Digital Twin in Healthcare Market Value to Surpass US$ 5.3 Bn by 2031: TMR Study

The industry's value stood at US$ 448.9 million in 2021 and is forecasted to surge at a Compound Annual Growth Rate (CAGR) of 25.1% from 2022 to 2031, potentially exceeding US$ 5.3 billion by the end of 2031.

Factors such as the enhanced efficiency of digital twin technology in healthcare, increased adoption of data analytics and machine learning, and the rise in telemedicine and remote patient monitoring are poised to drive the global market forward during the projected period. Additionally, the growth in strategic partnerships among companies and the introduction of new products are expected to further stimulate demand for digital twin technology in healthcare in the near term. Moreover, the growing emphasis on value-based care and population health management is contributing to the expansion of the market.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅:
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=85084&utm_source=OpenPR&utm_campaign=MansiR_OpenPR

Healthcare's digital twin technology offers a virtual representation of an individual's physical well-being, enabling the simulation of treatment effects and interventions. Drawing data from diverse sources like electronic health records, wearable devices, and imaging studies, the medical digital twin model is meticulously crafted.

This innovation empowers healthcare providers with enhanced decision-making capabilities for patient care, facilitating optimized treatment strategies and mitigating risks of adverse outcomes. With numerous healthcare entities embracing digital twin technology, the landscape is witnessing significant evolution, driving market dynamics in healthcare.

The applications of digital twin technology in healthcare span diverse realms including drug development, supply chain management, research, clinical trials, operational efficiency, and continuous patient monitoring. Notably, this technology streamlines healthcare processes by minimizing unnecessary tests and treatments, fostering its adoption globally. This trend is poised to contribute positively to the industry's growth trajectory in the foreseeable future.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬:

ANSYS, Inc, Dassault Systèmes, Faststream Technologies, Koninklijke Philips N.V., Microsoft Corporation, NUREA, Predictiv Care, Inc, PrediSurge, Q Bio, Inc., Siemens Healthineers, Verto Inc, and Virtonomy GmbH.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

Application

Healthcare Facility
Personalized Diagnosis & Treatment
Medical Imaging
Preventive Medicine
Surgery Planning
Others

Device & Drug Development
Others

End-user

Hospitals, Clinics, and Diagnostic Centers
Pharmaceutical & Medical Device Companies
Others

𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞 𝐢𝐧 𝐓𝐞𝐥𝐞𝐦𝐞𝐝𝐢𝐜𝐢𝐧𝐞 𝐚𝐧𝐝 𝐑𝐞𝐦𝐨𝐭𝐞 𝐏𝐚𝐭𝐢𝐞𝐧𝐭 𝐌𝐨𝐧𝐢𝐭𝐨𝐫𝐢𝐧𝐠 𝐒𝐞𝐫𝐯𝐢𝐜𝐞𝐬

Remote patient monitoring, complementing telehealth, utilizes digital twin technology to create a virtual patient model, tracking real-time health data and offering personalized care recommendations. For example, in diabetes management, a digital twin monitors blood sugar levels, medications, and lifestyle factors, providing tailored suggestions for diet and exercise.

This technology enhances telemedicine by amalgamating data from various sources, like wearables and electronic health records, enabling comprehensive patient monitoring. The growth of telemedicine and remote patient monitoring services is poised to expand the digital twin in healthcare market in the coming years.

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:

On December 12, 2022, Dassault Systèmes signed an MOU with Ecole Normale Supérieure Paris-Saclay, a renowned institution of higher education and research in France. The agreement aims to drive long-term innovation by advancing information and know-how about the usage of virtual twins in academics and research.

In July 2022, NUREA announced that it had raised more than Euro 1 Mn in funding for its autonomous medical picture analysis software. The software is used for the prevention of cardiovascular events. NUREA has also been chosen for the prestigious innovation program of the Mayo Clinic.

In March 2022, Microsoft Corporation started two developments in cloud technology for healthcare and life sciences. It announced the general availability of Azure Health Data Services as well as declared several updates in Microsoft Cloud for Healthcare.

In April 2021, Bayern Kapital, the venture capital organization of Germany's Free State of Bavaria, invested in Virtonomy GmbH, a digital health start-up creating an innovative, database-driven software-as-a-service (SaaS) solution for medical device manufacturers, as part of a seed round

𝐏𝐥𝐚𝐜𝐞 𝐚𝐧 𝐎𝐫𝐝𝐞𝐫 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:
https://www.transparencymarketresearch.com/checkout.php?rep_id=85084<ype=S&utm_source=OpenPR&utm_campaign=MansiR_OpenPR

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

In 2021, North America held a significant share of the global digital twin in healthcare market, expected to maintain its dominance due to increasing adoption of digital twin applications in the healthcare sector. Factors such as improved healthcare infrastructure, technological advancements, and the presence of key players in the U.S. and Canada contribute to the region's market growth.

Meanwhile, the Asia Pacific region is poised for substantial growth with a high estimated CAGR during the forecast period, driven by widespread adoption of digital twin software and active research and development in digital healthcare technologies by various companies. This trend is positively influencing market statistics in the region.

𝐅𝐮𝐭𝐮𝐫𝐞 𝐎𝐮𝐭𝐥𝐨𝐨𝐤:

The future of the digital twin in healthcare market looks promising, with continued advancements in technology and increasing focus on patient-centric healthcare delivery. The market is expected to witness further growth driven by innovations in digital healthcare solutions and expanding applications of digital twin technology.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐭𝐮𝐝𝐲 𝐏𝐨𝐢𝐧𝐭𝐬:

-Analysis of market trends and growth drivers.
-Assessment of market segmentation and regional dynamics.
-Evaluation of key players and their market strategies.
-Examination of recent developments and technological advancements in the field.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐓𝐌𝐑:

𝐈𝐧𝐨𝐭𝐫𝐨𝐩𝐢𝐜 𝐀𝐠𝐞𝐧𝐭𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/03/07/2622522/0/en/Inotropic-Agents-Market-Value-to-Surpass-US-5-1-Bn-by-2031-TMR-Study.html

𝐏𝐫𝐢𝐧𝐭𝐞𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬 𝐌𝐚𝐫𝐤𝐞𝐭- https://www.globenewswire.com/news-release/2023/03/07/2622407/0/en/Printed-Electronics-Industry-Rising-at-14-2-CAGR-to-Reach-USD-45-08-Billion-by-2031-due-to-Increase-in-Demand-for-Wearable-Devices-and-Display-Screens-TMR-Report.html

𝐀𝐛𝐨𝐮𝐭 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡

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𝐂𝐨𝐧𝐭𝐚𝐜𝐭:

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