1 Introduction
1.1 Study Objectives
1.2 Market Definition
Table 1 Inclusions & Exclusions
1.3 Study Scope
Figure 1 Digital Twins in Healthcare Market Segmentation
1.3.1 Digital Twins in Healthcare Market, by Region
1.3.2 Years Considered
1.4 Currency
Table 2 Exchange Rates Utilized for Conversion to USD
1.5 Stakeholders
1.6 Limitations
1.7 Impact of Recession
2 Research Methodology
2.1 Research Approach
Figure 2 Research Design
2.1.1 Secondary Research
2.1.1.1 Key Data from Secondary Sources
2.1.2 Primary Research
Figure 3 Primary Sources
2.1.2.1 Key Data from Primary Sources
2.1.2.2 Breakdown of Primaries
Figure 4 Breakdown of Primary Interviews: by Company Type, Designation, and Region
2.1.2.3 Insights from Primary Experts
2.2 Market Size Estimation
Figure 5 Bottom-Up Approach
Figure 6 Top-Down Approach
Figure 7 CAGR Projections from Analysis of Market Drivers, Restraints, Opportunities, and Challenges of Digital Twins in Healthcare Industry
Figure 8 CAGR Projections: Supply-Side Analysis
2.3 Market Breakdown Data Triangulation
Figure 9 Data Triangulation Methodology
2.4 Market Share Estimation
2.5 Study Assumptions
2.6 Research Limitations
2.6.1 Methodology-Related Limitations
2.7 Risk Assessment
Table 3 Risk Assessment: Digital Twins in Healthcare Market
2.8 Impact of Recession on Digital Twins in Healthcare Market
3 Executive Summary
Figure 10 Digital Twins in Healthcare Market, by Component, 2023 vs. 2028 (USD Million)
Figure 11 Digital Twins in Healthcare Market, by Application, 2023 vs. 2028 (USD Million)
Figure 12 Digital Twins in Healthcare Market, by End-user, 2023 vs. 2028 (USD Million)
Figure 13 Geographical Snapshot of Digital Twins in Healthcare Market
4 Premium Insights
4.1 Digital Twins in Healthcare Market Overview
Figure 14 Increasing Use of Digital Twins and Growing Importance of Patient-Centric Care in Healthcare to Drive Market Growth
4.2 Asia-Pacific: Digital Twins in Healthcare Market, by Component and Country
Figure 15 Software Segment to Command Largest Share of Asia-Pacific Market in 2023
4.3 Geographic Snapshot of Digital Twins in Healthcare Market
Figure 16 Market in China to Grow at Highest CAGR During Forecast Period
4.4 Regional Mix: Digital Twins in Healthcare Market
Figure 17 Asia-Pacific to Witness Highest Growth During Forecast Period
4.5 Digital Twins in Healthcare Market: Developed vs. Developing Economies
Figure 18 Developing Economies to Register Higher Growth Rates During Forecast Period
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
Figure 19 Digital Twins in Healthcare Market: Drivers, Restraints, Opportunities, and Challenges
Table 4 Market Dynamics: Digital Twins in Healthcare Market
5.2.1 Market Drivers
5.2.1.1 Increasing Investments by Public and Private Entities
5.2.1.2 Growing Applications of Digital Twins
5.2.1.3 Technological Advancements
5.2.1.4 Growing Funding and Investments in Digital Twin Start-Ups
5.2.2 Restraints
5.2.2.1 Managing Data Quality, Privacy Issues, and High Implementation Costs
5.2.3 Opportunities
5.2.3.1 Increasing Focus on Cutting-Edge Real-Time Data Analytics
5.2.3.2 Growing Importance of Digital Twins in Emerging Economies
5.2.4 Challenges
5.2.4.1 Lack of Skilled Professionals
5.2.4.2 Integration with Existing Systems and Outdated Digital Infrastructure
6 Industry Insights
6.1 Industry Trends
6.1.1 Transformation in Clinical Trials
6.1.2 Revolutionizing Medical Training and Diagnostics
6.1.3 Improving Operational Efficiency in Hospitals
6.2 Technology Analysis
6.2.1 Technology Stack
Figure 20 Digital Twin Technologies
6.2.1.1 5G Networks
6.2.1.2 Internet of Things
6.2.1.3 Cloud and Edge Computing
6.2.1.4 Blockchain
6.2.1.5 Augmented Reality, Virtual Reality, and Mixed Reality
6.2.1.6 Artificial Intelligence and Machine Learning
6.3 Porter's Five Forces Analysis
Figure 21 Digital Twins in Healthcare Market: Porter's Five Forces Analysis
Table 5 Digital Twins in Healthcare Market: Porter's Five Forces Analysis
6.3.1 Intensity of Competitive Rivalry
6.3.2 Bargaining Power of Suppliers
6.3.3 Bargaining Power of Buyers
6.3.4 Threat of New Entrants
6.3.5 Threat of Substitutes
6.4 Regulatory Landscape
6.4.1 Regulatory Bodies, Government Agencies, and Other Organizations
Table 6 North America: Regulatory Bodies, Government Agencies, and Other Organizations
