Pharma Investments Surge as Technology Enhances Clinical Trials and Predictive Maintenance
The global digital twins in healthcare market is estimated to grow from $1.9 billion in 2024 to $33.4 billion in 2035, growing at a CAGR of 30% during the forecast period from 2024 to 2035. This research study consists of industry trends, detailed market analysis, company competitiveness analysis, partnerships and collaborations, and funding and investment analysis. The digital twins in healthcare market growth over the next decade is likely to be the result of increasing adoption of digital health technologies, advancements in data analytics and simulation capabilities, and rising demand for personalized medicine.
Digital twins can be defined as virtual representations of physical objects or systems, created through the use of real-time data and simulation models. Such digital replicas offer various applications in the pharmaceutical domain, such as accelerating clinical trials, simulated studies for larger populations, drive treatment efficiency and cost savings in drug design and testing. The surge in the popularity of industry 4.0 technologies has led to the digital twins market growth in healthcare industry, facilitating seamless data integration and the development of virtual replicas of physical assets, processes, and even the human body.
According to a recent study, healthcare executives anticipate a significant increase in investment from pharmaceutical players with over 65% increased investment expected in this domain in the next three years. Digital twins also find their application in accelerating the pace of clinical trials, conducting simulated studies for larger populations. A group of researchers have developed a risk estimator using virtual simulation, machine learning and other tools to estimate the cardiotoxicity of various drugs; this could potentially help save up some of the costs from the estimated USD 2.5 billion that is spent on drug design and testing costs. Such technologies empower organizations to implement predictive maintenance strategies, simulate pharmaceutical processes, and enable real-time monitoring, prompting pharmaceutical companies to explore their potential.
In fact, nearly 90% of healthcare executives view digital twins as an essential technology to lead collaborations between multiple systemic units within their organizations. Additionally, the growing demand for virtual simulation, personalized medicine, and predictive maintenance are expected to further drive exploration of digital twin use cases in the pharmaceutical industry.
Digital Twins in Healthcare Market Share Insights
The digital twins in healthcare market research report presents an in-depth analysis of the various companies that are engaged in offering digital twin solutions in the healthcare market, across different segments, as defined below:
- Historical Trend: 2018-2023
- Forecast Period: 2024-2035
- Market Size in 2024: $1.9 Billion
- CAGR: 30%
- 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
- Key Companies Profiled
- BigBear.ai
- Certara
- Dassault Systèmes
- DEO
- Mesh Bio
- NavvTrack
- OnScale
- Phesi
- PrediSurge
- SingHealth
- Twin Health
- Unlearn
- Verto
- VictoryXR
- Virtonomy
- (Full list of 75+ companies captured is available in the report)
- PowerPoint Presentation (Complimentary)
- Customization Scope: 15% Free Customization
- Excel Data Packs (Complimentary)
- Market Landscape Analysis
- Key Insights
- Partnership and Collaboration Analysis
- Funding and Investment Analysis
- Berkus Start-up Valuation Analysis
- Market Forecast and Opportunity Analysis
Digital Twins in Healthcare Market Segmental Overview
Market Share by Type of Digital Twin
The global digital twins in healthcare market is categorized into body part twin, process twin, system twin, and whole-body twin. The process digital twin segment occupies the highest share currently in 2024 and is expected to stay dominant during the forecast period. This can be primarily attributed to the fact that process digital twins enable comprehensive simulations and optimizations of healthcare workflows, leading to enhanced efficiency, cost savings, and improved patient outcomes, thus driving their widespread adoption and dominance in the market.
Market Share by Therapeutic Area
The global digital twins in healthcare market highlights the distribution of this segment across different therapeutic areas, such as cardiovascular disorders, metabolic disorders, orthopedic disorders, and other disorders. Among these therapeutic areas, the cardiovascular disorders segment occupies the highest share in 2024 and is expected to witness substantial growth during the forecast period.
Digital Twins in Healthcare Market Share by End Users
The global digital twins in healthcare market is segmented into different types of end users, such as healthcare providers, medical device manufacturers, patients, pharmaceutical companies and other end users. The pharmaceutical companies are expected to hold the majority share of the market in 2035, whereas the patient’s segment is likely to grow at a higher CAGR as compared to other end users in the coming years.
