Digital Twins in Healthcare Market by Type (Process & System Digital Twin, Product Digital Twin), Application (Drug Discovery & Development, Healthcare Workflow Optimization & Asset Management, Medical Device Design and Testing), End-use - Global Forecast

Digital Twins in Healthcare Market by Type (Process & System Digital Twin, Product Digital Twin), Application (Drug Discovery & Development, Healthcare Workflow Optimization & Asset Management, Medical Device Design and Testing), End-use - Global Forecast

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.

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.

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.

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.

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 Systèmes 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

Please Note: PDF & Excel + Online Access - 1 Year Show more