Table 7 Europe: Regulatory Bodies, Government Agencies, and Other Organizations
Table 8 Asia-Pacific: Regulatory Bodies, Government Agencies, and Other Organizations
Table 9 Rest of the World: Regulatory Bodies, Government Agencies, and Other Organizations
Table 10 Digital Twins in Healthcare Market: Regulatory Standards
6.5 Value Chain Analysis
Figure 22 Value Chain Analysis (2022)
6.5.1 Planning & Revising Funds
6.5.2 Research & Development
6.5.3 Software Design, Framework, and Development
6.5.4 Product/Solution Providers
6.5.5 End-users and After-Sales Service Providers
6.6 Ecosystem/Market Map
Figure 23 Digital Twins in Healthcare Market: Ecosystem
6.7 Patent Analysis
Figure 24 Number of Patents Published, January 2013 to March 2023
Figure 25 Top Patent Owners in Digital Twins in Healthcare Market
Table 11 Key Patents in Digital Twins in Healthcare Market
6.8 Adjacent Market Analysis
Figure 26 Metaverse in Healthcare Market: Market Overview
6.9 Case Study Analysis
6.10 Key Stakeholders & Buying Criteria
6.10.1 Key Stakeholders in Buying Process
Figure 27 Influence of Stakeholders on Buying Process
Table 12 Influence of Stakeholders on Buying Process (%)
6.10.2 Buying Criteria
Figure 28 Key Buying Criteria for Digital Twin Components
Table 13 Key Buying Criteria for Digital Twin Components
6.11 Key Conferences & Events, 2023-2024
Table 14 Digital Twins in Healthcare Market: Detailed List of Conferences & Events
6.12 Trends/Disruptions Impacting Buyers
Figure 29 Digital Twins in Healthcare Market: Trends/Disruptions Impacting Buyers
7 Digital Twins in Healthcare Market, by Component
7.1 Introduction
Table 15 Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
7.2 Services
7.2.1 Introduction of Complex Software to Drive Demand for Services
Table 16 Digital Twins in Healthcare Services Market, by Country, 2021-2028 (USD Million)
7.3 Software
7.3.1 Shift to Web/Cloud-based Models to Support Growth
Table 17 Key Software Solutions Offered by Market Players
Table 18 Digital Twins in Healthcare Software Market, by Country, 2021-2028 (USD Million)
8 Digital Twins in Healthcare Market, by Application
8.1 Introduction
Table 19 Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
8.2 Drug Discovery & Development
8.2.1 Ability of Digital Twins to Enhance Drug Discovery & Development to Boost Market
Table 20 Digital Twins in Healthcare Market for Drug Discovery & Development, by Country, 2021-2028 (USD Million)
8.3 Personalized Medicine
8.3.1 Quick and Cost-Effective Development and Testing of Personalized Diagnostics to Support Market
Table 21 Digital Twins in Healthcare Market for Personalized Medicine, by Country, 2021-2028 (USD Million)
8.4 Surgical Planning & Medical Education
8.4.1 Ability of Digital Twins to Enhance Surgical Training and Simulate Surgical Procedures to Boost Adoption
Table 22 Digital Twins in Healthcare Market for Surgical Planning & Medical Education, by Country, 2021-2028 (USD Million)
8.5 Medical Device Design & Testing
8.5.1 Potential of Digital Twins to Streamline Operations, Minimize Risk, and Reduce Downtime to Promote Use
Table 23 Digital Twins in Healthcare Market for Medical Device Design & Testing, by Country, 2021-2028 (USD Million)
8.6 Healthcare Workflow Optimization & Asset Management
8.6.1 Advantages Such as Improved Efficiency and Valuable Insights to Support Demand
Table 24 Digital Twins in Healthcare Market for Healthcare Workflow Optimization & Asset Management, by Country, 2021-2028 (USD Million)
8.7 Other Applications
Table 25 Digital Twins in Healthcare Market for Other Applications, by Country, 2021-2028 (USD Million)
9 Digital Twins in Healthcare Market, by End-user
9.1 Introduction
Table 26 Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
9.2 Pharma & Biopharma Companies
9.2.1 Rising Demand for Solutions to Reduce Time and Cost of Drug Development to Boost Adoption
Table 27 Digital Twins in Healthcare Market for Pharma & Biopharma Companies, by Country, 2021-2028 (USD Million)
9.3 Research & Academia
9.3.1 Interactive and Immersive Learning Experiences Offered by Digital Twins to Boost Adoption
Table 28 Digital Twins in Healthcare Market for Research & Academia, by Country, 2021-2028 (USD Million)
9.4 Healthcare Providers
