In 2021, the market for Digital Twin in Healthcare worldwide was worth $6.75 billion US dollars. AMR Group projects that the market will reach US$ 96.5 billion by 2031, growing at a CAGR of 40 percent between 2022 and 2031.
Industry Overview
Digital twins are virtual copies of physical objects or things that data scientist & IT professionals can use to compute simulations prior to developing and deploying the original devices. Digital Twin is capable of using real time IoT open source databases to optimize performance using Artificial Intelligence & data analytics. Artificial Intelligence (AI) has grabbed the attention of medical practitioners. In the past few years, many companies and leading research laboratories have worked and preferred these technologies for clinical uses and trials. Digital twins help to provide a virtual image of a physical world along with all of its partnerships with collaboration of different technologies like cloud computing IoT, 3D modeling, Machine Learning (ML), Data Science, and Artificial Intelligence. It enables a link between digital and physical objects by collecting real time information about physical objects via sensors. A robust digital twin necessitates a huge amount of data from multiple sources or data center to create a description that is accurate to physical entity. Thus growing demand for big data analysis is a major driving growth factors of the digital twin market.
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Moreover, Digital twin technology in healthcare is a virtual model of a person’s physical health that can be used to simulate the effects of various treatments and interventions on health. Medical digital twin model is created using data from a variety of sources including electronic health records, imaging studies, and wearable devices. Healthcare digital twins enable healthcare providers to make more informed decisions about optimize treatment plans, patient care and reduce the risk of adverse effects. Many healthcare organizations have started accepting digital twin technology to improve patient outcomes and decrease operational costs. This is boosting digital twin in healthcare market dynamics. Digital twin technology in healthcare is used in different type of applications like clinical trials, drug development, research, clinical operations, supply chain, and patient monitoring. The technology reduces the need for unnecessary diagnostics and treatments in healthcare. Digital twin applications in healthcare are increasing across the globe. This is anticipated to positively impact global digital twin in healthcare industry statistics in the coming years.
Market Dynamics
Remote patient monitoring works efficiently with telehealth technology when patients need to be observed for specific health issues. Digital twins can be efficiently used in telemedicine and remote patient monitoring to develop a virtual representation of a patient’s health requirements. For instance, digital twin can be used for integrated data from different sources, like wearable devices, electronic health records, and others, to provide a more comprehensive view of a patient’s health. This could enable healthcare providers to effectively monitor and manage their patients. Thus, rise in telemedicine and remote patient monitoring services is expected to growth of digital twin in healthcare market size in the next few years.
Data analytics & machine learning technologies are used in the healthcare sector to enhance patient care. Data analytics technology is empowered to enable trends in patient data like patterns of a disease or risk factors for a specific disorder. This allows healthcare personnel to exact identification and treat illnesses before they become more serious. For instance, NASA developed pairing technology, developed to digital twin technology, to address the challenge of operating, maintaining, and repairing systems when you aren’t physically close to them in the early days of space travel. However, Market growth is impacted by high cost of deployment and highly complicated architecture of digital twins. Utilizing digital twin necessitates substantial investment in cloud computing services, cloud computing infrastructure development, and maintenance. It also requires huge investments in IoT platforms & security management. causing, many of these capital & operational challenges to restrict market growth.
COVID Impact
The Digital Twin in Healthcare market has shown a positive impact during the COVID-19 pandemic period. Digital twins have been accepted by many healthcare facilities during and after the pandemic in order to optimize workflows & predict the efficiency of the facilities to deal with the growth of patient inflow. Pharmaceutical industries leveraged the technology to develop vaccines in with respect to manage the rising demand. The digital twins are used to develop live replicas of the physical processes in manufacturing vaccine to improvement of the processes.