Market Share by Key Geographical Regions
This segment highlights the distribution of digital twins in healthcare market across various geographies, such as North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World. According to the projections, North America is likely to capture the majority (31%) of the digital twins in healthcare market share in 2024, and this trend is unlikely to change in the future. Further, it is worth highlighting that the market in Middle East and North Africa is expected to grow at a healthy CAGR (32.2%), during the forecast period 2024-2035.
Digital Twins in Healthcare Market Key Insights
The market report features an extensive study of the current market landscape, market size, market share, market analysis, market forecast and future opportunities for the digital twin companies involved in the healthcare market. The digital twins in healthcare market research report highlights the efforts of several digital twin developers engaged in this rapidly emerging market segment of the pharmaceutical industry. Key takeaways of the digital twins in healthcare market analysis are briefly discussed below.
Increasing Adoption of Industry 4.0 Technologies
The increasing adoption of Industry 4.0 technologies within the healthcare industry has led to the growth of the digital twins in healthcare market by enabling seamless data integration, which has in turn facilitated the creation of virtual representations of physical assets / processes and human body. In fact, over 65% of the healthcare executives expect that the investment of pharmaceutical players will increase in the coming next three years. In addition, digital twins have been shown to speed up clinical trials and simulate studies for a larger population, in shorter timelines.
The capabilities of such technologies to empower the organizations to implement predictive maintenance strategies, simulate pharmaceutical processes and offer real-time monitoring have influenced pharmaceutical companies to explore the use of digital twins. Consequently, nearly 15% of organizations involved in IoT projects have already started using digital twin platforms, while over 60% of the firms are either planning or in the process of establishing digital twin technology in their processes, in the near future.
Competitive Landscape of Digital Twins in Healthcare Market
The digital twins in healthcare industry features over 90 solutions. Over 40% of the twins in this domain are process digital twins. Further, around 50% of the digital twins are intended for asset / process management applications; however, a shift towards the digital twins intended to offer personalized treatment is being observed. Based on the research, the analyst observed that majority of the digital twin companies use artificial intelligence in their solutions.
The current digital twins in healthcare market landscape features the presence of over 75 players that have the required expertise to develop and manufacture digital twin solutions for healthcare applications. Overall, the market appears to be dominated by small and mid-sized digital twin technology companies, which is indicative of the fact that this domain is currently evolving and offers opportunities for innovation and growth among diverse players. In terms of the location of headquarters, over 48% of the digital twin companies are based in Europe, followed by North America (42%), Asia (9%) and Middle East and North Africa (1%).
Digital Twins in Healthcare Market Trends Analysis: Increase in Funding and Partnership Activity Reflect the Rising Interest
In the past four years, over USD 6.5 billion have been invested by various investors across the globe in digital twin technology companies engaged in the healthcare market. These companies raised majority of the funds through IPO (Initial Public Offering) rounds, followed by amount raised through venture series rounds. Recently in October 2023, Leucine raised a venture capital round of USD 7 million, led by Ecolab and Pravega Ventures.
Additionally, in 2023, a significant number of partnerships have been inked in the digital twins in healthcare domain, indicating the substantial efforts made by such players to expand their existing portfolio. Majority (31%) of the partnerships signed in this market space include technology integration and technology development agreements. Recently, in December 2023, Blackford entered into a technology integration agreement with Nurea in order to integrate its PRAEVAorta® 2 solution into its proprietary Blackford AI platform. According to the source, the combined technology is expected to assist cardiovascular surgeons to improve surgical planning and decision making.
Market Size Analysis: Digital Twins Intended for Asset / Process Management Hold Majority Digital Twins in Healthcare Market Share
The global digital twins in healthcare market size is estimated to be worth USD 1.9 billion in 2024. The market growth is expected to be driven by the increasing adoption of digital health technologies, leading to a CAGR of 30% over the forecast period. Further, in terms of application areas, digital twins intended for asset / process management currently capture the majority (32%) of the market share. However, in 2035, digital twins intended for personalized treatment are anticipated to capture the majority (29%) of the market share.
