Digital Twins in Healthcare - Role of Leading Players in Global Growth
Posted by MV Mukund on June 3rd, 2024
Overivew:
This research study involved the extensive use of both primary and secondary sources. It involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, the competitive landscape of market players, and key market dynamics such as drivers, opportunities, challenges, restraints, and key player strategies.
Major Growth Driving Factors:
In the upcoming years, a number of factors are anticipated to propel market growth, including rising funding and investments in digital twins startups, growing use of digital twins for various healthcare applications, and rising investments in digital twins technology by public and private entities. However, high installation costs and problems with accuracy in digital twin systems are some of the main obstacles impeding the development of digital twins in the healthcare industry.
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Leading Companies Operating in This Industry:
Prominent players in the digital twins in healthcare market include Siemens Healthineers AG (Germany), Dassault Systèmes (France), Microsoft (US), Koninklijke Philips N.V. (Netherlands), Faststream Technologies (US), Twin LTD (US), IBM (US), NVIDIA Corporation (US), GE Healthcare (US), NUREA (France), ANSYS, Inc. (US), Rescale, Inc. (US), Predictiv (US), Verto Health (Canada), PrediSurge (France), Qbio (US), Virtonomy GmbH (Germany), Unlearn AI (US), Atos SE (France), ThoughtWire (Canada), Amazon Web Services, Inc.(US), Oracle(US), PTC (US), SAP (Germany), Sim and Cure (France).
Different Growth Strategies Adopted by Them:
These firms strengthened their market presence in the medical simulation industry by using various methods, including product launches, agreements, partnerships, collaborations, and acquisitions.
Projected Surge in Global Revenue:
The size of global digital twins in healthcare market in terms of revenue was estimated to be worth .6 billion in 2023 and is poised to reach .1 billion by 2028, growing at a CAGR of 67.0% from 2023 to 2028.
One of the top suppliers of digital twins to the healthcare industry is Microsoft.
In addition to developing, licensing, and supporting a wide range of software products, Microsoft also provides several services. The business offers cloud-based solutions. Azure Digital Twins, a service provided by Microsoft, enables developers to build cutting-edge Internet of Things applications that simulate whole environments in real time. By analyzing its past, Azure Digital Twins may help forecast the future of any networked environment. Over the last three years, the company has also invested between 12% and 13% of its annual revenue in the creation of novel solutions. In its portfolio of digital solutions for Azure, it possesses over 10,000 patents.
Siemens Healthineers is an international supplier of medical supplies and services.
It creates, produces, and offers healthcare practitioners a wide range of cutting-edge therapeutic and diagnostic goods and services. Utilizing digital twins for image-guided procedures and medical imaging is one of their primary areas of interest. The organization possesses substantial expertise in creating vital elements of digital twins, including machine learning, artificial intelligence, and the Internet of Things (IoT), in addition to advanced digital software and associated technologies that function in concert with digital twins. In line with the objectives of healthcare organizations, Siemens concentrates on achieving quantifiable clinical and operational outcomes. Their clientele and global reach help them maintain their market dominance in the healthcare digital twins industry.
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APAC is to witness a considerable growth rate during the forecast period.
The Asia Pacific market is projected to grow at a considerable CAGR during the forecast period. Factors such as increasing medical tourism, growing investments expected to bring about the creation of new market participants, growing prevalence of various technologies such as IoT, machine learning, etc., and the rising geriatric population are anticipated to drive the development of digital twins for healthcare applications in the Asia Pacific region.
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