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

Description

List of Tables

[198 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.

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.

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%

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.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Digital Twins in Healthcare Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers
- Increasing focus on manufacturing personalized medicines
- Rising demand for the development of medical devices
- Growing inclination for predictive analytics to predict disease progression

Market Restraints
- Data quality issues and accuracy of digital twins in healthcare

Market Opportunities
- Continuous advancements in the development of digital twins in healthcare
- Growing integration of digital twins into telemedicine platforms

Market Challenges
- Data privacy and security issues with digital twins in healthcare

Market Segmentation Analysis
- Type: Rising role of process & system digital twin in healthcare that focuses on streamlining and optimizing workflows
- Application: Expanding usage of digital twins in healthcare workflow optimization & asset management to enhance overall operational efficiency
- End-Use: Expanding deployment of digital twins across hospitals & clinics to enhance patient care

Market Disruption Analysis
Porter's Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Digital Twins in Healthcare Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment 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, namely 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 assessment of the current state of vendors in the Digital Twins in Healthcare Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. 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 these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Strasys and Silico partner for Healthcare Digital Twin Projects

Strasys and Silico have entered into an agreement to leverage digital twins of entire hospitals and healthcare systems in order to enhance decision-making. This partnership integrates Silico's business process simulation software with Strasys' technology for creating digital twins. By utilizing the BPS platform, Strasys develops digital replicas of individual business processes to assess potential changes. Linking these digital replicas allows for the creation of comprehensive digital twins, enabling Strasys to simulate the impact of different decisions on the healthcare sector. This process aids healthcare systems in optimizing operational processes, ensuring efficient service delivery, and ultimately improving patient outcomes. [Published On: 2022-12-02]

NTT, Harvard Announce Digital Twin Partnership to Engineer the Heart

NTT Research and Harvard's John A. Paulson School of Engineering and Applied Sciences collaborated on a three-year joint research agreement with a focus on digital twins in healthcare. The primary objective of this partnership is to advance cardiac care by developing a cardiovascular bio-digital twin model. Within this collaboration, NTT Research's MEI Lab has dedicated its efforts to the development of multiscale precision cardiology platforms and heart-on-a-chip technology. On the other hand, SEAS' Disease Biophysics Group has been actively working towards creating an engineering replica of the human heart for almost two decades. By combining their expertise and resources, NTT Research and Harvard aim to make significant advancements in the field of digital twins in healthcare, particularly in the domain of cardiac care. [Published On: 2022-11-30]

Euro 36.5 million Invested in Healthcare Tech, Including Digital Hubs and Digital Twins

The UK Research and Innovation (UKRI) has recently committed a significant investment of Euro 36.5 million to advance the field of digital health. As part of this initiative, Euro 16.5 million has been allocated to establish new digital health hubs across England. One notable project in this domain is being undertaken by the University of Strathclyde, which is developing computer models referred to as 'digital twins'. These digital twins hold promise in assisting doctors in testing medical procedures and predicting patient outcomes. By leveraging this innovative model, personalized treatments can be tailored to each patient, leading to improved patient outcomes and reduced recovery times. This approach aims to enhance the delivery of healthcare services and contribute to the advancement of medical research. [Published On: 2022-06-13]

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Digital Twins in Healthcare Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

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

Product Code: MRR-A579C431593D

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. 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

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 Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

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. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Strasys and Silico partner for Healthcare Digital Twin Projects
- 12.3.2. NTT, Harvard Announce Digital Twin Partnership to Engineer the Heart
- 12.3.3. Euro 36.5 million Invested in Healthcare Tech, Including Digital Hubs and Digital Twins
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio