Pune, Aug. 05, 2024 (GLOBE NEWSWIRE) -- Digital Twins in Healthcare Market Growth Analysis:
“According to SNS Insider Research, The Digital Twins in Healthcare Market was valued at USD 1.41 Billion in 2023. It is anticipated to achieve a valuation of USD 28.88 Billion by 2032, experiencing a compound annual growth rate (CAGR) of 40.01% throughout the forecast period from 2024 to 2032.”
“Pioneering Personalized Medicine and Enhanced Patient Outcomes”
The role of digital twins in solving the tasks of developing personalized medicine, improving the efficiency of patient data analysis, and increasing the effectiveness of the organization’s operations is becoming increasingly popular. Hospitals and other healthcare centers face increasing demands for cost reduction while improving the quality of services and delivery of care; digital twins facilitate efficient planning and control of resource utilization, as well as the reduction of mistakes in operations. An increase in personalized medicines is evident by the increase in the volumetric turnover of such treatment growing from 132 in 2016 to 286 in 2020.
Furthermore, the FDA’s approval data reveals that the percentage of new drugs approved in the last five years was 25% of target therapy medicine, confirming that the proportion was 5% in 2005. The high level of complexity of models to cover the need of patients and the ability to aggregate the results have led to the need for such solutions. Active data connections as well as dynamic modeling capacities are critical; this calls for sound and efficient structures of data and high-end computation facilities.
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Major Players Analysis Listed in this Report Are:
- Atos
- Dassault Systems (3DS System)
- Microsoft
- Philips Healthcare
- Unlearn.AI, Inc.
- PrediSurge
- QiO Technologies
- Verto Healthcare
- ThoughWire
- Fasttream Technologies
- Twin Health
- Other Players
Revolutionizing Patient Care and Clinical Operations
Digital twins are revolutionizing healthcare by providing actionable real-time digital models of patients, organs, and healthcare systems, and thus, unexampled levers for change. Better patient care is therefore a crucial goal, with existing patient models through digital twins aiding in creating explicit treatment regimes, accurate disease diagnostics, and preventive healthcare. These virtual models help the prediction of risk and proactively prepare for the prevention for some sectors or groups.
Digital Twins in Healthcare Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 1.41 Bn |
| Market Size by 2032 | US$ 28.88 Bn |
| CAGR | CAGR of 40.01% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • By creating dynamic, virtual representations of patients, organs or even entire healthcare systems, digital twins offer unprecedented opportunities for improvement • Digital Twins in Personalized and Precision Medicine |
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Segment Analysis:
By Type: The IT process and system digital twins took the largest market share with 56% in 2023. Such symbolic positions of HPS and healthcare processes use advanced technologies such as AI, VR, and mixed reality to improve the flow of work.
By Application: In 2023, Asset and process management led by experiencing 46% adoption helped by the fact that healthcare systems need to determine where to utilize their resources and when to schedule maintenance work. In this area, digital twins define the digital models of physical assets used in managing the systems and making predictions for maintenance.
By End-Use: Hospitals and clinics lead with 58% in 2023 due to cost-saving and efficient management and timely and quality service delivery. Through digital twins, healthcare facilities are able to work through the most likely situations and evaluate the strengths and weaknesses of staffing arrangements and outcomes.
Digital Twins in Healthcare Market Key Segmentation:
By Type
- Process & System Digital Twin
- Product Digital Twin
By Application
- Asset and Process Management
- Personalized Medicine
- Drug Discovery
- Others
By End-use
- Clinical Research Organizations (CRO)
- Hospitals and Clinics
- Research & Diagnostic Laboratories
- Others
North America Leads Digital Twins in Healthcare Market, While Asia Pacific Emerges as a Rapidly Growing Contender
North America is projected to hold the largest share in the digital twins in the healthcare market with 41% in 2023 due to better healthcare facilities, early adaptability of healthcare industry in North American nations and key players operating within this area. Active technical development and permissive legislative context have progressive the usage of digital twins in healthcare activities in the region. The Asia Pacific region is poised to become a large market for Healthcare IT; a factor that is supported by the increasing investment by governments, and health care providers, emergence of a middle class and a demographic that is aging hence leading to increased rates of chronic diseases. The population is big and most of the markets are yet to be explored, factors that provide a good market for expansion.
Recent Collaborations and Innovations in Digital Twins for Healthcare
- In June 2023, Unlearn and QurAlis Corporation teamed up to enhance ALS clinical trials using Unlearn's advanced AI technology and digital twins. This collaboration aims to develop more effective treatments for amyotrophic lateral sclerosis (ALS).
- In January 2023, Microsoft, Schneider Electric, and Emirates Health Services launched EcoStruxure for Healthcare, a digital twin platform designed to improve the efficiency and sustainability of UAE hospitals. This innovative solution aims to optimize energy consumption and operational performance, achieving a 30% improvement in hospital efficiency.
Key Takeaways:
- In-depth analysis of the digital twins in healthcare market trends and growth drivers.
- Detailed insights into market segments, including type, application, and end-use.
- Comprehensive overview of key regional developments and market dynamics.
- Identification of key challenges and opportunities in the digital twins in healthcare market.
- Strategic recommendations for market participants to capitalize on growth opportunities.
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Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Digital Twins in Healthcare Market Segmentation, by Type
8. Digital Twins in Healthcare Market Segmentation, by Application
9. Digital Twins in Healthcare Market Segmentation, by End-use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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