Regional Analysis: North America to Hold Majority Share; Middle East and North Africa is Expected to be the Fastest Growing Market
Presently, North America captures over 30% of the market share of the overall digital twins in healthcare market. However, it is worth highlighting that, owing to the rising demand for digital twin solutions and increased investments, market in Middle East and North Africa is likely to grow at a higher CAGR (32.2%) as compared to other regions in the coming years.
Key Companies in Digital Twins in Healthcare Market
Examples of digital twin companies (also profiled in this report) in the healthcare industry (the complete list of companies is available in the full report) include BigBear.ai, Certara, Dassault Systèmes, DEO, Mesh Bio, NavvTrack, OnScale, Phesi, PrediSurge, SingHealth, Twin Health, Unlearn, Verto, VictoryXR and Virtonomy. This global digital twins in healthcare market report includes an easily searchable excel database of all the companies that offer digital twin solutions.
Recent Developments in the Digital Twins in Healthcare Market
Several recent developments have taken place related to digital twins in the healthcare field, some of which have been outlined below.
- In December 2023, the US-based Twin Health raised a venture series round amounting to USD 50 million. The funding round was led by Temasek, ICONIQ Growth, Sofina, Peak XV Partners. The company aims to use this amount to expand the commercial reach of its digital twin technology.
- In December 2023, Quantum Genomics revealed its merger plans with ExactCure, aiming to create a personalized simulation digital twin for healthcare providers and pharmaceutical firms. According to the source, this move is poised to revolutionize drug development and patient care.
- In August 2023, the Canada-based Altis Labs inked a collaboration deal with AstraZeneca and Bayer to pioneer AI-driven digital twin technology aiming to expedite clinical trial timelines. Altics Labs will leverage its proprietary Nota Imaging Platform in order to analyze clinical trial data to provide advanced prognostic solutions aiming to attain clinical trial efficiency and improved patient outcomes.
Digital Twins in Healthcare Market Report Coverage
The digital twins in healthcare market report presents an in-depth analysis, highlighting the capabilities of various stakeholders in this industry, across different geographies. Amongst other elements, the market report includes:
- A preface providing an introduction to the full report, Digital Twins in Healthcare Market, 2018-2023 (Historical Trends) and 2024-2035 (Forecasted Estimates).
- An outline of the systematic research methodology adopted to conduct the study on digital twins in healthcare market, providing insights on the various assumptions, methodologies, and quality control measures employed to ensure accuracy and reliability of the findings.
- An overview of economic factors that impact the overall digital twin industry, including historical digital twin market trends, currency fluctuation, foreign exchange impact, recession, and inflation measurement.
- An executive summary of the key insights captured during the research, offering a high-level view on the current landscape of the digital twin solutions and digital twin drug therapies and its likely evolution in the short to mid and long term.
- A brief introduction to important concepts related to digital twins, featuring information on various types of digital twins and their primary applications in the healthcare domain. Further, this chapter features details related to the recent advancements that have been reported in this market space.
- A detailed overview of the current market landscape of players in the development of digital twins, along with information on their year of establishment, company size and location of headquarters. Further, it highlights a detailed assessment of the overall digital twins in the healthcare market landscape, based on several relevant parameters, such as status of development (commercially available and under development), therapeutic area (cardiovascular disorders, metabolic disorders, orthopedic disorders, and other disorders), areas of application (asset / process management, personalized treatment, surgical planning, diagnosis, health monitoring, clinical trials and medical training), type of technology used (artificial intelligence, virtual reality, augmented reality, blockchain and others), type of digital twin (body part twin, whole body twin, process twin and system twin) and end users (healthcare providers, pharmaceutical companies, medical device manufacturers, patients and others).
- An in-depth digital twins in healthcare market analysis, highlighting the contemporary market trends, using five schematic representations, based on areas of application and status of development, type of technology used and type of digital twin, type of end user and type of digital twin, area of application and location of headquarters, and company size and location of headquarters.
- An insightful competitiveness analysis of players involved in the production / development of digital twins in the healthcare industry, based on several relevant parameters, such as years of experience, portfolio strength (in terms of number of products, status of development, areas of application, technology used, end users and type of twins), partnership strength (in terms of number of partnerships, year of partnerships, and type of partnership) and funding strength (in terms of number of funding instances, amount of funding, year of funding and type of funding).
