Digital Twins in Healthcare Industry to Gain Major Revenue Surge by 2028
Posted by MV Mukund on June 7th, 2024
Overview of This Study:
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 Influencing Factors:
The rising demand of technologically advanced solutions and the growing emphasis of digital twin technology supporting various healthcare applications are some of the critical factors offering opportunities to the market. However, lack of technical expertise and data management issues are key factors challenging the growth of the market.
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Market Size Estimation:
The total size of the market was arrived at after data triangulation through the two approaches mentioned below. After the completion of each approach, the weighted average of these approaches was taken based on the level of assumptions used in each approach.
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.
Data Triangulation:
The size of the market was estimated through segmental extrapolation using the bottom-up approach. The methodology used is as given below:
# Revenues for individual companies were gathered from public sources and databases.
# Shares of leading players in the market were gathered from secondary sources to the extent available. In some instances, shares of digital twins in healthcare businesses have been ascertained after a detailed analysis of various parameters, including product portfolios, market positioning, selling price, and geographic reach & strength.
# Individual shares or revenue estimates were validated through interviews with experts.
The total revenue in the digital twins in healthcare market was determined by extrapolating the Market share data of major companies.
Opportunity: Increasing focus on cutting-edge real-time data analytics
Digital twins generate vast amounts of data that can be analyzed in real-time to provide insights into patient health, resource utilization, and operational efficiency. For example, a hospital's digital twins can collect and analyze real-time data from various sources, including medical devices, electronic health records, and IoT sensors, to detect potential equipment failures, predict patient outcomes, and identify areas of operational inefficiency. Real-time data analytics can also help healthcare providers make informed treatment plans, resource allocation, and patient care decisions. The base of the complete digital twins technology is data analytics. Once established, digital twins and analytics will provide more accurate diagnostics, and optimal and predictive operations. These advancements have facilitated digital twins technology in healthcare, which is expected to create potential in the coming years.
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Leading Companies Operating in This Industry:
Prominent companies in this 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).
