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

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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.m
arketsandmarkets.com/Market-Reports/digital-twin-m
arket-225269522.html
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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"
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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//w
ww.marketsandmarkets.com/pdfdownloadNew.asp?id225
269522 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.
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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/re
questsampleNew.asp?id225269522 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). 
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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.
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