9.4.1 Lower Costs and Better Patient Treatment to Favor Market Growth
Table 29 Digital Twins in Healthcare Market for Healthcare Providers, by Country, 2021-2028 (USD Million)
9.5 Medical Device Companies
9.5.1 Growing Use of Digital Twins for Software Optimization of Medical Devices to Fuel Growth
Table 30 Digital Twins in Healthcare Market for Medical Device Companies, by Country, 2021-2028 (USD Million)
9.6 Other End-users
Table 31 Digital Twins in Healthcare Market for Other End-users, by Country, 2021-2028 (USD Million)
10 Digital Twins in Healthcare Market, by Region
10.1 Introduction
Table 32 Digital Twins in Healthcare Market, by Region, 2021-2028 (USD Million)
10.2 North America
Figure 30 North America: Digital Twins in Healthcare Market Snapshot
Table 33 North America: Digital Twins in Healthcare Market, by Country, 2021-2028 (USD Million)
Table 34 North America: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 35 North America: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 36 North America: Digital Twins in Market, by End-user, 2021-2028 (USD Million)
10.2.1 US
10.2.1.1 Expanding Applications of Digital Twins in Healthcare to Bolster Market Growth
Table 37 US: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 38 US: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 39 US: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.2.2 Canada
10.2.2.1 Growing Investments in Digital Twin Development to Drive Market
Table 40 Canada: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 41 Canada: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 42 Canada: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.3 Europe
Table 43 Europe: Digital Twins in Healthcare Market, by Country, 2021-2028 (USD Million)
Table 44 Europe: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 45 Europe: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 46 Europe: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.3.1 Germany
10.3.1.1 Collaborations & Partnerships to Drive Adoption of Digital Twins
Table 47 Germany: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 48 Germany: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 49 Germany: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.3.2 UK
10.3.2.1 Growing Applications of Digital Twins to Support Growth
Table 50 UK: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 51 UK: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 52 UK: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.3.3 France
10.3.3.1 Growing Government Funding for Digital Twin Development to Bolster Growth
Table 53 France: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 54 France: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 55 France: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.3.4 Rest of Europe
Table 56 Rest of Europe: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 57 Rest of Europe: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 58 Rest of Europe: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.4 Asia-Pacific
Figure 31 Asia-Pacific: Digital Twins in Healthcare Market Snapshot
Table 59 Asia-Pacific: Digital Twins in Healthcare Market, by Country, 2021-2028 (USD Million)
Table 60 Asia-Pacific: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 61 Asia-Pacific: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 62 Asia-Pacific: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.4.1 Japan
10.4.1.1 Growing Penetration of Digital Twin Technologies to Support Market Growth
Table 63 Japan: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 64 Japan: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 65 Japan: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.4.2 China
10.4.2.1 China to Register Highest CAGR During Forecast Period
Table 66 China: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 67 China: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 68 China: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.4.3 Rest of Asia-Pacific
Table 69 Rest of Asia-Pacific: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 70 Rest of Asia-Pacific: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 71 Rest of Asia-Pacific: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
10.5 Rest of the World
