Market Trends of Digital Twins In Healthcare Industry
Personalized Medicine Segment is Expected to Show Significant Growth During the Forecast Period
Personalized medicine is an emerging practice of medicine that uses an individual's genetic profile to guide decisions made regarding the prevention, diagnosis, and treatment of disease. Digital twins technology is integrated with vast amounts of data from wearable digital devices, omics, imaging, and electronic medical records, which helps in providing personalized medicine.
The various clinical advantages offered by digital twins in providing personalized medicine are expected to increase the adoption of digital twins technology in the healthcare sector, which will ultimately drive the studied market over the forecast period.
For instance, according to an article published in the Journal of Medicine Internet Research in May 2024, digital twins help personalized medicine across the understanding of patient health, risk assessment, and patient monitoring. By mirroring individual health profiles, digital twins offer unparalleled insights into patient-specific conditions, enabling more accurate risk assessments and tailored interventions. Hence, the crucial role of digital health in personalized medicine is expected to increase the demand for digital twin's software and services, driving the market studied over the forecast period.
Furthermore, increasing strategic activities, such as investment in startups, are also expected to drive the studied market over the forecast period. For instance, in October 2023, Mesh Bio, a Singaporean startup company that is focused on digital twin solutions for managing rising cases of chronic diseases, particularly in Southeast Asia, raised undisclosed funding from East Ventures to assist with its regional expansion. Hence, such strategic investments in startups are expected to increase the accessibility of digital twin solutions.
Thus, the various clinical advantages of digital twin solutions in personalized medicine and the increasing investments in digital twin technologies for providing personalized medicine for common diseases are expected to drive the market studied over the forecast period.
North America is Expected to Hold a Significant Market Share Over the Forecast Period
The geographical analysis of digital twins in the healthcare market shows that North America holds a significant market share in the global market. This is due to the increasing adoption of digital solutions in hospitals, advanced healthcare infrastructure, and increasing strategic activities by the key players.
The growing investment in the digitalization of the healthcare sector increases the utilization of digital twins technologies for individual’s existing health information in real-time and continually compares this data with the results from population studies, data on specific clinical pathologies, the course of specific diseases, and information on medications, diagnostics, and therapies used for other affected individuals.
For instance, in February 2022, the US Department of Health and Human Services (HHS), through the Health Resources and Services Administration (HRSA), awarded nearly USD 55 million to 29 HRSA-funded health centers to increase healthcare access and quality for underserved populations through virtual care such as telehealth, remote patient monitoring, digital patient tools, and health information technology platforms. Similarly, in July 2024, DIGITAL, Canada’s Global Innovation Cluster for digital technologies, reported an investment of USD 15.3 million in Canadian health tech companies and researchers to advance the development and deployment of AI-powered technologies to digitalize the healthcare system in Canada.
Hence, the increasing digitalization of the healthcare sector is expected to increase the adoption of digital twins in hospitals and drive the market studied over the forecast period.
Furthermore, the increasing investments in research activities for the development of new digital twin technologies in healthcare are also expected to drive the studied market over the forecast period.
For instance, in February 2024, Unlearn, a US-based AI-enabled company that provides digital twin technologies, raised USD 50 million in series C funding, bringing its total raise to more than USD 130 million. The company is expected to use this investment to grow its data and further invest in research and development initiatives and engineering capabilities. Hence, such investments are expected to increase the launch of new digital twin software, which will ultimately drive the studied market over the forecast period.
Hence, the growing investment in the digitalization of the healthcare sector and increasing research and development activities in North America are expected to drive the market studied over the forecast period.