Regional Trend
Geographically, the global Digital Twin in Healthcare market is segmented into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. North America is dominating the largest share of the global Digital Twin in Healthcare market in 2021. For instance, on October 2022, Capgemini announced a partnership with Microsoft for the development of ReflectIoD, a server less Azure-based digital twin platform. These secure & highly scalable platforms will use top-class architecture & technological components from Microsoft’s Azure cloud, suite to transform an organization’s work and maintenance agility. Moreover, Asia Pacific region is expected to record a significant revenue growth rate over the forecast period owing to rising adoption of internet, growing popularity of IoT-based engineering services and increased product launches by key market companies. For instance, on March 2022, L&T Technology Services Ltd., a global leader in pure play services, launched the next-generation IoT-based engineering practice focused on Digital Twins for industrial and production sectors.
Competitive Landscape
Key players operating in the global tissue diagnostics market are ANSYS, Inc., Atos, Dassault Systems (3DS System), Faststream Technologies, Koninklijke Philips N.V., Microsoft Corporation, NUREA, Philips Healthcare, Predictiv Care, Inc., PrediSurge, Q Bio, Inc., QiO Technologies, Siemens Healthineers, ThoughWire, Twin Health, Unlearn.AI, Inc., Verto Inc., and Virtonomy GmbH among others. On December 2020, Johnson Controls and Microsoft Corp. announced a global collaboration on how buildings and spaces are built, designed, and managed. Microsoft also announced that Microsoft Azure Digital Twins are generally available through analytics, modeling and digital control mechanisms. This collaborative partnership is expected to support effective & sustainable building and space design, construction, and ongoing operation.
Key USP’s-
On August 2022, Wafer Systems, a subsidiary of InvesTech Holdings’ smart IT solutions provider, joined forces together with Microsoft to supply two new workplace solutions & enterprise digitalization. As a result of this partnership, the two companies planned to launch AIoT-based advanced Building Digital Twin Solution, which was expected to build on Wafer Systems’ Virsical AIoT platform and Microsoft Azure.
Market Segmentation
Based upon the Type used in Digital Twin in Healthcare Market is segmented into four segments of Product Digital Twins, Process Digital Twins, System Digital Twins and Parts Digital Twins in the digital twining process. Based on Technology, the Digital Twin in Healthcare Market is segmented into Internet of Things (IoT), Big Data Analytics, Artificial Intelligence and Machine Learning, Virtual Reality and 5G. Based on application, the Digital Twin in Healthcare Market is segmented into Asset & Process Management, Personalized Medicine and Drug Discovery. In this segments, the asset & process management segment holds the largest share of over 35.0% in 2021 to dominate the largest share of the Digital Twin in Healthcare market.
Based on end user, the Digital Twin in Healthcare Market is segmented into Healthcare, Aerospace and Defense, Automotive and transportation, IT and Telecom, Agriculture and Retail. In end user segment of Digital Twin in Healthcare market the hospitals & clinics segment holds the largest share of over 30.0% in 2021. The increasing healthcare expenditure is some of the major factors driving the growth of this segment.
By Type
• Product Digital Twins
• Process Digital Twins
• System Digital Twins
• Parts Digital Twins
By Technology
• Internet of Things (IoT)
• Big Data Analytics
• Artificial Intelligence and Machine Learning
• Virtual Reality
• 5G
By Application
• Asset And Process Management
• Personalized Medicine
• Drug Discovery
By End User
• Healthcare
• Aerospace and Defense
• Automotive and transportation
• IT and Telecom
• Agriculture
• Retail
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Key Questions answered with an analysis in this report:
- What are the current market trends? Will there be an increase or decrease in market demand in the following years?
- Which product categories are expected to have the highest demand? What kind and applications might we expect in the future?
- What Economic Predictions are Available for the Industry Considering Capacity, Production, and Production Value?
- Which costs and profits are projected? What Will the Market Share, Consumption, and Supply Be? How do imports and exports operate?
- In light of the strategic advancements, where will the industry be in the mid- to long-term?
- What are the primary raw materials employed in the production?
- What is the value of the global market? How much was the market worth in 2022?
- Which companies are the main players in the market? Which businesses are leading the pack?
- What are the current business trends that can be used to create new sources of income?
- What Entry Strategies, Economic Impact Countermeasures, and Marketing Channels Should the Industry Use?
