Digital Twin Market

Digital Twin Market: Distribution by Therapeutic Area, Type of Digital Twin, Area of Application, End Users and Key Geographical Regions: Industry Trends and Global Forecasts, 2022-2035

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Digital Twin Market Overview

The digital twin market in healthcare and pharmaceutical industry is estimated to be around USD 1 billion in 2022 and is growing at a healthy compounded annual growth rate (CAGR) of 30% during the forecast period.

Digital Twin Market, By Type of Twins,  2023-2035 (USD Billion)


The research and development behind a new drug is reported to require, on an average, an investment of nearly USD 1 billion. At present, over 90% of the drug candidates fail across different stages of clinical trials, leading to significant financial losses for developers. In recent years, with the introduction of industry 4.0 technologies, such as augmented reality, big data, internet of things (IoT) and virtual reality, the digital twin technology has emerged as a promising approach to mitigate a number of the aforementioned healthcare related concerns. Digital Twins refer to the virtual model of a physical object, process or service; such models are able to replicate real-life processes in order to collect real-time data to predict their performance. Further, digital twins have been shown to pace up the clinical trials and simulate studies for a larger population, in much quicker timelines. In fact, a group of researchers engaged in the classification of drug risks using digital twins claim that an extended version of the model could help save up to USD 2.5 billion spent on design and testing new drugs. Several digital twins have been found to be reliable in the diagnosis / treatment of various diseases and are, hence, expected to reduce the excessive cost spent on false medical diagnosis. It is worth mentioning that, on an annual basis, medical errors are expected to lead to a loss of nearly USD 20 billion in the US.  Therefore, digital twins are believed to have the potential to enable significant cost savings. As a result, about 15% of organizations that implement 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.

Digital Twin Market Key Insights

The Digital Twin Market, Distribution by Therapeutic Area (Cardiovascular Disorders, Metabolic Disorders, Orthopedic Disorders, and Other Disorders), Type of Digital Twin (Process Digital Twin, System Digital Twin, Whole Body Digital Twin and Body Part Digital Twin), Area 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): Industry Trends and Global Forecasts, 2022-2035 report features an extensive study of the  market size, market trends and market forecast offering an informed opinion on the likely adoption of digital twins in the healthcare industry, during the forecast period 2023-2035. The market research report answers several key questions related to the digital twin market.

Market Landscape: Digital Twin Solutions 

Digital twin technology companies are currently engaged in the development of products which are intended for numerous applications, such as asset / process management, personalized treatment and surgical planning. There are several marketed digital twin solutions available for adoption by the end-users, mainly provided by AI companies. However, a few big pharma companies are also working on developing digital twin applications for in-house use. As an example, Takeda launched a digital twin for Crohn’s disease, which will help the physicians find the best treatment option for Crohn’s patients. Based on our market research, majority of the digital twin platforms employ the use of artificial intelligence, followed by virtual reality. In addition to the already marketed platforms, the industry will witness the launch of several innovative digital twin solutions specifically designed for use in the healthcare and pharmaceutical industry during the forecast period.

Indication Analysis: Digital Twins Are Supporting Several Chronic Disease  Areas 

A majority of digital twin solutions are focused on empowering cardiovascular research and treatment. These digital cardiac twins are supporting both personalized treatment as well as surgical planning. According to the World Health Organization (WHO), cardiovascular diseases are the leading cause of death across the world. With an estimated 244.1 million people living with ischemic heart disease and 89.1 million cases of stroke in 2020 alone , the need for improving the disease management strategies will drive the adoption of cardiac digital twin solutions during the forecast period, supporting the market growth.
 
However, companies are also evaluating digital twins for indications beyond cardiovascular diseases as well. More recently, Twin Health announced positive results from the clinical trial of its digital twin solution for diabetes management. According to the published results, 95% of the 199 enrolled diabetes patients saw their HbA1C levels drop below 6.5% after six months of the clinical trial initiation. The North America based developer of whole body digital twin solution has also raised funds through four funding rounds, to scale the development of its digital twin technology.

