North America 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 North America Digital Twins in Healthcare Market would witness market growth of 50.8% CAGR during the forecast period (2023-2030).
Digital twins are widely used in healthcare to improve and streamline processes. A digital twin can track the impact of medications, a patient's health, and other variables. In the healthcare industry, it is frequently used and receives real-time information through physical assets, infrastructure, or processes. It assists in gathering data on the person's many vital signs, health, and responses to therapies, medications, and environment. Furthermore, it replicates several hospital-related aspects, such as patient and staff movement and real-time location tracking of both people and objects. These components are boosting market expansion.
Through the use of healthcare digital twins, healthcare professionals can improve treatment plans, minimize the chance of unfavourable outcomes, and make better-informed decisions regarding patient care. Several healthcare organizations have started implementing digital twin technologies to advance patient outcomes and lower operating expenses. This is fuelling the industry dynamics.
The small & medium-sized enterprises (SMEs) that make up the majority of the medical devices industry in Canada are extremely diversified. In addition to manufacturing and regulating these devices, the main activities involve the research & development of diagnostic, medical, and therapeutic devices. The market is currently estimated to be worth USD$6.5 billion, and by 2026, it is anticipated to increase by 2.1% annually. A growing number of chronic diseases and an aging population drive up demand for medical devices. The market for medical devices in Mexico is significant for American exporters. In 2019, Mexico's import market for pharmaceuticals and medical equipment was USD 2.5 billion and USD 4.9 billion, respectively. With all of these considerations taken into account, it can be said that the market in the region will experience rapid expansion.
The US market dominated the North America 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 $8,165.6 million by 2030. The Canada market is exhibiting a CAGR of 54.2% during (2023 - 2030). Additionally, The Mexico market would experience a CAGR of 52.9% 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 U.S., Mexico, Canada, and Rest of North America.
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
- Rest of North America
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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