- Elaborate profiles of various prominent players that are currently involved in the digital twins in healthcare market. Each company profile features a brief overview of the company (including information on its year of establishment, number of employees, location of headquarters and key members of the executive team), financial information (if available), details related to its recent developments and an informed future outlook.
- An insightful analysis of the partnerships inked between various stakeholders, during the period 2018-2023, 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.
- An analysis of funding and investments received by players in digital twin domain, during the period 2018-2023, including grants, seed funding, venture capital investments, initial public offering, secondary offerings, private placements, debt financing and other equity.
- A proprietary analysis to evaluate start-ups engaged in this market space, by assigning monetary values to various competition differentiators possessed by a player, based on the Berkus start-up valuation parameters, including sound idea, prototype, management experience and strategic relationships undertaken by market players.
- An in-depth analysis of the factors that can impact the growth of digital twin in healthcare market. It also features identification and analysis of key drivers, potential restraints, emerging opportunities, and existing challenges.
- A detailed estimate of the current market size, opportunity and the future growth potential of the digital twins in healthcare market, over the next decade. Based on multiple parameters, likely adoption trends and through primary validations, the analyst has provided an informed estimate on the market evolution during the forecast period 2024-2035. The report also features likely distribution of the current and forecasted opportunity. Further, in order to account for future uncertainties and to add robustness to the model, the analyst has provided three forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
- A detailed projection of the current and future digital twins in healthcare market across different therapeutic areas, such as cardiovascular disorders, metabolic disorders, orthopedic disorders, and other disorders.
- A detailed projection of the current and future digital twin in healthcare market across different types of digital twins, such as process twins, system twins, whole body twins and body part twins.
- A detailed projection of the current and future digital twins in healthcare market across different areas of applications, such as asset / process management, personalized treatment, surgical planning, diagnosis and other applications.
- A detailed projection of the current and future digital twins in healthcare market across different end users, such as pharmaceutical companies, medical device manufacturers, healthcare providers, patients and other end users.
- A detailed projection of the current and future digital twin in healthcare market across key geographical regions, such as North America, Europe, Asia, Latin America, Middle East and North Africa and Rest of the World.
One of the key objectives of the digital twins in healthcare market report was to estimate the current market size, opportunity and the future market growth potential of this technology in healthcare market, over the forecast period. Based on multiple parameters, likely adoption trends and through primary validations, the analyst has provided an informed estimate on the market evolution during the forecast period 2024-2035.
The market report also features the likely distribution of the current and forecasted opportunity within the digital twins in healthcare market across various segments, such as therapeutic area (cardiovascular disorders, metabolic disorders, orthopedic disorders, and other disorders), type of digital twin (process twins, system twins, whole body twins and body part twins), areas of application (asset / process management, personalized treatment, surgical planning, diagnosis and other applications), end users (pharmaceutical companies, medical device manufacturers, healthcare providers, patients and other end users) and key geographical regions (North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World). In order to account for future uncertainties and to add robustness to the model, the analyst has provided three digital twins in healthcare market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the market growth.
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this report are in USD, unless otherwise specified.
Key Benefits of Buying this Report
- The report offers market leaders and newcomers valuable insights into revenue estimations for both the overall market and its sub-segments.
- Stakeholders can utilize the report to enhance their understanding of the competitive landscape, allowing for improved business positioning and more effective go-to-market strategies.
- The report provides stakeholders with a pulse on the Digital Twins in Healthcare Market, furnishing them with essential information on significant market drivers, barriers, opportunities, and challenges.
