interactive, true-to-life virtual replica enriched with additional data points, insights, and analysis capabilities, enhancing the overall patient experience. This technology facilitates optimization of surgical procedures and provides patients with a deeper understanding of treatment options. For instance, in September 2023, Dassault Systèmes SE, a renowned France-based software company, unveiled Emma, a digital twin avatar engineered to raise awareness about health research. Leveraging anonymous health data, Emma undergoes numerous tests to gain insights into various diseases and therapies, exemplifying the potential of digital twins in advancing medical research and patient care.

In December 2021, Siemens AG, a renowned German automation company, completed the acquisition of EcoDomus Inc. for an undisclosed sum. This strategic acquisition is geared towards integrating EcoDomus' advanced technology into Siemens AG's portfolio, with the objective of enriching and diversifying its range of offerings. EcoDomus Inc., headquartered in the United States, specializes in providing cutting-edge digital twin software solutions.

Major companies operating in the digital twins in healthcare market report are Amazon.com Inc., Microsoft Corporation, International Business Machines 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.

North America was the largest region in the digital twins in healthcare market in 2023. 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. The countries covered in the digital twins in healthcare market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A digital twin in healthcare is a virtual representation of physical entities such as patients and hospital environments, created in digital form and incorporating real-time data sourced from electronic health records and physiological measurements. These digital replicas enable personalized treatment plans, predictive analytics, and improved clinical operations by integrating real-time data with virtual simulations.

The main types of digital twins in healthcare include process and system digital twins, as well as product digital twins. A Process and System Digital Twin represents a virtual model of a physical process or system, utilized in various applications such as asset and process management, personalized medicine, and drug discovery. These digital twins find applications in clinical research organizations, research and diagnostic laboratories, hospitals, and clinics.

The digital twins in healthcare market research report is one of a series of new reports that provides digital twins in healthcare market statistics, including digital twins in healthcare industry global market size, regional shares, competitors with digital twins in healthcare market share, detailed digital twins in healthcare market segments, market trends, and opportunities, and any further data you may need to thrive in the digital twins in healthcare industry. This digital twins in healthcare market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The digital twins in healthcare market includes revenues earned by entities by replicating staffing systems, creating digital twins of healthcare facilities, interdisciplinary teamwork and patient care coordination, training and simulation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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