Digital Twins in Healthcare Market worth $21.1 billion by 2028

Digital Twins in Healthcare Market in terms of revenue was estimated to be worth $1.6 billion in 2023 and is poised to reach $21.1 billion by 2028, growing at a CAGR of 67.0% from 2023 to 2028 according to a new report by MarketsandMarkets™. Rise in investments & funding in the digital twin market supporting the growing number of startups and increasing focus on cutting-edge real-time analytics are some of the key factors that offer opportunities to the market during the forecast period. However, the obsolete digital infrastructure and the reluctance towards the use of new technologies are challenging the market growth to some extent.

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The research and Academia segment is expected to register a substantial growth in the digital twins in healthcare market, by end user

The research and academia segment is expected to register a substantial growth in the digital twins in healthcare market, by end user. This growth can be attributed to their ability to drive technological advancements in the healthcare sector, collaborative research efforts within these institutions fostering knowledge sharing & enhance patient care outcomes, availability of extensive healthcare data & the expertise to analyze and model it give research institutions a competitive edge in leveraging digital twins effectively. Lastly, the inclination of academic institutions to explore emerging technologies positions them as early adopters and catalysts for growth in the digital twins in healthcare market.

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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Digital Twins in Healthcare Market Dynamics:

Drivers:
1. Increasing investments in digital twin technology by public and private entities

Restraints:
1. Managing data quality and privacy issues and high implementation costs

Opportunities:
1. Increasing focus on cutting-edge real-time data analytics

Challenges:
1. Lack of technical expertise and data management issues

Key Market Players:

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) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.

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