DIGITAL TWINS IN HEALTHCARE MARKET: OVERVIEW
As per Roots Analysis, the global digital twins in healthcare market is estimated to grow from USD 1.9 billion in the current year to USD 33.4 billion by 2035, at a CAGR of 30% during the forecast period, till 2035.
The market opportunity for cell and gene therapy supply chain software has been distributed across the following segments:
Therapeutic Area
Cardiovascular Disorders
Metabolic Disorders
Orthopedic Disorders
Other Disorders
Type of Digital Twin
Process Twins
System Twins
Whole Body Twins
Body Part Twins
Area of Application
Asset / Process Management
Personalized Treatment
Surgical Planning
Diagnosis
Other Applications
End Users
Pharmaceutical Companies
Medical Device Manufacturers
Healthcare Providers
Patients
Other End Users
Key Geographical Regions
North America
Europe
Asia
Latin America
Middle East and North Africa
Rest of the World
DIGITAL TWINS IN HEALTHCARE MARKET: GROWTH AND TRENDS
In recent years, there have been significant advancements related to technologies, such as artificial intelligence, deep learning and machine learning and big data. These programs have now garnered significant interest of players engaged in the healthcare domain. Consequently, the industry stakeholders are undertaking efforts to drive innovation and improve the performance of the existing processes, using the aforementioned technologies. Amidst these technologies, digital twins have emerged as a promising technique for use in the healthcare sector. In this context, it is worth mentioning that a digital twin, in its essence, is a virtual model that employs real-world data to create simulations, which are capable of predicting the performance of a system or process. Specifically, in the healthcare domain, digital twins can be applied for risk prediction, lowering labor costs, providing improved patient care and automated decision-making process. Further, players engaged in the healthcare domain may increasingly adopt the digital twin concept to cut down their research and development costs. Driven by the growing demand for personalized medicine, virtual simulation and automated technologies, the digital twin in healthcare is poised to witness substantial growth.
DIGITAL TWINS IN HEALTHCARE MARKET: KEY INSIGHTS
The report delves into the current state of the digital twins in healthcare market and identifies potential growth opportunities within the industry. Some key findings from the report include:
Currently, over 90 digital twins are either commercially available in the market or are under development for various healthcare related applications including diagnosis, health monitoring and surgical planning.
Over 42% of the digital twins offered by industry players are process twins; majority of the twins are primarily intended for asset / process management, personalized treatment and surgical planning.
The partnership activity in this industry has grown at a rate of over 20% in the past three years; it is worth noting that over 45% of the deals have been signed in the last two years.
To support the ongoing innovations, several private and public investors have made substantial capital investments; notably, most of the funding rounds took place in the past few years.
Start-ups in the digital twin market are gradually adopting advanced and innovative technologies, such as artificial intelligence and blockchain, in order to differentiate themselves from their competitors.
Owing to the growing interest towards remote patient monitoring, predictive analytics, personalized treatment, and IoT integration, the market for digital twins in healthcare will increase steadily in the foreseeable future.
Driven by increasing adoption of digital twin technologies in healthcare and pharmaceutical industries, it is anticipated that the global digital twins market in healthcare domain is likely to grow at an annualized rate of 30%, till 2035.
DIGITAL TWINS IN HEALTHCARE MARKET: KEY SEGMENTS
Cardiovascular Disorders are Likely to Dominate the Digital Twins in Healthcare Market
Based on the therapeutic areas, the market is segmented into cardiovascular disorders, metabolic disorders, orthopedic disorders and other disorders. At present, cardiovascular disorders hold the maximum share of the digital twins in healthcare market. This trend is unlikely to change in the near future.
Asset / Process Management Segment Occupies the Largest Share of the Digital Twins in Healthcare Market
Based on the areas of application, the market is segmented into asset / process management, personalized treatment, surgical planning, diagnosis and other applications. Currently, asset / process management captures the highest portion of the digital twins in healthcare market. However, this trend is expected to gradually shift towards personalized treatment in the future. This can be attributed to the fact that personalized biochemical modeling has experienced an emerging trend in this domain and has demonstrated several promising results, including administrating soft tissue behavior in orthopedic surgical interventions.
