Digital Twins in Healthcare Market by Type, Application, End-use

Description

List of Tables

[184 Pages Report] The Digital Twins in Healthcare Market size was estimated at USD 1.40 billion in 2023 and expected to reach USD 1.85 billion in 2024, at a CAGR 33.92% to reach USD 10.85 billion by 2030.

Global Digital Twins in Healthcare Market

KEY MARKET STATISTICS
Base Year [2023]	USD 1.40 billion
Estimated Year [2024]	USD 1.85 billion
Forecast Year [2030]	USD 10.85 billion
CAGR (%)	33.92%

Digital Twins in Healthcare Market - IMG1

Digital twins in healthcare encompasses the integration of digital replicas of physical assets, processes, people, and devices with real-world entities for the purpose of enhancing patient outcomes, reducing medical errors, optimizing operational efficiencies, and fostering innovation within healthcare services. These digital models are created using advanced technologies such as artificial intelligence (AI), the Internet of Things (IoT), big data analytics, and machine learning (ML) to simulate complex interactions and enable data-driven decision-making. The increased implementation of IoT-enabled devices in healthcare for better collection of health-related data to provide accurate diagnoses through predictive analysis is driving market growth. The increase in demand for personalized medicine is expanding the usage of digital twins for the creation of personalized treatment plans based on a patient's unique genetic makeup and health history. Data privacy and security concerns associated with digital twins in healthcare are hampering the market growth. Growing investment in developing more efficient algorithms that accurately interpret vast amounts of data generated by digital twins is expected to create opportunities for market growth.

Regional Insights

In the Americas, digital twins are gaining traction in healthcare with growing investment from both government and private sectors. Additionally, major tech companies in the region are collaborating with healthcare providers to develop digital twin applications for personalized medicine and disease management, thereby benefiting market growth in the Americas. Favorable governmental initiatives for incorporating digital technologies such as 5G mobile communication, artificial intelligence, and supercomputing in health and care services offer new opportunities for the digital twins in the healthcare market in EMEA. The massive investments in digital and smart healthcare solutions by the developed economies across the European region promote the adoption of digital twins in healthcare solutions. The growing presence of the geriatric population and the increasing prevalence of chronic disorders positively influence the requirement for digital twins in healthcare in the Asia-Pacific region. Moreover, the growing 5G incorporation to assist the digitalization of healthcare services is anticipated to drive digital twins in the healthcare market in the forthcoming years.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Digital Twins in Healthcare Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Digital Twins in Healthcare Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Digital Twins in Healthcare Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, ANSYS Inc., Atos SE, Babylon Healthcare Services Ltd., Cence Power Inc., Daffodil Software, Dassault Systemes S.E., Faststream Technologies, GE HealthCare Technologies Inc., International Business Machines Corporation, Koninklijke Philips N.V., Microsoft Corporation, MOSIMTEC, LLC, NUREA, NVIDIA Corporation, Predictiv Care Inc., PrediSurge, Q Bio, Inc., Rescale, Inc., Siemens Healthcare GmbH, Spinview Global Limited, Tata Consultancy Services Limited, Twin LTD, Unlearn AI, and Verto Inc..

Market Segmentation & Coverage

This research report categorizes the Digital Twins in Healthcare Market to forecast the revenues and analyze trends in each of the following sub-markets:

Type
- Process & System Digital Twin
- Product Digital Twin
Application
- Drug Discovery & Development
- Healthcare Workflow Optimization & Asset Management
- Medical Device Design and Testing
- Personalized medicine
- Surgical Planning and Medical Education
End-use
- Clinical Research Organizations (CRO)
- Hospitals & Clinics
- Research & Diagnostic Laboratories
Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam
- Europe, Middle East & Africa
  - Denmark
  - Egypt
  - Finland
  - France
  - Germany
  - Israel
  - Italy
  - Netherlands
  - Nigeria
  - Norway
  - Poland
  - Qatar
  - Russia
  - Saudi Arabia
  - South Africa
  - Spain
  - Sweden
  - Switzerland
  - Turkey
  - United Arab Emirates
  - United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Digital Twins in Healthcare Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Digital Twins in Healthcare Market?

