Healthcare Digital Twins Market 2030 Growing Worldwide By Best Key players- Atos; Dassault Systems (3DS System); Microsoft; Philips Healthcare; Unlearn.AI, Inc.; QiO Technologies; PrediSurge; Verto Healthcare; ThoughWire; Fasttream Technologies; Twin Health
The global healthcare
digital twins market size is
expected to reach USD 3.5 billion by
2030, according to a new report by Grand View Research, Inc. The market is
expected to expand at a CAGR of 25.6%
from 2022 to 2030. Digital twins are digital models or real-time replicas
of an object or process that incorporates and updates all the available data in
real time.
The technology is used in healthcare
to test the safety and economic viability of a scenario before it is launched
into the real world. The adoption of digital twins in the healthcare industry
is still in a nascent stage but scientists are adopting the technology to test
viability of surgical procedures and develop personalized medicine. These are
some of the key factors anticipated to fuel the market growth during the
forecast period. For instance, digital twins are used in healthcare to study
diseases such as multiple sclerosis and Alzheimer’s to better understand the
treatment options and accelerate clinical trial timelines.
Rising adoption of artificial
intelligence in healthcare is anticipated to further drive the adoption of the
technology. Integration of components such as APIs, graph databases, and
natural language processing (NLP) to craft digital twins for healthcare and
other life science organizations helps to reduce medical costs and enhance
medical outcomes. Digital twins help to transform the industry by offering data
backed feedback, data capturing, and data interventions, which are anticipated
to considerably reduce the healthcare costs.
Emergence of startups and entry of key
players in the market are anticipated to significantly boost the growth of the
market. For instance, Sim&Cure, a France-based company, provides
Sim&Size, a digital twin solution that helps brain surgeons to treat an
aneurysm using simulations. Aneurysms are enlarged vessels that can cause
stroke and clots in the brain. Moreover, increased funding provided to the
startups is anticipated to promote the adoption of the technology during the
forecast period. For instance, in October 2021, Twin Health, a California and
Chennai-based startup, raised USD 140 million in a Series C funding round. The
startup is an AI-powered platform that provides doctors and patients the
guidance on sleep activity, nutrition, and meditative breathing that helps to
reverse and prevent chronic conditions such as liver diseases, Type-II
diabetes, and cardiovascular diseases.
In addition, various government
initiatives to improve the adoption of digital twins are anticipated to drive
the demand for the technology. For instance, DigiTwins, a flagship project
launched by European Government aims to bring paradigm shifts in the healthcare
industry using communication, advanced omics, sensing technologies, and
computing. The European government plans to invest USD 1.1 billion in the
project over 10 years to support the growth and development.
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Digital twins are used in healthcare
to build digital representations of healthcare data such as lab results,
hospital environment, and human physiology. The representations help to
optimize costs, improve efficiency, and anticipate future demand. These are
some of the key factors that are anticipated to drive the demand for the
technology during the forecast period. Digital twins help in the transformation
of the healthcare industry by adopting a real time interactive and integrated
approach for data capturing, effective interventions, and offering real time
data backed feedback. Rising adoption of medical records, sensors, mobile
applications, and wearables in the healthcare industry to monitor patient data
is anticipated to drive the demand for this technology. The data generated from
these applications can be used to develop simulations to test drugs and medical
devices. Despite the varied applications of digital twins, the adoption of the
technology in the healthcare sector is still in a nascent stage.
Healthcare
Digital Twins Market Report Highlights
- In 2021, the process and system digital
twin segment held the largest share of over 65.0% due to the ability of
the technology to provide better outcomes
- In 2021, the asset and process management
segment dominated the market with a share of over 35.0% owing to the
rising adoption by healthcare facilities in order to manage their assets
efficiently
- In 2021, hospitals and clinics dominated
the market with a share of over 30.0% due to the use of digital twins to
optimize hospital working and increase efficiency of the facility
- In 2021, North America held the largest
share of over 45.0%. Factors such as favorable government initiatives,
lucrative funding, and presence of key players in the region contributed
to the growth of the market
Rising adoption of this technology in
the healthcare sector and the positive approach of the healthcare professionals
towards the adoption of the technology are anticipated to drive the market. For
instance, according to an article by AI Multiple, dated May 2022, 66% of the
healthcare professionals expect increasing investments in digital twins, the
adoption of which helps to improve the performance of healthcare organizations,
facilitate personalization of medicine, provide customizations, and enable the
development of new devices and medications. The technology has a tremendous
opportunity for the development of personalized medicine based on the genetic
makeup, behavior, and anatomy of an individual. For instance, Swedish
researchers have been mapping mice RNA into various digital twin models with
the aim to personalize the diagnosis and treatment of arthritis in humans.
Rising number of security breaches in
healthcare institutions and high investments required to support the
infrastructure of the technology are some of the restraining factors for the
market. For instance, according to an article by Consulting Engineer, the cost
of a digital twin for a Grade A commercial building of about 60,000 sq. m. can
cost USD 1.2 to 1.7 million, and the costs rise to USD 3 to 4.2 million for
complex and larger facilities measuring 200,000 sq.m. This is anticipated to
hamper the growth of the market during the forecast period.
The COVID-19 pandemic had a positive
impact on the market growth. Digital twins have been adopted by healthcare
facilities after the pandemic in order to optimize workflows and predict the
efficiency of the facilities to deal with the increased patient inflow which
was observed during the pandemic. Pharmaceutical companies leveraged the
technology to develop vaccines in order to keep up with the increased demand.
The digital twins were used to develop live replicas of the physical processes
in the vaccine process to improve the efficiency of the processes.
List of Key
Players of Healthcare Digital Twins Market
- Atos
- Dassault Systems (3DS System)
- Microsoft
- Philips Healthcare
- QiO Technologies
- PrediSurge
- Unlearn.AI, Inc.
- Verto Healthcare
- ThoughWire
- Fasttream Technologies
- Twin Health
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