LAMEA Digital Twins in Healthcare Market Size, Share & Industry Trends Analysis Report By Application, By Component (Software, and Services), By End User, By Country and Growth Forecast, 2023 - 2030
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Market Report Description
The Latin America, Middle East and Africa Digital Twins in Healthcare Market would witness market growth of 56.4% CAGR during the forecast period (2023-2030).
Digital twins enable the collecting and using important data (such as oxygen levels, blood pressure, etc.) at the individual level, allowing people to track persistent diseases and, as a result, their priorities, and contacts with doctors by offering fundamental knowledge. Therefore, these individualized data form the foundation of laboratory research & clinical studies. Doctors do not base their treatments on huge samples since they treat each patient individually. Instead, they use specialized simulations to monitor how each patient responds to various treatments, which improves the entire treatment plan's accuracy.
Key participants in the market have investment potential due to the increased interest in and quantity of work being put into personalized treatment in recent years. Adopting a real-time interactive & integrated method for data collection, successful interventions, and providing real-time data-supported feedback are all ways that digital twins support the transformation of the healthcare sector. The demand for this technology is predicted to increase with the growing use of medical records, mobile applications, sensors, and wearables in the healthcare sector to monitor patient data. These applications' data can be utilized to create simulations that test medications and medical equipment.
The UAE spent $13.7 billion (AED 50.3 billion) on health in 2018, as reported by the International Trade Association. This comprises the seven emirates' contributions to the federal budget, as well as their, outlays on healthcare. This amount is anticipated to increase by 5.4% in 2019 to $14.4 billion (AED 53 billion). By 2023, spending is expected to increase to $18.3 billion (AED 67.2 billion), which amounts to a 6% annual compound growth rate in local money and US dollars. Dubai should become a regional hub for top-notch healthcare, so the UAE government is working to increase the number of medical tourists visiting the country. This will lead to a rise in the use of digital twin technology, which will boost the market.
The Brazil market dominated the LAMEA Digital Twins in Healthcare Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $476.4 million by 2030. The Argentina market is experiencing a CAGR of 57.3% during (2023 - 2030). Additionally, The UAE market would display a CAGR of 56% during (2023 - 2030).
Based on Application, the market is segmented into Healthcare Workflow Optimization & Asset Management, Personalized Medicine, Drug Discovery & Development, Medical Device Design & Testing, Surgical Planning & Medical Education, and Others. Based on Component, the market is segmented into Software, and Services. Based on End User, the market is segmented into Providers, Pharma & Biopharma Companies, Research & Academia, Medical Device Companies, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens Healthineers AG (Siemens AG), Dassault Systemes SE, Microsoft Corporation, Koninklijke Philips N.V., IBM Corporation, NVIDIA Corporation, GE HealthCare Technologies, Inc., Oracle Corporation, Amazon Web Services, Inc. (Amazon.com, Inc.), and SAP SE.
Scope of the Study
Market Segments Covered in the Report:
- Healthcare Workflow Optimization & Asset Management
- Personalized Medicine
- Drug Discovery & Development
- Medical Device Design & Testing
- Surgical Planning & Medical Education
By End User
- Pharma & Biopharma Companies
- Research & Academia
- Medical Device Companies
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Siemens Healthineers AG (Siemens AG)
- Dassault Systemes SE
- Microsoft Corporation
- Koninklijke Philips N.V.
- IBM Corporation
- NVIDIA Corporation
- GE HealthCare Technologies, Inc.
- Oracle Corporation
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- SAP SE
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