Healthcare Digital Twins Market Size, Share & Trends Analysis Report By Type (Process & System Digital Twin, Product Digital Twin), By Application (Personalized Medicine, Drug Discovery), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Healthcare Digital Twins Market Size, Share & Trends Analysis Report By Type (Process & System Digital Twin, Product Digital Twin), By Application (Personalized Medicine, Drug Discovery), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Healthcare Digital Twins Market Growth & Trends

The global healthcare digital twins market is estimated to reach USD 3.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 25.6 % from 2023 to 2030. Digital twins are digital models or real-time replicas of an object or process that incorporates and updates all the available data in real-time.

The technology is used in healthcare to test the safety and economic viability of a scenario before it is launched into the real world. The adoption of digital twins in the healthcare industry is still in a nascent stage but scientists are adopting the technology to test the viability of surgical procedures and develop personalized medicine. These are some of the key factors anticipated to drive the market growth during the forecast period. For instance, digital twins are used in healthcare to study diseases such as multiple sclerosis and Alzheimer’s to better understand the treatment options and accelerate clinical trial timelines.

The rising adoption of artificial intelligence in healthcare is anticipated to further drive the adoption of the technology. Integration of components such as APIs, graph databases, and natural language processing (NLP) to craft digital twins for healthcare and other life science organizations helps to reduce medical costs and enhance medical outcomes. Digital twins help to transform the industry by offering data-backed feedback, data capturing, and data interventions, which are anticipated to considerably reduce healthcare costs.

The emergence of startups and entry of key players in the market is anticipated to significantly boost the growth of the market. For instance, Sim&Cure a France-based company provides Sim&Size, a digital twin solution that helps brain surgeons to treat an aneurysm using simulations. Aneurysms are the enlarged vessels that can cause stroke and clots in the brain. Moreover, increased funding provided to the startups is anticipated to promote the adoption of the technology during the forecast period. For instance, in October 2021, Twin Health a California and Chennai-based startup raised USD 140 million in a Series C funding round. The startup is an AI-powered platform that provides doctors and patients the guidance on sleep activity, nutrition, and meditative breathing that helps to reverse and prevent chronic conditions such as liver diseases, Type-II diabetes, and cardiovascular diseases.

In addition, various government initiatives to improve the adoption of digital twins are anticipated to drive the demand for the technology. For instance, DigiTwins, a flagship project launched by the European Government aims to bring paradigm shifts in the healthcare industry using communication, advanced omics, sensing technologies, and computing. The European government plans to invest USD 1.1 billion in the project over 10 years to support its growth and development. Moreover, UK Research and Innovation announced funding of USD 39.15 million for healthcare technological advancements, including digital twins and digital hubs, in June 2023.

Healthcare Digital Twins Market Report Highlights

• In terms of type, the process & system digital twin segment held the largest revenue share of 65.7% in 2022 due to the ability of the technology to provide better outcomes
• Based on application, the asset and process management segment dominated the market with a revenue share of 35.4% in 2022 owing to the rising adoption by healthcare facilities to manage their assets efficiently
• In terms of end-use, the hospitals and clinics segment dominated the market with a revenue share of 32.6% owing to the use of digital twins to optimize hospital working and increase the efficiency of the facilities
• Based on region, North America held the largest revenue share of 46.2% in 2022. Factors such as favorable government initiatives, lucrative funding, and the presence of key players in the region contributed to the growth of the market

Please note The report will be delivered in 4-8 business days upon order notification.