Digital Twins in Healthcare Market Top Players- NVIDIA Corporation, GENUREA, ANSYS, Inc., AMAZON (AWS), Rescale, Inc.

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.

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Digital twin technology in healthcare refers to the creation of a virtual model that simulates an individual's physical health, enabling the assessment of the effects of various treatments and interventions. This technology leverages electronic health records, imaging data, wearable devices, and other sources of information to generate a comprehensive digital representation of a patient's health. The adoption of digital twin technology offers significant benefits, including reduced operational costs and improved patient outcomes, which has contributed to its growing acceptance among healthcare institutions. In terms of market dynamics, these advantages are driving the expansion of digital twin technology. Moreover, the market is expected to experience further growth during the forecast period, fueled by ongoing technological advancements in digital twins, their diverse applications in healthcare, and increasing adoption in developing countries.

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

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Market Dynamics
Drivers:
Digital twin technology is becoming increasingly effective in telehealth and remote patient monitoring, where it enables a virtual representation of a patient's health needs. By integrating data from multiple sources such as wearable devices, electronic health records, and other health monitoring tools, digital twins provide a comprehensive view of a patient's condition. This enables healthcare professionals to manage and monitor patients more efficiently. As the demand for telemedicine and remote monitoring services rises, the healthcare market is expected to experience significant growth in the adoption of digital twin technology over the coming years.

Challenges:
The high implementation costs and the complex design of digital twin systems pose significant challenges to market growth. Developing and maintaining the necessary cloud computing infrastructure and services requires substantial financial investment. Additionally, considerable resources are needed for security management and the integration of IoT technologies, which presents operational and financial hurdles that could limit the expansion of digital twin technology in healthcare.

Regional Trends:
The North American market for digital twins in healthcare is expected to dominate, accounting for a significant share of global revenue, with a robust compound annual growth rate (CAGR) in the near future. The region's growth is driven by the increasing adoption of digital and automated solutions across healthcare facilities, as well as the presence of key industry players such as Microsoft, IBM Corporation, and IQVIA, which are contributing to the widespread acceptance of the technology. In Europe, the market also holds a notable share due to the rising number of companies launching innovative products, the growing use of the internet, and an increased demand for IoT-based engineering services. For example, L&T Technology Services Ltd., a leader in pure-play services, established an IoT-focused engineering practice for digital twins in industrial and production sectors in March 2022.

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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

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 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.

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This release was published on openPR.