InsightAce Analytic Pvt. Ltd. has released a market assessment report on the Global Digital Twins in Healthcare Market. The report projects that the market is valued at US$ 1.64 billion in 2023 and is expected to reach US$ 82.40 billion by 2031, with a CAGR of 63.65% during the forecast period of 2024-2031.
Digital twin technology in healthcare is revolutionizing the industry by creating virtual representations of a patient’s physical health. These models, built using data from various sources like electronic health records and imaging studies, allow healthcare professionals to simulate the effects of different treatments and interventions. The adoption of digital twin technology is driven by its potential to reduce operating costs and improve patient outcomes.
The market for digital twins in healthcare is further supported by lucrative opportunities from technological advancements enabling a wider range of healthcare applications. The increasing adoption of digital twin technology in emerging countries is expected to drive market growth in the forecast period.
Some of the prominent players in the Digital Twins in Healthcare Market include Rescale, Inc., Oracle, SAP, IBM, Microsoft, and others. Market dynamics are driven by the effectiveness of digital twins in telemedicine and remote patient monitoring, providing virtual depictions of a patient’s medical needs.
However, challenges in the market include the high cost of implementation and the complex design of digital twins, which impact market growth. Regionally, North America is expected to lead the digital twins in healthcare market, followed by Europe. Recent developments in the market include PrediSurge raising funds for advancing Digital Twin Technology in cardiovascular medicine.
Segmentation of the Digital Twins in Healthcare Market includes components like software and services, applications like drug discovery & development and personalized medicine, and end users such as pharma & bio-pharma companies and research & academia. Regional segmentation covers North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
InsightAce Analytic Pvt. Ltd. is a market research and consulting firm that provides clients with strategic market intelligence solutions to make informed decisions and gain a competitive advantage in the market.