The future of digital twin in the global healthcare market looks promising with opportunities in the pharma & bio-pharma companies, research & academia, healthcare providers, and medical device companies. The use of digital twin in the global healthcare market is expected to reach an estimated $2,036.1 million by 2028 with a CAGR of 26.7% from 2023 to 2028. The major drivers for this market are the expanding use of this technology for creative and efficient operations, growing need for real-time data analytics to take informed decisions about patient care and treatment options, and increasing use of telemedicine and remote patient monitoring services across the globe.
Answer: The use of digital twin in the global healthcare market is expected to reach an estimated $2,036.1 million by 2028.
Q2. What is the growth forecast for digital twin in healthcare market?
Answer: The use of digital twin in the global healthcare market is expected to grow with a CAGR of 26.7% from 2023 to 2028.
Q3. What are the major drivers influencing the growth of digital twin in the healthcare market?
Answer: The major drivers for this market are the expanding use of this technology for creative and efficient operations, growing need for real-time data analytics to take informed decisions about patient care and treatment options, and increasing use of telemedicine and remote patient monitoring services across the globe.
Q4. What are the major segments for digital twin in healthcare market?
Answer: The future of digital twin in the healthcare market looks promising with opportunities in the pharma & bio-pharma companies, research & academia, healthcare providers, and medical device companies.
Q5. Who are the key digital twin companies in the healthcare market?
Answer: Some of the key digital twin companies in the healthcare market are as follows:
Answer: It is forecast that personalized medicine will remain the largest segment over the forecast period as they ensure enhanced patient outcomes, reduced side effects, and improved therapeutic efficacy.
Q7. In digital twin in healthcare market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region due to the existence of major market players, the presence of advanced digital infrastructure, and supportive government investment for adoption digital twin in the region.
Q8. Do we receive customization in this report?
Answer: Yes, 10% customization is provided without any additional cost.
Q2. Which segments will grow at a faster pace and why?
Q3. Which region will grow at a faster pace and why?
Q4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q5. What are the business risks and competitive threats in this market?
Q6. What are the emerging trends in this market and the reasons behind them?
Q7. What are some of the changing demands of customers in the market?
Q8. What are the new developments in the market? Which companies are leading these developments?
Q9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q11. What M&A activity has occurred in the last five years and what has its impact been on the industry?
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Digital Twin in the Healthcare Market by Segment
The study includes trends and forecast for digital twin in the global healthcare market by component, application, end-use industry, and region, as follows:Digital Twin in the Healthcare Market by Component [Shipment Analysis by Value from 2017 to 2028]:
- Software
- Services
Digital Twin in the Healthcare Market by Application [Shipment Analysis by Value from 2017 to 2028]:
- Drug Discovery & Development
- Personalized Medicine
- Surgical Planning and Medical Education
- Medical Device Design and Testing
- Healthcare Workflow Optimization & Asset Management
- Others
Digital Twin in the Healthcare Market by End-use Industry [Shipment Analysis by Value from 2017 to 2028]:
- Pharma & Bio-Pharma Companies
- Research & Academia
- Healthcare Providers
- Medical Device Companies
- Others
Digital Twin in the Healthcare Market by Region [Shipment Analysis by Value from 2017 to 2028]:
- North America
- Europe
- Asia Pacific
- The Rest of the World
List of Digital Twin Companies in the Healthcare Market
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies, digital twin companies in the healthcare market cater to increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the digital twin companies in the healthcare market profiled in this report include:- Siemens Healthineers
- DassaultSystèmes
- Microsoft
- Koninklijke Philips
- Faststream Technologies
- Twin Health
- IBM
Digital Twin in the Healthcare Market Insights
- It is forecast that personalized medicine will remain the largest application segment over the forecast period as they ensure enhanced patient outcomes, reduced side effects, and improved therapeutic efficacy.
- Healthcare provider segment is expected to remain the largest end-use industry segment due to enhanced hospital diagnostic capabilities, which ensure accurate disease diagnosis, improved and timely medication, and data-driven decisions.
- North America will remain the largest region due to the existence of major market players, the presence of advanced digital infrastructure, and supportive government investment for adoption digital twin in the region.
Features of Digital Twin in the Healthcare Market
- Market Size Estimates: Digital twin in the healthcare market size estimation in terms of value ($B)
- Trend and Forecast Analysis: Market trends (2017-2022) and forecast (2023-2028) by various segments and regions.
