Global Digital Twin in Healthcare Market Size, Share & Trends Analysis Report, By End-user (Healthcare Providers, Medical Device Companies, Pharmaceutical Companies, and Research Organizations and Academic Institutions), By Application (Healthcare Facilit

Global Digital Twin in Healthcare Market Size, Share & Trends Analysis Report, By End-user (Healthcare Providers, Medical Device Companies, Pharmaceutical Companies, and Research Organizations and Academic Institutions), By Application (Healthcare Facility, Medical Device Design and Development, Personalized Diagnosis and Treatment Planning, Drug Discovery and Development, and Others), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023 – 2030

Global Digital Twin in Healthcare Market Size, Share & Trends Analysis Report, By End-user (Healthcare Providers, Medical Device Companies, Pharmaceutical Companies, and Research Organizations and Academic Institutions), By Application (Healthcare Facility, Medical Device Design and Development, Personalized Diagnosis and Treatment Planning, Drug Discovery and Development, and Others), By Region (North America, Europe, APAC, and Others), and Segment Forecasts, 2023 - 2030

Global Digital Twin in Healthcare Market was valued at US $584.65 million in 2022 and is expected to reach US $3,801.23 million by 2030 growing at a CAGR of 26.37% during the forecast period 2023 – 2030.

A digital twin is an exact virtual duplicate of a real object. The device being observed has a number of sensors installed at key functional locations to collect data on its energy output, temperature, weather, and other operational parameters. After that, a processing system receives this data and applies it to the digital copy. The goal of using this virtual model is to create valuable insights that can be applied to the real physical product by running simulations, researching performance concerns, and coming up with potential changes. Benefits from this method include improved product end-of-life management, increased efficiency, and research and development. A computer-generated image of a patient, medical facility, or laboratory is known as a ""digital twin"" in the healthcare industry. Creating a digital twin for healthcare can help hospitals save money on staffing and research projects, as well as enhance patient care and research.

For over ten years, researchers have been utilising digital twins in the healthcare industry to investigate chronic illnesses like cancer. Nonetheless, the application of digital twins in medicine has developed significantly, and researchers are already utilising them to simulate actual patients. During clinical trials, physicians can save money on human expenditures and research projects by studying how a certain treatment or drug will react to a specific patient by employing virtual patients instead of actual ones. Digital twins have also found usage in hospitals, where they can be used to simulate patients prior to surgery in order to plan the procedure and understand how it will affect the patient's body. Consequently, hospitals can wait to purchase new machinery or hire personnel until they are certain that the equipment is functional enough for everyday usage.

Digital twins are becoming increasingly necessary in the healthcare sector because to the rapid uptake of AI and data analytics in this field. Healthcare practitioners can use digital twins to optimise patient-specific treatments, personalise care, and forecast results by leveraging data analytics and AI algorithms. These digital duplicates contribute to continuous process improvement in medicine, early anomaly identification, and real-time monitoring, which improves patient outcomes, lowers costs, and boosts overall healthcare efficiency. As a result, the potential for digital twins to expand is growing at a great rate due to the increased usage of data analytics and artificial intelligence. This will benefit the worldwide digital twin in healthcare market in the next years.

“Healthcare provider segment, by end user, to be dominating market from 2023 to 2030.”

By end-users, the global digital twin in healthcare market is divided into healthcare providers, medical device companies, pharmaceutical companies, research organizations and academic institutions. Healthcare providers are further divided into hospitals, diagnostics centers, ambulatory centers, and clinics. With a market share of 33.33% in 2022, the healthcare provider segment led the digital twin in the healthcare market. The significant portion of the market may be ascribed to the application and promise of digital twins in patient care and business operations to improve the healthcare sector as a whole. With the use of digital twins, medical professionals can virtually recreate each patient, taking into account their distinct physiology, genetics, and medical background. Better patient outcomes result from more individualised treatment plans and actions made possible by this. Digital twins can be used by hospitals and other healthcare providers to optimise resource allocation in the case of processes, including staff scheduling, equipment utilisation, and patient flow. This increases productivity and facilitates efficient patient load management, particularly during rush hours or emergency situations.

“Healthcare facility construction and management segment, by application, to be dominating market from 2023 to 2030.”

By application the digital twin in healthcare market is divided by healthcare facility construction and management, medical device design and development, personalized diagnosis and treatment planning, drug discovery and development, and others. Others is further divided into medical imaging and medical education. With a market share of 32.56% in 2022, the healthcare facility construction and management segment led the digital twin in the healthcare industry. This is explained by the growing use of digital twins and other technology by hospitals and other healthcare institutions to help them make well-informed decisions about asset and process management, facility layout, and other matters. Digital twin technology, for example, makes it possible to precisely model hospital structures in three dimensions, which facilitates accurate planning and design, lowers errors, and ensures optimal space utilisation. Digital twins also help with maintenance and decision-making for continuous operations by offering an interactive platform for facility management after the hospital is up and running.

“North America to be largest region in Digital Twin in Healthcare Market.”

The global market for Digital Twin in Healthcare is segmented by region into North America, Europe, Asia-Pacific, and other regions. South America and the Middle East make up the remaining categories.

With a 36.52% market share in 2022, the North American area led the digital twin healthcare market. A primary reason for the significant market share is the existence of government-funded digitally enhanced infrastructure. Another reason for the high rate of adoption of cutting-edge technologies like digital twins in nations like the US and Canada is the existence of major businesses like Microsoft Corporation, NVIDIA Corporation, GE Healthcare, and ANSYS, among others. However, due to factors like high economic expansion that drives up healthcare spending, APAC is the area with the quickest rate of growth, rising at a CAGR of 28.53% throughout the forecast period. There is an increasing need for better healthcare facilities and services as disposable incomes rise. In addition, a number of APAC governments have launched programs and reforms aimed at enhancing the quality and accessibility of healthcare. These regulations promote innovation in the healthcare sector and encourage involvement from the commercial sector.

Digital Twin in Healthcare Competitive Landscape

The competitive landscape of the Digital Twin in Healthcare Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Digital Twin in Healthcare technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Digital Twin in Healthcare Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Digital Twin in Healthcare Market include:

Major Players:

Siemens Healthineers AG (Germany)

Dassault Systems (France)

Microsoft Corporation, (U.S.)

Koninklijke Philips N.V. (The Netherlands)

Faststream Technologies (U.S.)

Twin Health LTD. (U.S.)

Q Bio, Inc. (U.S.)

IBM Corporation (U.S.)

NVIDIA Corporation (U.S.)

GE Healthcare (U.S.),

NUREA (France)

ANSYS, Inc. (U.S.)

Rescale, Inc. (U.S.)

Verto Health (Canada)

Predictiv Care, Inc. (U.S.)

Atos SE (France)

QiO Technologies (U.K.)

ThoughtWire (Canada)

PrediSurge (France)

Virtonomy GmbH (Germany)

Unlearn AI (U.S.)

Recent Developments:

In July 2023, SingHealth, the healthcare organisation in Singapore, plans to expand the use of digital twins beyond tracking disease outbreaks. SingHealth's usage of digital twin technology is further aided by its cooperation, inked last year, with NVIDIA and the National Supercomputing Centre Singapore.

February 2023: Cleveland Clinic and MetroHealth researchers will receive a US $3.14 million grant from the National Institutes of Health (NIH) to deploy digital twins to better identify and manage health inequities.