The global healthcare digital twin market valued at USD 572.4 million in 2022, is estimated to grow at a healthy CAGR of 25.6% from 2023 to 2030.
Within the healthcare sector, digital twins play a crucial role in creating simulations or models replicating various aspects of healthcare information, such as the hospital environment, human physiology, and lab results. These representations aim to enhance efficiency, forecast future demand, and optimize costs, driving the demand for this technology throughout the forecast period.
Digital twins are actively contributing to the transformation of the healthcare sector by adopting a real-time, integrated, and interactive approach for effective interventions, data capture, and providing real-time data-backed feedback. The increasing use of sensors, medical records, wearables, and mobile applications in healthcare to track patient data is expected to fuel the demand for digital twins. These applications generate information that can be utilized to create simulations for evaluating pharmaceuticals and medical equipment. Despite the diverse applications, the integration of digital twins into the healthcare field is still in its early stages.
The growth of the healthcare digital twin market is anticipated to be driven by the adoption of digital twin technology in the healthcare sector and the positive attitude of healthcare professionals towards its implementation.
This report predicts the increase in revenue on a global, regional, and country scale, thus offering an analysis of the most recent market trends and opportunities within each sub-segment of the healthcare digital twin market from 2018 to 2030. Market Research Port has segmented the global healthcare digital twins market based on product type, application, end-user, and region.
Process & System Digital Twin
Product Digital Twin
Component Segmentation:
Software
Services
Drug Discovery & Development
Asset and Process Management
Personalized Medicine
Surgical Planning and Medical Education
Medical Device Design and Testing
Others
Clinical Research Organizations (CRO)
Hospitals and Clinics
Research and Diagnostic Laboratories
Medical Device Companies
Others
U.S.
Canada
Germany
UK
France
Italy
Spain
Russia
Japan
China
India
Australia
Singapore
South Korea
Brazil
Mexico
Argentina
South Africa
UAE
Saudi Arabia
In recent times, there has been an emerging interest in digital twin technology, a concept involving the creation of a virtual replica of a physical object, system, or process. This technology finds its applications across various industries, such as manufacturing, healthcare, construction, and infrastructure management. Recognizing its potential to drive innovation and enhance operational efficiency, both public and private entities have been increasing their investments in digital twin technology.
The ‘Digi Twins’ European flagship project, initiated in 2018, involves over 200 partners from 32 countries, including universities, research institutes, hospitals, and technology firms such as Siemens, Philips, Fraunhofer Institute, Technical University of Munich, Imperial College London, and Karolinska Institute. This project, with a funding of USD 1,180 million over 10 years, aims to develop personalized healthcare and prevention strategies based on the concept of a ‘virtual patient.’ Similarly, in October 2021, Twin Health, a company specializing in Whole Body Digital Twin technology for healthcare improvement, secured USD 140 million in Series C funding. Investments from both public and private sectors are set to accelerate the development and adoption of digital twin’s technology, thus creating new opportunities in the healthcare segment and fostering its market growth in the upcoming years.
Technology that involves collecting and analyzing sensitive data raises concerns about data quality and privacy. The integration of data from various sources, including electronic health records and wearables, into digital twins requires consistency, reliability, and security. Poor data quality compromises the accuracy of digital twins, impacting patient care and treatment outcomes. Data privacy is another critical concern, necessitating robust data governance frameworks and security protocols to ensure accuracy, reliability, and security of patient data. The implementation of digital twins’ technology can be expensive due to acquiring the necessary hardware, software, and data storage systems. As the technology matures and becomes more popular, it is anticipated that costs may decrease over time, but these factors are expected to influence the healthcare digital twin market growth to some extent.
Digital twins generate extensive data that can be analyzed in real time, thus providing insights into patient health, resource utilization, and operational efficiency. For instance, a hospital’s digital twins can analyze real-time data from medical devices, electronic health records, and IoT sensors to detect any potential equipment failure, predict patient outcomes, and identify operational inefficiencies. Real-time data analytics aids healthcare providers in making well-informed treatment plans, resource allocation, and patient care decisions. The foundation of digital twins’ technology lies in data analytics, and as it becomes established, it is expected to offer more accurate diagnostics and optimal predictive operations. These advancements are poised to create a huge potential for digital twins’ technology in the healthcare segment in the coming years.
In 2022, North America emerged as the leader in the healthcare digital twin market, holding the largest revenue share at 46.2%. The region’s market growth is propelled by various factors such as the growing adoption of digital and automation solutions in healthcare facilities. Key market players such as Microsoft, IBM Corporation, and IQVIA, situated in North America, are expected to contribute significantly to the technology’s rapid adoption. Additionally, the presence of robust digital infrastructure, facilitated by substantial funding and supportive government initiatives, is a crucial growth driver for the technology’s demand in the region.
Asia Pacific is poised to experience the fastest CAGR growth at 29.3% during the projected forecast period. The region’s market growth is fueled by increasing investments from venture capitalists, private investors, and non-profit organizations in AI-based technology. Furthermore, the growing penetration of IoT devices in the region is set to drive the healthcare digital twin market demand.
The global healthcare digital twin market is experiencing healthy competition due to the introduction of advanced products by leading market players and the entry of new competitors, including a growing number of startups. This trend has significantly contributed to the rapid growth of the global healthcare digital twin market. Additionally, the competitive landscape is influenced by various regulatory norms and government initiatives aimed at promoting the digital health.
The leading players in the global market are implementing diverse strategies, including mergers and acquisitions, partnerships and collaborations to fortify their geographical presence and expand their customer base across the world.
For example, in January 2023, Microsoft, Schneider Electric, and Emirates Health Services joined forces to develop and launch EcoStruxure for Healthcare. This digital twin solution is designed to enrich energy efficiency in hospitals, leading to a 30% improvement in healthcare operational performance across UAE. These strategic initiatives demonstrate the commitment of key market players to boost their market position and drive innovations in the global healthcare digital twin market. Some of the leading players operating in the global healthcare digital twin market are as follows: –
Atos
Microsoft
Philips Healthcare
PrediSurge
Unlearn AI
QiO Technologies
Verto Healthcare
Dassault Systems (3DS System)
ThoughWire
Faststream Technologies
Twin Health
IBM
NVIDIA
GE Healthcare
Nurea
Predictiv
Virtonomy GmBH
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