Digital Twins in Healthcare Market Beyond the Physical: Growth and Opportunity in the Digital Twins for Healthcare Market

Digital Twins in Healthcare Market worth $82.40 Bn by 2031 - Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Digital Twins in Healthcare Market - (By Component (Software, Services), By Application (Drug Discovery & Development, Personalized medicine, Surgical Planning and Medical Education, Medical Device Design and Testing, Healthcare Workflow Optimization & Asset Management, Others), By End User (Pharma & Bio-pharma companies, Research & Academia, Providers, Medical device Companies, Others)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Digital Twins in Healthcare Market is valued at US$ 1.64 Bn in 2023, and it is expected to reach US$ 82.40 Billion by 2031, with a CAGR of 63.65% during the forecast period of 2024-2031.

Medical Digital Twins: Revolutionizing Healthcare through Virtual Modeling
Digital twin technology is transforming healthcare by creating virtual representations of a patient's physical health. This model, built using data from electronic health records, imaging studies, wearable tech, and other sources, allows healthcare professionals to simulate the effects of various treatments and interventions.

The adoption of digital twin technology by many healthcare organizations is driven by its potential to:
• Reduce operating costs
• Improve patient outcomes
These factors are significantly influencing the market dynamics of digital twins in healthcare.

The market is further bolstered by:
• Lucrative opportunities arising from technological advancements that enable a wider range of healthcare applications

• The increasing adoption of digital twin technology in emerging countries throughout the forecast period.

Request for free Sample Pages: https://www.insightaceanalytic.com/request-sample/2366

List of Prominent Players in the Digital Twins in Healthcare Market:

• Rescale, Inc.
• Predictiv
• Verto Health
• PrediSurge
• Oracle
• SAP
• ATOS SE
• IBM
• Siemens Healthineers AG
• Koninklijke Philips N.V
• Faststream Technologies
• Dassault Systèmes
• Twin LTD
• Microsoft
• NVIDIA Corporation
• GENUREA
• ANSYS, Inc.
• AMAZON (AWS)
• Other Market Players

Market Dynamics:

Drivers-
When patients require telehealth technology-assisted remote patient monitoring for particular health concerns, it functions effectively. Digital twins are a useful tool in telemedicine and remote patient monitoring to provide a virtual depiction of a patient's medical needs.

A digital twin, for instance, can be used to combine data from several sources, such as wearable technology, electronic health records, and others, to present a more complete picture of a patient's health. This may make it possible for medical professionals to manage and observe their patients efficiently.

Therefore, it is anticipated that the digital twin in the healthcare market will develop over the next few years because of the rise in telemedicine and remote patient monitoring services.

Challenges:
The high cost of implementation and extremely complex design of digital twins have an impact on market growth. Using digital twins requires a significant financial commitment to the development and upkeep of cloud computing infrastructure as well as services.

Additionally, significant investments in security management & IoT technologies are needed. This results in a lot of financial and operational difficulties that limit market expansion.

Regional Trends:
The North America digital twins in healthcare market is expected to lead with a major market revenue share and it is expected to grow at a high CAGR in the near future. Some of the remarkable drivers of the market growth in the region are the rising adoption rates of digital and automated solutions in healthcare facilities around the region.

It is expected that the presence of major firms in the area, like Microsoft, IBM Corporation, and IQVIA, will accelerate the technology's acceptance. Besides, Europe had a considerable share in the market due to an increase in the number of major market companies launching new products, the expanding acceptance of the internet, and the growing need for IoT-based engineering services.

In March 2022, for instance, the next-generation IoT-based engineering practice centered on Digital Twins for industrial and production sectors was established by L&T Technology Services Ltd., a global leader in pure-play services.

Curious About This Latest Version Of The Report? Enquiry Before Buying: https://www.insightaceanalytic.com/enquiry-before-buying/2366

Recent Developments:
• In Sept 2023, PrediSurge successfully raised €6.5 million in Series A funding to advance state-of-the-art Digital Twin Technology in the field of cardiovascular medicine. The European Innovation Council (EIC) Fund, which operates Italian Venture Capital LIFTT S.p.a., led a major investment, and Saint Victor Capital, UI Investissement - Metropoles Innovations, and Crédit Agricole LHL Capital Innovation provided outstanding support.

Segmentation of Digital Twins in Healthcare Market-
By Component-
• Software
• Services
By Application-
• Drug Discovery & Development
• Personalized medicine
• Surgical Planning and Medical Education
• Medical Device Design and Testing
• Healthcare Workflow Optimization & Asset Management
• Others
By End User-
• Pharma & Bio-pharma companies
• Research & Academia
• Providers
• Medical device Companies
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

For More Customization @ https://www.insightaceanalytic.com/customisation/2366

Contact Us:
InsightAce Analytic Pvt. Ltd.
Tel.: +1 718 593 4405
Email: info@insightaceanalytic.com
Site Visit: www.insightaceanalytic.com
Follow Us on LinkedIn @ bit.ly/2tBXsgS
Follow Us On Facebook @ bit.ly/2H9jnDZ

About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

This release was published on openPR.