Pharmaceutical Companies are Likely to Dominate the Digital Twins in Healthcare Market
Based on the end users, the market is segmented into healthcare providers, medical device manufacturers, patients, pharmaceutical companies and other end users. At present, the pharmaceutical companies hold the maximum share of the digital twins in healthcare market. This trend is likely to remain the same in the forthcoming years.
North America Accounts for the Largest Share of the Market
Based on key geographical regions, the market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. The majority share is expected to be captured by players based in North America. It is worth highlighting that, over the years, the market in Middle East and North Africa is expected to grow at a higher CAGR.
Example Players in the Digital Twins in Healthcare Market
BigBear.ai
Certara
Dassault Systèmes
DEO
Mesh Bio
NavvTrack
OnScale
Phesi
PrediSurge
SingHealth
Twin Health
Unlearn
Verto
VictoryXR
Virtonomy
Primary Research Overview
The opinions and insights presented in this study were influenced by discussions conducted with multiple stakeholders. The research report features detailed transcripts of interviews held with the following industry stakeholders:
Co-Founder and Chief Scientific Officer, Australia
Managing Director and Chief Executive Officer, Germany
Chief Commercial Officer, Germany
Chief Solutions Officer, Canada
Co-founder and Chief Technology Officer, US
Business Consultant, France
Business Development Executive, US
DIGITAL TWINS IN HEALTHCARE MARKET: RESEARCH COVERAGE
Market Sizing and Opportunity Analysis: The report features an in-depth analysis of the digital twins in healthcare market, focusing on key market segments, including [A] therapeutic area, [B] type of digital twin, [C] area of application, [D] end users and [E] key geographical regions.
Market Landscape: A comprehensive evaluation of companies involved in the development of digital twins, considering various parameters, such as [A] year of establishment, [B] company size, [C] location of headquarters, [D] status of development, [E] therapeutic area, [F] areas of application, [G] type of technology used, [H] type of digital twin and [I] end users.
Key Insights: An in-depth digital twins in healthcare market analysis, highlighting the contemporary market trends, using five schematic representations, based on [A] areas of application and status of development, [B] type of technology used and type of digital twin, [C] type of end user and type of digital twin, [D] area of application and location of headquarters, and [E] company size and location of headquarters.
Company Competitiveness Analysis: A comprehensive competitive analysis of digital twins developers, examining factors, such as [A] years of experience, [B] portfolio strength, [C] partnership strength and [D] funding strength.
Company Profiles: In-depth profiles of key industry players offering digital twins, focusing on [A] company overviews, [B] financial information (if available), [C] recent developments and [D] an informed future outlook.
Partnerships and Collaborations: An analysis of partnerships established in this sector, since 2018, covering acquisitions, mergers, commercialization agreements, licensing agreements, product development agreements, research agreements, service agreements, service alliances, technology development agreements, technology integration agreements, technology utilization agreements and others.
Funding and Investment Analysis: A detailed evaluation of the investments made in the digital twins market, encompassing grants, seed funding, venture capital investments, initial public offering, secondary offerings, private placements, debt financing and other equity.
Berkus Start-Up Valuation Analysis: A proprietary analysis designed to assess start-ups in this market, by assigning monetary values to various competition differentiators possessed by a player. This evaluation is based on the Berkus start-up valuation criteria, which include factors such as sound idea, prototype, management experience and strategic relationships undertaken by market players.
Market Impact Analysis: The report analyzes various factors such as drivers, restraints, opportunities, and challenges affecting the market growth.
KEY QUESTIONS ANSWERED IN THIS REPORT
How many companies are currently engaged in this market?
Which are the leading companies in this market?
What factors are likely to influence the evolution of this market?
What is the current and future market size?
What is the CAGR of this market?
How is the current and future market opportunity likely to be distributed across key market segments?
REASONS TO BUY THIS REPORT
The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.
ADDITIONAL BENEFITS
Complimentary PPT Insights Packs
Complimentary Excel Data Packs for all Analytical Modules in the Report
Free Updated report if the report is 6-12 months old or older
DIGITAL TWINS IN HEALTHCARE MARKET: OVERVIEW
As per Roots Analysis, the global digital twins in healthcare market is estimated to grow from USD 1.9 billion in the current year to USD 33.4 billion by 2035, at a CAGR of 30% during the forecast period, till 2035.
