According to a new report, published by KBV research, The Global Digital Twins in Healthcare Market size is expected to reach $29.3 billion by 2030, rising at a market growth of 51.8% CAGR during the forecast period.
The Drug Discovery & Development segment is showcasing a CAGR of 52.1% during (2023 - 2030). Drug discovery techniques leverage digital twin technologies in healthcare. The method cuts down on the amount of time, money, and resources needed to carry out clinical trials and the price and length of time required for drug development. Using digital twins, researchers can better understand a medicine's potential side effects and modify the doses and methods for delivering the drug and its impact on the body. The funding provided by governmental regulatory organizations is also anticipated to fuel the segment's expansion during the anticipated period.
The Software segment is leading the Global Digital Twins in Healthcare Market by Component in 2022 thereby, achieving a market value of $20.8 billion by 2030. The use of digital twins can significantly enhance operational workflow, identify abnormalities, reduce service times, and identify and avert adverse business planning scenarios. The ultimate goal of digital twin technology for healthcare is to boost an organization's productivity and financial health while enhancing care delivery.
The Research & Academia segment has shown the growth rate of 52.3% during (2023 - 2030). Digital twins of patients participating in clinical trials are created using machine-learning algorithms trained using patient data from prior clinical trials or personal medical records. The model essentially creates a simulated control group for a particular patient by projecting how their health would change throughout the experiment if they were given a placebo. Clinical research & treatment still rarely employs the biological & behavioral profile required for digital twins.
The North America market dominated the Global Digital Twins in Healthcare Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $11.4 billion by 2030. The Europe market is exhibiting a CAGR of 51.1% during (2023 - 2030). Additionally, The Asia Pacific market would witness a CAGR of 53% during (2023 - 2030).
Full Report: https://www.kbvresearch.com/digital-twins-in-healthcare-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
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