3. What are the technology trends and regulatory frameworks in the Digital Twins in Healthcare Market?

4. What is the market share of the leading vendors in the Digital Twins in Healthcare Market?

5. Which modes and strategic moves are suitable for entering the Digital Twins in Healthcare Market?

Product Code: MRR-A579C4315944

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

4.1. Introduction
4.2. Digital Twins in Healthcare Market, by Region

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing focus on manufacturing personalized medicines
  - 5.1.1.2. Rising demand for the development of medical devices
  - 5.1.1.3. Growing inclination for predictive analytics to predict disease progression
- 5.1.2. Restraints
  - 5.1.2.1. Data quality issues and accuracy of digital twins in healthcare
- 5.1.3. Opportunities
  - 5.1.3.1. Continuous advancements in the development of digital twins in healthcare
  - 5.1.3.2. Growing integration of digital twins into telemedicine platforms
- 5.1.4. Challenges
  - 5.1.4.1. Data privacy and security issues with digital twins in healthcare
5.2. Market Segmentation Analysis
- 5.2.1. Type: Rising role of process & system digital twin in healthcare that focuses on streamlining and optimizing workflows
- 5.2.2. Application: Expanding usage of digital twins in healthcare workflow optimization & asset management to enhance overall operational efficiency
- 5.2.3. End-Use: Expanding deployment of digital twins across hospitals & clinics to enhance patient care
5.3. Market Trend Analysis
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework

6. Digital Twins in Healthcare Market, by Type

6.1. Introduction
6.2. Process & System Digital Twin
6.3. Product Digital Twin

7. Digital Twins in Healthcare Market, by Application

7.1. Introduction
7.2. Drug Discovery & Development
7.3. Healthcare Workflow Optimization & Asset Management
7.4. Medical Device Design and Testing
7.5. Personalized medicine
7.6. Surgical Planning and Medical Education

8. Digital Twins in Healthcare Market, by End-use

8.1. Introduction
8.2. Clinical Research Organizations (CRO)
8.3. Hospitals & Clinics
8.4. Research & Diagnostic Laboratories

9. Americas Digital Twins in Healthcare Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Digital Twins in Healthcare Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Digital Twins in Healthcare Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. FPNV Positioning Matrix
12.2. Market Share Analysis, By Key Player
12.3. Competitive Scenario Analysis, By Key Player
- 12.3.1. Agreement, Collaboration, & Partnership
  - 12.3.1.1. Strasys and Silico partner for Healthcare Digital Twin Projects
  - 12.3.1.2. NTT, Harvard Announce Digital Twin Partnership to Engineer the Heart
- 12.3.2. Investment & Funding
  - 12.3.2.1. Euro 36.5 million Invested in Healthcare Tech, Including Digital Hubs and Digital Twins

13. Competitive Portfolio

13.1. Key Company Profiles
- 13.1.1. Accenture PLC
- 13.1.2. ANSYS Inc.
- 13.1.3. Atos SE
- 13.1.4. Babylon Healthcare Services Ltd.
- 13.1.5. Cence Power Inc.
- 13.1.6. Daffodil Software
- 13.1.7. Dassault Systemes S.E.
- 13.1.8. Faststream Technologies
- 13.1.9. GE HealthCare Technologies Inc.
- 13.1.10. International Business Machines Corporation
- 13.1.11. Koninklijke Philips N.V.
- 13.1.12. Microsoft Corporation
- 13.1.13. MOSIMTEC, LLC
- 13.1.14. NUREA
- 13.1.15. NVIDIA Corporation
- 13.1.16. Predictiv Care Inc.
- 13.1.17. PrediSurge
- 13.1.18. Q Bio, Inc.
- 13.1.19. Rescale, Inc.
- 13.1.20. Siemens Healthcare GmbH
- 13.1.21. Spinview Global Limited
- 13.1.22. Tata Consultancy Services Limited
- 13.1.23. Twin LTD
- 13.1.24. Unlearn AI
- 13.1.25. Verto Inc.
13.2. Key Product Portfolio

14. Appendix

14.1. Discussion Guide
14.2. License & Pricing