The global digital twins in healthcare market is projected to reach USD 21.1 billion by 2028 from USD 1.6 billion in 2023, at a high CAGR of 67.0% during the forecast period. Factors such as increasing investments for digital twins technology by public and private entities, increasing use of digital twins for various healthcare applications, and rise in funding and investments in digital twins startups are expected to drive market growth in the coming years. However, issues related to accuracy in digital twin systems and high implementation costs are some of the key factors restraining the growth of the digital twins in healthcare market.
Prominent players in the digital twins in healthcare market include 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). These companies adopted strategies such as product launches, expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their market presence in the medical simulation market.
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Microsoft is one of the leading providers of digital twins in the healthcare market. Microsoft offers significantly diversified software products and is involved in the development, licensing, and providing support for the same. The company provides cloud-based services. Microsoft offers Azure Digital Twins allows developers to create next-generation IoT applications that model entire environments in real time. Azure Digital Twins can assist predict the future of any connected environment by tracking its history. The company also spent about 12% to 13% of its revenue every year in the last three years for the development of innovative solutions. It has more than 10,000 patents in its digital solution for Azure portfolio.
Siemens Healthineers is a global provider of healthcare solutions and services. It develops, manufactures, and sells a diverse range of innovative diagnostic and therapeutic products and services to healthcare providers. One of their main areas of focus is the use of digital twins for medical imaging and image-guided interventions. The company also has extensive experience in developing critical components of digital twin such as IoT, artificial intelligence (AI), and machine learning (ML), as well as other high-end digital software and related technologies that work in tandem with digital twins. Siemens focuses on delivering measurable clinical and operational outcomes, aligning with the goals of healthcare organizations. Their global presence and customer base contribute to their market leadership in the digital twins market for healthcare.
Digital Twins in Healthcare Market by Component (Software, Services), Application (Personalized Medicine, Drug Discovery, Medical Education, Workflow Optimization), End User (Providers, Research & Academia, Payers), and Region - Global Forecast to 2028
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