The Global Digital Twins in Healthcare Market size is expected to reach $29.3 billion by 2030, rising at a market growth of 51.8% CAGR during the forecast period.
The surgical planning & medical education is capturing the market as the development of digital twin algorithms for surgery has recently been the focus of extensive scientific projects around the globe. Hence, surgical planning & medical education registered $81.3 million revenue in the market in 2022. With excellent accuracy, surgical digital twins track and update virtual replicas of physical elements in real time. Scheduling may be improved, error probability can be reduced, and supply chain management can be strengthened using machine learning and data analytics. Due to widespread usage and the desire for high precision, the market is expected to expand.
The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In August, 2021, IBM came into collaboration with Black & Veatch to help customers keep assets and equipment running at peak performance and reliability. Additionally, In April, 2023, Oracle collaborated with Deloitte to include operations, implementation, and advisory services for Oracle through Deloitte Health – Oracle Accelerated. In November, 2022, SAP came into an agreement with Schneider Electric to improve digital transformation and industry innovation to simplify onboarding and lifecycle management of assets with digital twins, augmented and virtual reality.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation is the forerunner in the Market. In March, 2022, Microsoft teamed up with Cognizant to deliver a new digital health solution to improve remote patient monitoring for better medical care. Companies such as Siemens Healthineers AG (Siemens AG), Dassault Systemes SE and Oracle Corporation are some of the key innovators in the Market.
In order to improve processes and forecast how effectively the facilities will be able to handle the increased patient influx that was seen during the pandemic, healthcare facilities used digital twins after the outbreak. In order to meet the rising demand, pharmaceutical companies used technology to manufacture vaccinations. To increase the effectiveness of the processes, digital twins were employed to create real-time simulations of the physical processes involved in making vaccines.
The concept of generating a virtual clone of a real-world system, process, or object has gained popularity in recent years. This technology is known as "digital twin technology." As a result, both public & private companies have been expanding their investment in digital twin technology due to their growing awareness of the technology's ability to spur innovation and raise operational effectiveness. The public and private sectors' investments will hasten the advancement and uptake of the technology behind digital twins. The expansion of the healthcare market will be boosted in the upcoming years by creating new opportunities.
The medication intake, blood sugar levels, and other significant health indicators of a diabetic patient can be tracked using the patient's digital twin. In order to help manage the disease, it may also be employed to advise what to eat, how much to exercise, and other lifestyle changes. The use of digital twin technologies in healthcare can also increase the effectiveness and efficiency of remote patient monitoring and telemedicine by giving a more accurate and comprehensive picture of the patient's health. This could aid medical professionals in efficiently managing and monitoring their patients. So, in the next years, it is anticipated that the growth of telemedicine and remote patient monitoring services will expand the market.
Digital twin technology implementation and upkeep in the healthcare industry call for specialized training and expertise in data science, software engineering, and machine learning. It can be difficult to adjust to this emerging technology, particularly in the healthcare industry, with enormous warehouses of unstructured data. Healthcare companies may experience delays, increased expenses, and restricted access to the advantages of digital twins technology if there are insufficiently qualified individuals to implement, design, and manage this technology. These factors make it likely that the market will develop slowly over the forecast period.
Based on component, the market is segmented into software, and services. The services segment acquired a substantial revenue share in the market in 2022. The significant market share of this segment is a result of the expanding demand for services that assist businesses in efficiently implementing and utilizing digital twin technology and maximizing its advantages. Data administration, analysis, and support, as well as maintenance and advising services, are all included in this segment of the market.
On the basis of application, the market is fragmented into drug discovery & development, personalized medicine, surgical planning & medical education, medical device design & testing, healthcare workflow optimization & asset management, and others. The surgical planning & medical education segment garnered a significant revenue share in the market in 2022. The development of digital twin algorithms for surgery has recently been the focus of extensive scientific projects around the globe. With excellent accuracy, surgical digital twins track and update virtual replicas of physical elements in real time. Due to widespread usage and the desire for high precision, the market is expected to expand.
By end user, the market is classified into pharma & bio-pharma companies, research & academia, providers, medical device companies and others. In 2022, the providers segment dominated the market by generating the largest revenue share. The development of digital twins in healthcare is anticipated to be extremely significant. The term "smart hospitals" refers to the widespread use of this technology in hospitals & clinics. A smart hospital is Internet Protocol (IP) capable, has Internet of Things (IoT) sensors to communicate data, and combines data from many subsystems with real-time interactions between patients, staff members, and linked gadgets. Market participants who are active in the market work together to acquire a competitive advantage over others.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 1.1 Billion |
| Market size forecast in 2030 | USD 29.3 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 51.8% from 2023 to 2030 |
| Number of Pages | 301 |
| Number of Table | 393 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Component, Application, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the market is fragmented into North America, Europe, Asia Pacific and LAMEA. The North America region led the market with the maximum revenue share in 2022. Due to the increased use of digital twins in healthcare in this region, it is predicted that this region will dominate the market throughout the projected period. The market's success in the region is influenced by several factors, including the rise in the availability of better healthcare facilities, particularly in hospitals and ambulatory surgery centers, the ongoing development of medical technologies, and the profitable presence of key players in the US and Canada.
Free Valuable Insights: Global Digital Twins in Healthcare Market size to reach USD 29.3 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens Healthineers AG (Siemens AG), Dassault Systemes SE, Microsoft Corporation, Koninklijke Philips N.V., IBM Corporation, NVIDIA Corporation, GE HealthCare Technologies, Inc., Oracle Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), and SAP SE.
By Application
By Component
By End User
By Geography
The Market size is projected to reach USD 29.3 billion by 2030.
Growth of remote monitoring services and telemedicine are driving the Market in coming years, however, Dearth of technical expertise and issues with data management restraints the growth of the Market.
Siemens Healthineers AG (Siemens AG), Dassault Systemes SE, Microsoft Corporation, Koninklijke Philips N.V., IBM Corporation, NVIDIA Corporation, GE HealthCare Technologies, Inc., Oracle Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), and SAP SE.
The expected CAGR of this Market is 51.8% from 2023 to 2030.
The Software segment is leading the Market by Component in 2022 thereby, achieving a market value of $20.8 billion by 2030.
The North America market dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $11.4 billion by 2030.
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