The market opportunity for cell and gene therapy supply chain software has been distributed across the following segments:
Therapeutic Area
Cardiovascular Disorders
Metabolic Disorders
Orthopedic Disorders
Other Disorders
Type of Digital Twin
Process Twins
System Twins
Whole Body Twins
Body Part Twins
Area of Application
Asset / Process Management
Personalized Treatment
Surgical Planning
Diagnosis
Other Applications
End Users
Pharmaceutical Companies
Medical Device Manufacturers
Healthcare Providers
Patients
Other End Users
Key Geographical Regions
North America
Europe
Asia
Latin America
Middle East and North Africa
Rest of the World
DIGITAL TWINS IN HEALTHCARE MARKET: GROWTH AND TRENDS
In recent years, there have been significant advancements related to technologies, such as artificial intelligence, deep learning and machine learning and big data. These programs have now garnered significant interest of players engaged in the healthcare domain. Consequently, the industry stakeholders are undertaking efforts to drive innovation and improve the performance of the existing processes, using the aforementioned technologies. Amidst these technologies, digital twins have emerged as a promising technique for use in the healthcare sector. In this context, it is worth mentioning that a digital twin, in its essence, is a virtual model that employs real-world data to create simulations, which are capable of predicting the performance of a system or process. Specifically, in the healthcare domain, digital twins can be applied for risk prediction, lowering labor costs, providing improved patient care and automated decision-making process. Further, players engaged in the healthcare domain may increasingly adopt the digital twin concept to cut down their research and development costs. Driven by the growing demand for personalized medicine, virtual simulation and automated technologies, the digital twin in healthcare is poised to witness substantial growth.
DIGITAL TWINS IN HEALTHCARE MARKET: KEY INSIGHTS
The report delves into the current state of the digital twins in healthcare market and identifies potential growth opportunities within the industry. Some key findings from the report include:
Currently, over 90 digital twins are either commercially available in the market or are under development for various healthcare related applications including diagnosis, health monitoring and surgical planning.
Over 42% of the digital twins offered by industry players are process twins; majority of the twins are primarily intended for asset / process management, personalized treatment and surgical planning.
The partnership activity in this industry has grown at a rate of over 20% in the past three years; it is worth noting that over 45% of the deals have been signed in the last two years.
To support the ongoing innovations, several private and public investors have made substantial capital investments; notably, most of the funding rounds took place in the past few years.
Start-ups in the digital twin market are gradually adopting advanced and innovative technologies, such as artificial intelligence and blockchain, in order to differentiate themselves from their competitors.
Owing to the growing interest towards remote patient monitoring, predictive analytics, personalized treatment, and IoT integration, the market for digital twins in healthcare will increase steadily in the foreseeable future.
Driven by increasing adoption of digital twin technologies in healthcare and pharmaceutical industries, it is anticipated that the global digital twins market in healthcare domain is likely to grow at an annualized rate of 30%, till 2035.
DIGITAL TWINS IN HEALTHCARE MARKET: KEY SEGMENTS
Cardiovascular Disorders are Likely to Dominate the Digital Twins in Healthcare Market
Based on the therapeutic areas, the market is segmented into cardiovascular disorders, metabolic disorders, orthopedic disorders and other disorders. At present, cardiovascular disorders hold the maximum share of the digital twins in healthcare market. This trend is unlikely to change in the near future.
Asset / Process Management Segment Occupies the Largest Share of the Digital Twins in Healthcare Market
Based on the areas of application, the market is segmented into asset / process management, personalized treatment, surgical planning, diagnosis and other applications. Currently, asset / process management captures the highest portion of the digital twins in healthcare market. However, this trend is expected to gradually shift towards personalized treatment in the future. This can be attributed to the fact that personalized biochemical modeling has experienced an emerging trend in this domain and has demonstrated several promising results, including administrating soft tissue behavior in orthopedic surgical interventions.
Pharmaceutical Companies are Likely to Dominate the Digital Twins in Healthcare Market
Based on the end users, the market is segmented into healthcare providers, medical device manufacturers, patients, pharmaceutical companies and other end users. At present, the pharmaceutical companies hold the maximum share of the digital twins in healthcare market. This trend is likely to remain the same in the forthcoming years.
