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Global Digital Twins in Healthcare Research 2024-2035 - Pharma Investments Surge as Technology Enhances Clinical Trials and Predictive Maintenance
Global Digital Twins in Healthcare Market
Dublin, June 24, 2024 (GLOBE NEWSWIRE) -- The "Digital Twins in Healthcare Market, Industry Trends and Global Forecasts, till 2035 - Distribution by Therapeutic Area, Type of Digital Twin, Areas of Application, End Users and Key Geographical Regions" report has been added to ResearchAndMarkets.com's offering.
The global digital twins in healthcare market is estimated to grow from $1.9 billion in 2024 to $33.4 billion in 2035, growing at a CAGR of 30% during the forecast period from 2024 to 2035.
This research study consists of industry trends, detailed market analysis, company competitiveness analysis, partnerships and collaborations, and funding and investment analysis. The digital twins in healthcare market growth over the next decade is likely to be the result of increasing adoption of digital health technologies, advancements in data analytics and simulation capabilities, and rising demand for personalized medicine.
Digital twins can be defined as virtual representations of physical objects or systems, created through the use of real-time data and simulation models. Such digital replicas offer various applications in the pharmaceutical domain, such as accelerating clinical trials, simulated studies for larger populations, drive treatment efficiency and cost savings in drug design and testing. The surge in the popularity of industry 4.0 technologies has led to the digital twins market growth in healthcare industry, facilitating seamless data integration and the development of virtual replicas of physical assets, processes, and even the human body.
According to a recent study, healthcare executives anticipate a significant increase in investment from pharmaceutical players with over 65% increased investment expected in this domain in the next three years. Digital twins also find their application in accelerating the pace of clinical trials, conducting simulated studies for larger populations. A group of researchers have developed a risk estimator using virtual simulation, machine learning and other tools to estimate the cardiotoxicity of various drugs; this could potentially help save up some of the costs from the estimated USD 2.5 billion that is spent on drug design and testing costs. Such technologies empower organizations to implement predictive maintenance strategies, simulate pharmaceutical processes, and enable real-time monitoring, prompting pharmaceutical companies to explore their potential.
The digital twins in healthcare industry features over 90 solutions. Over 40% of the twins in this domain are process digital twins. Further, around 50% of the digital twins are intended for asset / process management applications; however, a shift towards the digital twins intended to offer personalized treatment is being observed. Based on the research, the analyst observed that majority of the digital twin companies use artificial intelligence in their solutions.
The current digital twins in healthcare market landscape features the presence of over 75 players that have the required expertise to develop and manufacture digital twin solutions for healthcare applications. Overall, the market appears to be dominated by small and mid-sized digital twin technology companies, which is indicative of the fact that this domain is currently evolving and offers opportunities for innovation and growth among diverse players. In terms of the location of headquarters, over 48% of the digital twin companies are based in Europe, followed by North America (42%), Asia (9%) and Middle East and North Africa (1%).
In fact, nearly 90% of healthcare executives view digital twins as an essential technology to lead collaborations between multiple systemic units within their organizations. Additionally, the growing demand for virtual simulation, personalized medicine, and predictive maintenance are expected to further drive exploration of digital twin use cases in the pharmaceutical industry.
Key Attributes:
Report Attribute | Details |
No. of Pages | 210 |
Forecast Period | 2024 - 2035 |
Estimated Market Value (USD) in 2024 | $1.9 Billion |
Forecasted Market Value (USD) by 2035 | $33.4 Billion |
Compound Annual Growth Rate | 30.0% |
Regions Covered | Global |
Digital Twins in Healthcare Market Share Insights
Historical Trend: 2018-2023
Forecast Period: 2024-2035
Market Size in 2024: $1.9 Billion
CAGR: 30%
Therapeutic Area
Cardiovascular Disorders
Metabolic Disorders
Orthopedic Disorders
Other Disorders
Type of Digital Twin
Process Twins
System Twins
Whole Body Twins
Body Part Twins
Area of Application
Asset / Process Management
Personalized Treatment
Surgical Planning
Diagnosis
Other Applications
End Users
Pharmaceutical Companies
Medical Device Manufacturers
Healthcare Providers
Patients
Other End Users
Key Geographical Regions
North America
Europe
Asia
Latin America
Middle East and North Africa
Rest of the World
Key Companies Profiled
BigBear.ai
Certara
Dassault Systemes
DEO
Mesh Bio
NavvTrack
OnScale
Phesi
PrediSurge
SingHealth
Twin Health
Unlearn
Verto
VictoryXR
Virtonomy
(Full list of 75+ companies captured is available in the report)
PowerPoint Presentation (Complimentary)
Customization Scope: 15% Free Customization
Excel Data Packs (Complimentary)
Market Landscape Analysis
Key Insights
Partnership and Collaboration Analysis
Funding and Investment Analysis
Berkus Start-up Valuation Analysis
Market Forecast and Opportunity Analysis
For more information about this report visit https://www.researchandmarkets.com/r/7m6ooa
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