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Increasing demand for digital twins in the healthcare due to outbreak of COVID-19 pandemic

With the rapid spread of the novel coronavirus, the healthcare and pharmaceutical industries are at the forefront of combating COVID-19. Digital twin plays an important role in monitoring a patientu2019s health, the impact of tablets, and other parameters.

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Increasing demand for digital twins in the healthcare due to outbreak of COVID-19 pandemic

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  1. MarketsandMarkets Presents Increasing demand for digital twins in the healthcare due to outbreak of COVID-19 pandemic Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography - Global Forecast to 2026 https://www.marketsandmarkets.com/Market-Reports/digital-twin-market-225269522.html

  2. According to the new market research report "Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others), and Geography - Global Forecast to 2026", published by MarketsandMarkets™, the Digital Twin Market was valued at USD 3.1 billion in 2020 and is expected to reach USD 48.2 billion by 2026, at a CAGR of 58% from 2020 to 2026. Increasing demand for digital twins in the healthcare and pharmaceutical industries due to the outbreak of COVID-19 pandemic, the changing face of maintenance, and growing adoption of digital twin solutions to cope up with the COVID-19 pandemic are the key factors driving the growth of the digital twin market. Browse 97 market data Tables and 47 Figures spread through 177 Pages and in-depth TOC on "Digital Twin Market by Technology, Type (Product, Process, and System), Application (predictive maintenance, and others), Industry (Aerospace & Defense, Automotive & Transportation, Healthcare, and others ), and Geography - Global Forecast to 2026"

  3. System digital twin to account for the largest share of the digital twin market The market for system digital twin accounted for the largest market share in 2019. This growth can be attributed to the increasing use of digital twin for systems in various applications. For example, in the aerospace & defense sector, the LOCOMACHS has implemented a digital twin for the entire assembly line for an aircraft wing for performance monitoring. In addition, in the automotive & transportation industry, Tesla Motors is using a digital twin solution for every car it manufactures for better performance and business improvement. Ask PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=225269522 Automotive & transportation accounted for the largest share of the digital twin market in 2019 Automotive & transportation industry accounted for the largest market share in the digital twin market in 2019. This growth can be attributed to the increasing usage of digital twins for designing, simulation, MRO (maintenance, repair, and overhaul), production, and after service. Automotive & transportation is one of the industries that will witness high growth in the post-COVID-19 period, as industry players will try to adopt digital solutions for their end-to-end operations to minimizes losses that have occurred due to the pandemic.

  4. North America to account for the largest share of the digital twin market by 2026 In recent years, the development of various software and deployment of automation solutions in the manufacturing industries has improved production lines and downstream operations. These developments have positively impacted the growth of the digital twin market in North America due to the high economic growth and a large presence of vendors offering digital twins. Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=225269522 A few of the key players in the digital twin market are General Electric (US), IBM (US), PTC (US), Microsoft Corporation (US), Siemens AG (Germany), ANSYS (US), SAP (Germany), Oracle (US), Robert Bosch (Germany), and SWIM.AI (US).

  5. Pre- and Post-COVID-19 Scenario for digital twin market The world is facing an economic crisis due to the sudden outbreak of the COVID-19 pandemic. The pandemic has affected the growth of the end-use industries. Major oil producers are running out of storage space for extracted oil, as the demand is on a declining trend. This has resulted in a massive gap between supply and demand. The energy & power, automotive & transportation, and aerospace & defense industries are also among the key end users of digital twin technology. These industries are also witnessing a declining demand due to the pandemic. There is a restriction on foreign trades due to the lockdown of international borders, non-operational distribution channels, and various government laws to take precautionary measures for public health and safety. However, the focus on the digitization of processes across the industries is expected to increase in the post-COVID-19 period. The increase in demand in the energy & power sector is also likely to boost the growth of the segment from 2021 to 2026.

  6. About MarketsandMarkets MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations early to the market by providing them research ahead of the curve. MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of markets.

  7. Contact Us Contact: Mr. Aashish Mehra MarketsandMarkets™ INC. 630 Dundee Road Suite 430 Northbrook, IL 60062 USA : 1-888-600-6441 For More Info: https://www.marketsandmarkets.com/PressReleases/digital-twin.asp

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