As the cost of health care continues its relentless ascent, global health spending is expected to top $10 trillion by 2022, according to the Economist Intelligence Unit. Not surprisingly, payors, providers, life sciences companies and other members of the health care ecosystem are eagerly exploring ways to leverage emerging technologies to stem the rising costs and improve patient care. One such technology is digital twins, which incorporates Big Data, artificial intelligence (AI) and sensors to create virtual replicas of a physical object or process.
As a concept, digital twins is not new. Various industrial sectors such as aerospace and automotive have been using them for years to optimise the operation and maintenance of assets, systems and manufacturing processes. Across industries, the digital twins market is projected to zoom to almost $36 billion by 2025, up from about $3.8 billion currently, says research firm MarketsandMarkets. And among those jumping on the bandwagon are a growing array of health care organisations.
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