North America Accounts for the Largest Share of the Market
Based on key geographical regions, the market is segmented into North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. The majority share is expected to be captured by players based in North America. It is worth highlighting that, over the years, the market in Middle East and North Africa is expected to grow at a higher CAGR.
Example Players in the Digital Twins in Healthcare Market
BigBear.ai
Certara
Dassault Systèmes
DEO
Mesh Bio
NavvTrack
OnScale
Phesi
PrediSurge
SingHealth
Twin Health
Unlearn
Verto
VictoryXR
Virtonomy
Primary Research Overview
The opinions and insights presented in this study were influenced by discussions conducted with multiple stakeholders. The research report features detailed transcripts of interviews held with the following industry stakeholders:
Co-Founder and Chief Scientific Officer, Australia
Managing Director and Chief Executive Officer, Germany
Chief Commercial Officer, Germany
Chief Solutions Officer, Canada
Co-founder and Chief Technology Officer, US
Business Consultant, France
Business Development Executive, US
DIGITAL TWINS IN HEALTHCARE MARKET: RESEARCH COVERAGE
Market Sizing and Opportunity Analysis: The report features an in-depth analysis of the digital twins in healthcare market, focusing on key market segments, including [A] therapeutic area, [B] type of digital twin, [C] area of application, [D] end users and [E] key geographical regions.
Market Landscape: A comprehensive evaluation of companies involved in the development of digital twins, considering various parameters, such as [A] year of establishment, [B] company size, [C] location of headquarters, [D] status of development, [E] therapeutic area, [F] areas of application, [G] type of technology used, [H] type of digital twin and [I] end users.
Key Insights: An in-depth digital twins in healthcare market analysis, highlighting the contemporary market trends, using five schematic representations, based on [A] areas of application and status of development, [B] type of technology used and type of digital twin, [C] type of end user and type of digital twin, [D] area of application and location of headquarters, and [E] company size and location of headquarters.
Company Competitiveness Analysis: A comprehensive competitive analysis of digital twins developers, examining factors, such as [A] years of experience, [B] portfolio strength, [C] partnership strength and [D] funding strength.
Company Profiles: In-depth profiles of key industry players offering digital twins, focusing on [A] company overviews, [B] financial information (if available), [C] recent developments and [D] an informed future outlook.
Partnerships and Collaborations: An analysis of partnerships established in this sector, since 2018, covering acquisitions, mergers, commercialization agreements, licensing agreements, product development agreements, research agreements, service agreements, service alliances, technology development agreements, technology integration agreements, technology utilization agreements and others.
Funding and Investment Analysis: A detailed evaluation of the investments made in the digital twins market, encompassing grants, seed funding, venture capital investments, initial public offering, secondary offerings, private placements, debt financing and other equity.
Berkus Start-Up Valuation Analysis: A proprietary analysis designed to assess start-ups in this market, by assigning monetary values to various competition differentiators possessed by a player. This evaluation is based on the Berkus start-up valuation criteria, which include factors such as sound idea, prototype, management experience and strategic relationships undertaken by market players.
Market Impact Analysis: The report analyzes various factors such as drivers, restraints, opportunities, and challenges affecting the market growth.
KEY QUESTIONS ANSWERED IN THIS REPORT
How many companies are currently engaged in this market?
Which are the leading companies in this market?
What factors are likely to influence the evolution of this market?
What is the current and future market size?
What is the CAGR of this market?
How is the current and future market opportunity likely to be distributed across key market segments?
REASONS TO BUY THIS REPORT
The report provides a comprehensive market analysis, offering detailed revenue projections of the overall market and its specific sub-segments. This information is valuable to both established market leaders and emerging entrants.
Stakeholders can leverage the report to gain a deeper understanding of the competitive dynamics within the market. By analyzing the competitive landscape, businesses can make informed decisions to optimize their market positioning and develop effective go-to-market strategies.
The report offers stakeholders a comprehensive overview of the market, including key drivers, barriers, opportunities, and challenges. This information empowers stakeholders to stay abreast of market trends and make data-driven decisions to capitalize on growth prospects.
ADDITIONAL BENEFITS
Complimentary PPT Insights Packs
Complimentary Excel Data Packs for all Analytical Modules in the Report
Free Updated report if the report is 6-12 months old or older
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