Healthcare Digital Twins Market Introduction and Overview
According to SPER Market Research, the Global Healthcare Digital Twins Market is estimated to reach USD 9183.03 million by 2034 with a CAGR of 26.11%.
The global healthcare digital twins market is expanding rapidly, fuelled by technological improvements, greater acceptance of personalized medication, and rising desire for efficient healthcare systems. The increased use of sensors, medical records, wearables, and mobile applications in the healthcare industry to track patient data is expected to fuel demand for this technology. The data generated by these apps can be used to develop simulations for testing drugs and medical equipment. However, a lack of technical competence and data management difficulties provide significant challenges to market expansion.
- May 2024: Ontrak Inc, a leading healthcare firm that uses AI and advanced technology, has announced the release of its Mental Health Digital Twin (MHDT) technology. This cutting-edge advancement in mental health care delivery efficiently blends human compassion with data-driven insights to provide tailored, accurate, and efficient help to persons experiencing mental health challenges.
- February 2024: Unlearn, an AI enterprise, raised $50 million in a Series C funding round headed by Altimeter Capital to improve clinical research using digital twin technologies. The company intended to use the funds to advance its goal of using AI to reduce trial and error in healthcare.
By Component: The Software segment represented the largest share of the market.
Digital twin software allows healthcare professionals and academics to construct, visualize, and interact with complicated patient data models in real time, making it useful for applications such as predictive analytics, personalized medication, and surgical planning. Software solutions are essential for recreating patient-specific situations because they use advanced data analytics, machine learning, and artificial intelligence to provide accurate predictions about treatment outcomes and disease progression.
By Application: The Personalized Medicine segment of the healthcare digital twins industry is expected to grow at a significant rate. The growing emphasis on R&D for personalized medicine is driving market expansion. Personalized medicine is gaining popularity due to its ability to improve therapeutic efficacy, reduce side effects, and improve patient outcomes. Advances in genomics, molecular diagnostics, and precision medicine have spurred demand for digital twin solutions in customized medicine, resulting in significant market expansion.
By End User: Based on end user, the providers segment led the market with the highest revenue share.
The healthcare providers segment accounted for a substantial proportion of the digital twins in the healthcare market. The substantial proportion of this segment can be attributed to hospitals' improved diagnostic capabilities, which allow for more exact disease diagnosis, better and more timely drugs, data-driven decision-making, and the growing use of telehealth and telemedicine in healthcare.
By Region: North America dominates the healthcare digital twins market in terms of revenue. Factors such as the high adoption rate of digital and automation solutions in healthcare facilities across the region, the availability of digital infrastructure in the region as a result of lucrative funding, and favorable government initiatives are expected to drive the region's technology demand.
Market Competitive Landscape:
The Global Healthcare Digital Twins Market is highly consolidated. Some of the market players are Atos, Dassault Systèmes (3DS System), Faststream Technologies, Microsoft, Philips Healthcare, PrediSurge, QiO Technologies, ThoughtWire, Twin Health, Unlearn AI, and Verto Healthcare and others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Component, By Application, By End User. |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe. |
| Companies Covered | Atos, Dassault Systèmes (3DS System), Faststream Technologies, Microsoft, Philips Healthcare, PrediSurge, QiO Technologies, ThoughtWire, Twin Health, Unlearn AI, Verto Healthcare.
|
Key Topics Covered in the Report:
- Global Healthcare Digital Twins Market Size (FY’2021-FY’2034)
- Overview of Global Healthcare Digital Twins Market
- Segmentation of Global Healthcare Digital Twins Market By Component (Software, Services)
- Segmentation of Global Healthcare Digital Twins Market By Application (Personalized Medicine, Healthcare workflow optimization & Asset Management, Medical Device Design and Testing, Drug Discovery & development, Surgical planning and medical education)
- Segmentation of Global Healthcare Digital Twins Market By End User (Providers, Pharma & Bio Pharma Companies, Medical Device Companies, Research & Academia)
- Statistical Snap of Global Healthcare Digital Twins Market
- Expansion Analysis of Global Healthcare Digital Twins Market
- Problems and Obstacles in Global Healthcare Digital Twins Market
- Competitive Landscape in the Global Healthcare Digital Twins Market
- Details on Current Investment in Global Healthcare Digital Twins Market
- Competitive Analysis of Global Healthcare Digital Twins Market
- Prominent Players in the Global Healthcare Digital Twins Market
- SWOT Analysis of Global Healthcare Digital Twins Market
- Global Healthcare Digital Twins Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Healthcare Digital Twins Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Healthcare Digital Twins Market
7. Global Healthcare Digital Twins Market, By Component (USD Million) 2021-2034
7.1. Software
7.2. Services
8. Global Healthcare Digital Twins Market, By Application (USD Million) 2021-2034
8.1. Personalized Medicine
8.2. Healthcare workflow optimization & Asset Management
8.3. Medical Device Design and Testing
8.4. Drug Discovery & Development
8.5. Surgical Planning and medical education
9. Global Healthcare Digital Twins Market, By End User (USD Million) 2021-2034
9.1. Pharma & Bio Pharma Companies
9.2. Providers
9.3. Medical Device Companies
9.4. Research & Academia
10. Global Healthcare Digital Twins Market, (USD Million) 2021-2034
10.1. Global Healthcare Digital Twins Market Size and Market Share
11. Global Healthcare Digital Twins Market, By Region, (USD Million) 2021-2034
11.1. Asia-Pacific
11.1.1. Australia
11.1.2. China
11.1.3. India
11.1.4. Japan
11.1.5. South Korea
11.1.6. Rest of Asia-Pacific
11.2. Europe
11.2.1. France
11.2.2. Germany
11.2.3. Italy
11.2.4. Spain
11.2.5. United Kingdom
11.2.6. Rest of Europe
11.3. Middle East and Africa
11.3.1. Kingdom of Saudi Arabia
11.3.2. United Arab Emirates
11.3.3. Qatar
11.3.4. South Africa
11.3.5. Egypt
11.3.6. Morocco
11.3.7. Nigeria
11.3.8. Rest of Middle-East and Africa
11.4. North America
11.4.1. Canada
11.4.2. Mexico
11.4.3. United States
11.5. Latin America
11.5.1. Argentina
11.5.2. Brazil
11.5.3. Rest of Latin America
12. Company Profile
12.1. Atos
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Dassault Systèmes (3DS System)
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. Faststream Technologies
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. Microsoft
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. Philips Healthcare
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. PrediSurge
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. QiO Technologies
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. ThoughtWire
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. Twin Health
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Unlearn AI
12.10.1. Company details
12.10.2. Financial outlook
12.10.3. Product summary
12.10.4. Recent developments
12.11. Verto Healthcare
12.11.1. Company details
12.11.2. Financial outlook
12.11.3. Product summary
12.11.4. Recent developments
12.12. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