Table of Contents
Companies Mentioned
- 3D Systems
- 8VC
- ABB
- AIBODY
- Aitia
- AlbaCore Capital
- Alcimed
- Alkuri Global Acquisition
- Altis Labs
- Alumni Ventures
- Amazon Web Services
- AMF Pensionsförsäkring
- AnatoScope
- Andreessen Horowitz
- Ansys
- Antleron
- Applied BioMath
- Arboretum Ventures
- AstraZeneca
- Atos
- Avery Dennison
- Axon
- Babylon
- Bank of Canada
- Barcelona Supercomputing Center (BSC)
- Barclays
- Basetwo
- Bentley Systems
- BigBear.ai
- BINOCS
- Blackford
- BofA Securities
- Cadence
- CAN Health Network
- Capital One Securities
- CareAR
- Certara
- Cloudflare
- Comerica Bank
- CORYS
- CPI
- Credit Suisse
- Cytiva
- Dassault Systèmes
- DayToDay
- DCVC
- Decision Lab
- Dell
- DEO
- DePuy Synthes
- Deutsches Herzzentrum der Charité
- EDITH
- Eisai
- Elaia
- EmbodyBio
- eMed
- EMedStore
- Emirates Health Services
- Empa
- ENGAGE XR
- EPFL
- Epic Capital Wealth Management
- EPIC Ventures
- European Innovation Council
- ExactCure
- Faststream Technologies
- FEops
- Formedix
- Fujitsu
- GE
- Genecis Bioindustries
- Gerresheimer
- Google Cloud
- GoSilico (acquired by Cytiva)
- Gramener
- GSK
- Hallym University Medical Center
- Harvard Division of Continuing Education
- Henry Ford Innovations
- Hewlett Packard Enterprise Development
- Higi
- HP
- i2b2 tranSMART Foundation
- IBM
- ICONIQ Growth
- ImmersiveTouch
- inEurHeart
- Infosys
- inHEART
- Inria
- Insight Partners
- Insilico Biotechnology (acquired by Yokogawa)
- IT-Translation
- Janssen
- Jefferies
- Johnson Controls
- Khosla Ventures
- Kinnevik
- Klinik Sankt Moritz
- Kosin University Gospel Hospital
- Krystelis
- KYDEA
- Lahey Hospital & Medical Center
- Lendlease
- Leucine
- LEXMA Technology
- LOP.AI
- MAI
- Mappedin
- Mayo Clinic
- MEDICAL IP
- Medical University of South Carolina
- Medtronic
- Merck
- Mesh Bio
- Meta
- Meyer Chroma Technology
- Microsoft Azure
- MINDBANK AI
- Morgan Stanley
- MSK Innovation Hub
- Mubadala Capital
- Mubadala Investment Company
- MultiOmic Health
- Munich Re/ERGO Corporate Venture Fund
- Navv Systems
- NavvTrack
- NEO PLM
- Novasign
- NUREA
- NVIDIA
- Oak Valley Health
- ONRAD
- OnScale
- Optimo Medical
- ORTEN
- Parker University
- Pfizer
- PharmaPendium
- Phesi
- Philips
- Pramita
- Predictiv
- PrediSurge
- Program-Ace
- ProModel (acquired by BigBear.ai)
- Public Investment Fund
- PwC
- Q Bio
- Quantum Genomics
- QurAlis
- Radical ventures
- Rockwell Automation
- Round 13 Capital
- Rousselot
- Royal Wolverhampton NHS Trust
- Sanofi
- Schneider Electric
- Sectoral Asset Management
- Sensyne Health
- Seoul National University Hospital
- Sequoia Capital India
- Siemens
- Siemens Healthineers
- Sim&Cure
- Sinai Health
- SingHealth
- Spinview
- Straive
- Strasys
- Swedbank Robur
- Takeda
- Tata Consultancy Services
- TELUS Health
- TeraRecon
- TetraScience
- Teva Pharmaceutical
- The Royal Wolverhampton NHS Trust
- Thomas Jefferson University Hospital
- ThoughtWire
- Tohoku University
- Triastek
- Twin Health
- TwInsight
- United Imaging Healthcare
- Unity Health Toronto
- University of Kansas School of Nursing
- University of Maryland Global Campus
- University of Strathclyde
- Unlearn.ai
- UPSA
- Vedanta
- Verto
- VictoryXR
- Virtonomy
- VivaBioCell
- VNV Global
- William Blair
- Yaletown Partners
- Yexle
- Yokogawa Insilico Biotechnology
- Youth Wellness Hubs Ontario
- ZETA
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | May 2024 |
| Forecast Period | 2024 - 2035 |
| Estimated Market Value ( USD | $ 1.9 Billion |
| Forecasted Market Value ( USD | $ 33.4 Billion |
| Compound Annual Growth Rate | 30.0% |
| Regions Covered | Global |
| No. of Companies Mentioned | 203 |