- Segmentation Analysis: Digital twin in the healthcare market size by various segments, such as by component, application, end-use industry, and region
- Regional Analysis: Digital twin in the healthcare market breakdown by North America, Europe, Asia Pacific, and the Rest of the World.
- Growth Opportunities: Analysis on growth opportunities in different components, applications, end-use industries, and regions for digital twin in the healthcare market.
- Strategic Analysis: This includes M&A, new product development, and competitive landscape for digital twin in the healthcare market.
- Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQs
Q1. What is digital twin in the healthcare market size?Answer: The use of digital twin in the global healthcare market is expected to reach an estimated $2,036.1 million by 2028.
Q2. What is the growth forecast for digital twin in healthcare market?
Answer: The use of digital twin in the global healthcare market is expected to grow with a CAGR of 26.7% from 2023 to 2028.
Q3. What are the major drivers influencing the growth of digital twin in the healthcare market?
Answer: The major drivers for this market are the expanding use of this technology for creative and efficient operations, growing need for real-time data analytics to take informed decisions about patient care and treatment options, and increasing use of telemedicine and remote patient monitoring services across the globe.
Q4. What are the major segments for digital twin in healthcare market?
Answer: The future of digital twin in the healthcare market looks promising with opportunities in the pharma & bio-pharma companies, research & academia, healthcare providers, and medical device companies.
Q5. Who are the key digital twin companies in the healthcare market?
Answer: Some of the key digital twin companies in the healthcare market are as follows:
- Siemens Healthineers
- DassaultSystèmes
- Microsoft
- Koninklijke Philips
- Faststream Technologies
- Twin Health
- IBM
Answer: It is forecast that personalized medicine will remain the largest segment over the forecast period as they ensure enhanced patient outcomes, reduced side effects, and improved therapeutic efficacy.
Q7. In digital twin in healthcare market, which region is expected to be the largest in next 5 years?
Answer: North America will remain the largest region due to the existence of major market players, the presence of advanced digital infrastructure, and supportive government investment for adoption digital twin in the region.
Q8. Do we receive customization in this report?
Answer: Yes, 10% customization is provided without any additional cost.
This report answers following 11 key questions:
Q1. What are some of the most promising, high-growth opportunities for digital twin in the healthcare market by component (software and services), application (drug discovery & development, personalized medicine, surgical planning and medical education, medical device design and testing, healthcare workflow optimization & asset management, and others), end-use industry (pharma & bio-pharma companies, research & academia, healthcare providers, medical device companies, and others),and region (North America, Europe, Asia Pacific, and the Rest of the World)?Q2. Which segments will grow at a faster pace and why?
Q3. Which region will grow at a faster pace and why?
Q4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q5. What are the business risks and competitive threats in this market?
Q6. What are the emerging trends in this market and the reasons behind them?
Q7. What are some of the changing demands of customers in the market?
Q8. What are the new developments in the market? Which companies are leading these developments?
Q9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q11. What M&A activity has occurred in the last five years and what has its impact been on the industry?
This product will be delivered within 1-3 business days.
Table of Contents
1. Executive Summary
2. Digital Twin in the Global Healthcare Market: Market Dynamics
3. Market Trends and Forecast Analysis from 2017 to 2028
4. Market Trends and Forecast Analysis by Region from 2017 to 2028
5. Competitor Analysis
6. Growth Opportunities and Strategic Analysis
7. Company Profiles of Leading Players
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Siemens Healthineers
- Dassault Systèmes
- Microsoft
- Koninklijke Philips
- Faststream Technologies
- Twin Health
- IBM
Methodology
The analyst has been in the business of market research and management consulting since 2000 and has published over 600 market intelligence reports in various markets/applications and served over 1,000 clients worldwide. Each study is a culmination of four months of full-time effort performed by the analyst team. The analysts used the following sources for the creation and completion of this valuable report:
- In-depth interviews of the major players in the market
- Detailed secondary research from competitors’ financial statements and published data
- Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
- A compilation of the experiences, judgments, and insights of professionals, who have analyzed and tracked the market over the years.
Extensive research and interviews are conducted in the supply chain of the market to estimate market share, market size, trends, drivers, challenges and forecasts.
Thus, the analyst compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. The analyst then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process.
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