Global Digital Twins in Healthcare Market
Global Digital Twins in Healthcare Market Size Zooming 37X at Robust CAGR of 43.2% to Touch Whopping USD 39.56 Billion by 2029
Published | 07 December 2023
Global Digital Twins in Healthcare market is gaining traction because of the increasing number of digital firms supporting the use of cutting-edge technologies, including IoT and AI, in conjunction with supportive government programs to digitize the healthcare industry.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Digital Twins in Healthcare Market size at USD 1.07 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Global Digital Twins in Healthcare Market size to boom at a CAGR of 43.2% reaching a value of USD 39.56 billion by 2029. A growing number of digital companies supporting the adoption of innovative technologies, such as Internet of Things (IoT) and artificial intelligence (AI), as well as supportive government initiatives, like funding and investments, to digitize the healthcare sector, are key growth factors for the global digital twins in healthcare market.
Opportunity: Rising Demand for Personalized Treatment
The use of digital twins in the healthcare sector is growing significantly as a means of giving patients personalized treatment and medication. Healthcare professionals can employ digital twins to develop virtual models of their patient's organs using the patient's specific data. By using these virtual organs, medical professionals can assess and forecast an organ's response to a specific treatment based on the differences between the digital and physical twins. It enables them to provide individualized and predictive care, doing away with the one-size-fits-all approach to healthcare. The rising demand for personalized medicine is anticipated to present lucrative growth opportunities to the global digital twins in healthcare market.
Global Digital Twins in Healthcare Market – By Application
Based on application, the Global Digital Twins in Healthcare Market is segmented into drug discovery & development, personalized medicine, treatment planning, risk management, healthcare workflow optimization, and others. The personalized medicine segment holds the largest share of the Global Digital Twins In Healthcare Market. According to an editorial published in Nature Journal, the implementation of digital twins in healthcare not only allows healthcare practitioners to diagnose and treat disease but also helps forecast patient response to medication.
Impact of Escalating Geopolitical Tensions on Global Digital Twins in Healthcare Market
The escalating geopolitical tensions may disrupt the growth of the Global Digital Twins In The Healthcare Market. For instance, the Israel-Palestine war has hindered investments and research and development activities of advanced technologies, including digital twins in healthcare, that have strong roots in Israel. Israel is a leading producer of processors and chipsets for leading technology corporations, including Microsoft and Google. In 2022, the high-tech industry in Israel constituted 48.3% of Israel's total export earnings, or USD 71 billion. The favorable government policies and investments contributed significantly to expanding the innovation and technology sector in the Jewish state. But as the conflict has intensified and been escalating, investors may consider withdrawing their investments from tech firms, which could weaken the digital twins in the field of healthcare research and development. Israel is also home to leading digital startups. As a result, these firms' inability to get investments forced them to temporarily halt their operations. Hence, if the war continues to escalate or spread to other regions, it could restrain the expansion of the Global Digital Twin Market in Healthcare Market.
Major players operating in the Global Digital Twins in Healthcare Market include Siemens Healthineers AG, Dassault Systèmes, Microsoft, Koninklijke Philips N.V., Faststream Technologies, IBM, NVIDIA Corporation, GE Healthcare, and NUREA Rescale, Inc.
To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Digital Twins in Healthcare Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Digital Twins in Healthcare Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Digital Twins in Healthcare Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Application (Drug Discovery & Development, Personalized Medicine, Treatment Planning, Risk Management, Healthcare Workflow Optimization, Others); By End User (Pharmaceutical Companies, Research Institutions, Medical Device Companies, Others); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: December 2023
Increasing number of digital health firms supporting the use of cutting-edge technologies like IoT and AI, in conjunction with supportive government programs to digitize the healthcare industry are expected to boost the growth of Global Digital Twins in Healthcare Market during the forecast period between 2023 and 2029.
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