Table 72 Rest of the World: Digital Twins in Healthcare Market, by Component, 2021-2028 (USD Million)
Table 73 Rest of the World: Digital Twins in Healthcare Market, by Application, 2021-2028 (USD Million)
Table 74 Rest of the World: Digital Twins in Healthcare Market, by End-user, 2021-2028 (USD Million)
11 Competitive Landscape
11.1 Overview
Figure 32 Key Developments of Major Players Between January 2020 and May 2023
11.2 Market Ranking Analysis
Figure 33 Digital Twins in Healthcare Market Ranking Analysis, by Player, 2022
11.3 Revenue Share Analysis of Top Market Players
Figure 34 Digital Twins in Healthcare Market: Revenue Analysis of Key Players
11.4 Digital Twins in Healthcare Market: R&D Expenditure
Figure 35 R&D Expenditure of Key Players (2021 vs. 2022)
11.5 Competitive Benchmarking
Table 75 Footprint of Companies in Digital Twins in Healthcare Market
Table 76 Company Component Footprint (20 Companies)
Table 77 Company Application Footprint (20 Companies)
Table 78 Company Regional Footprint (20 Companies)
11.6 Company Evaluation Quadrant
11.6.1 Stars
11.6.2 Emerging Leaders
11.6.3 Pervasive Players
11.6.4 Participants
Figure 36 Digital Twins in Healthcare Market: Company Evaluation Quadrant (2022)
11.7 Company Evaluation Matrix for Start-Ups/SMEs
11.7.1 Progressive Companies
11.7.2 Dynamic Companies
11.7.3 Responsive Companies
11.7.4 Starting Blocks
Figure 37 Digital Twins in Healthcare Market: Company Evaluation Matrix for Start-Ups/SMEs (2022)
11.8 Competitive Scenario
11.8.1 Product/Service Launches & Approvals
Table 79 Product/Service Launches & Approvals, January 2020 - May 2023
11.8.2 Deals
Table 80 Deals, January 2020 - May 2023
12 Company Profiles
12.1 Key Players
(Business Overview, Products Offered, Recent Developments, and Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats))*
12.1.1 Microsoft
Table 81 Microsoft: Business Overview
Figure 38 Microsoft: Company Snapshot (2022)
12.1.2 Siemens Healthineers AG
Table 82 Siemens Healthineers AG: Business Overview
Figure 39 Siemens Healthineers AG: Company Snapshot (2022)
12.1.3 Koninklijke Philips N.V.
Table 83 Koninklijke Philips N.V.: Business Overview
Figure 40 Koninklijke Philips N.V.: Company Snapshot (2022)
12.1.4 Amazon (AWS)
Table 84 Amazon: Business Overview
Figure 41 Amazon: Company Snapshot (2022)
12.1.5 Dassault Systèmes
Table 85 Dassault Systèmes: Business Overview
Figure 42 Dassault Systèmes: Company Snapshot (2022)
12.1.6 GE Healthcare
Table 86 GE Healthcare: Business Overview
Figure 43 GE Healthcare: Company Snapshot (2022)
12.1.7 Oracle
Table 87 Oracle: Business Overview
Figure 44 Oracle: Company Snapshot (2022)
12.1.8 IBM
Table 88 IBM: Business Overview
Figure 45 IBM: Company Snapshot (2022)
12.1.9 PTC
Table 89 PTC: Business Overview
Figure 46 PTC: Company Snapshot (2022)
12.1.10 SAP
Table 90 SAP: Business Overview
Figure 47 SAP: Company Snapshot (2022)
12.1.11 Atos SE
Table 91 Atos SE: Business Overview
Figure 48 Atos SE: Company Snapshot (2022)
12.1.12 NVIDIA Corporation
Table 92 NVIDIA Corporation: Business Overview
Figure 49 NVIDIA Corporation: Company Snapshot (2022)
12.1.13 Ansys Inc.
Table 93 Ansys Inc.: Business Overview
Figure 50 Ansys Inc.: Company Snapshot (2022)
12.1.14 Faststream Technologies
Table 94 Faststream Technologies: Business Overview
12.1.15 Rescale, Inc.
Table 95 Rescale, Inc.: Business Overview
12.2 Other Players
12.2.1 Twin Ltd.
Table 96 Twin Ltd.: Business Overview
12.2.2 Verto Health
Table 97 Verto Health: Business Overview
12.2.3 Qbio
Table 98 Qbio: Business Overview
12.2.4 ThoughtWire
Table 99 ThoughtWire: Business Overview
12.2.5 Sim and Cure
Table 100 Sim and Cure: Business Overview
12.2.6 Predictiv
Table 101 Predictiv: Business Overview
12.2.7 Nurea
Table 102 Nurea: Business Overview
12.2.8 Unlearn.AI
Table 103 Unlearn.AI: Business Overview
12.2.9 Virtonomy GmbH
Table 104 Virtonomy GmbH: Business Overview
12.2.10 Predisurge
Table 105 Predisurge: Business Overview
*Details on Business Overview, Products Offered, Recent Developments, and Analyst's View (Key Strengths/Right to Win, Strategic Choices Made, and Weaknesses and Competitive Threats) Might Not be Captured in Case of Unlisted Companies
13 Appendix
13.1 Discussion Guide
13.2 KnowledgeStore: The Subscription Portal
13.3 Customization Options