Application Analysis: Digital Twin Technology Finding its Footing in Manufacturing and Clinical Trials  

A number of digital twin solutions have been found reliable in several healthcare applications, such as diagnosis, health monitoring and medical training. However, more recently the application of digital twin technology in the area of manufacturing and clinical trials has generated a lot of attention. In October 2022, Sanofi announced its plans to optimize its vaccine manufacturing process through use of Dassault Systèmes’ digital twin platform. The digital twin technology will be implemented at Sanofi’s Evolutive manufacturing plants in France and Singapore. Another vaccine manufacturer, GSK collaborated with Siemens and Atos in 2020 to pilot a digital twin for its entire vaccine manufacturing process. All these efforts have been driven by the need to speed vaccine manufacturing, that was created by COVID-19.

At the same time, digital twin solutions are also supporting clinical trials. Digital twins leverage artificial intelligence and machine learning to accelerate and transform clinical trial studies. Unlearn.AI, a start-up, has developed digital twin models, which are currently used by several pharmaceutical companies in order to accelerate clinical trial timelines. One such partnership was with Merck KGaA in February 2022 with the aim to accelerate immunology trials. Such innovative applications of the digital twins will lead to consistent market growth during the forecast period.

Regional Digital Twin Market Analysis: North America and Europe to Compete for the Largest Market Share

It is also important to note that, over the past few years, there has been acceptance of the digital twin technology in healthcare. For instance, in September 2022, European Medicines Agency (EMA) released a favorable qualification opinion for TwinRCT™ solution, for implementation in AI-generated prognostic digital twins being evaluated in phase II and phase III clinical trials.  The implementation of North America based Unlearn.AI’s digital twin solution is likely to help reduce the sample size in phase 2 and 3 clinical trials. Such government initiatives reflect their faith in the work of digital twin companies to support the drug development efforts. These developments will support the digital twin market growth in Europe at a compounded annual growth rate (CAGR) higher than North America during the forecast period.

Digital Twin Market Trend Analysis: Funding, Partnerships and More

The growing interest in digital twin market can be validated from the fact that, in the last two years, close to USD 6 billion has been invested by several investors based across the globe, in companies engaged in the development or those offering digital twins. Majority of the funds have been raised through venture rounds. In terms of the amount of funds raised, Babylon Health and Certara are the leading digital twin companies, essentially owing to their IPOs in 2021. 

Interestingly, the partnership activity in the industry has also witnessed a growth rate of over 15%, in the past three years. Consistent support from the venture capital firms will ensure the development of digital twins for healthcare industry. Additionally, the digital twin startups are catering to the growing needs of their healthcare and pharmaceutical clients and are coming up with innovative software’s helping the industry from creating digital twins of patient anatomies to predicting disorders in individuals based on DNA-based digital twin.

Recent Developments in Digital Twin Market

Several recent developments have taken place in the field of digital twin market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

  • In April 2023, Accenture made a strategic investment in Virtonomy with an aim to help medical technology companies to use Digital Twin technology to accelerate time to market for medical devices. 
  • In March 2023, UCB enters into a collaboration with Aitia to integrate Aitia's Gemini Digital Twins novel drug targets for the disease with UCB’s expertise platform. 

Scope of the Digital Twin Market Report

Digital Twin Market Segments Details

Forecast Period

2022 – 2035

Market Size 2022

$0.98 billion

CAGR (2022-2035)

30%

Base Year 2021

Therapeutic Area

Cardiovascular Disorders, Metabolic Disorders, Orthopedic Disorders, Other Disorders

Type of Digital Twin

Process Digital Twin, System Digital Twin, Whole Body Digital Twin, Body Part Digital Twin

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

Customization Scope

15% Free Customization Option (equivalent to 5 analyst working days)

 

The image provides contenxt of digital twins market. Given the potential of digital twin technology to replicate the physical world in a digital layout, while gathering constant inputs from the real-world, such products have generated significant interest within the healthcare domain This image provides list of digital twin companies. At present, over 35 digital twins are either commercially available in the market or are under development The infographic highlights current market landscape of digital twin market. Over 60% of the twins offered by industry players are body part twins; majority of the twins are primarily intended for asset / process management, personalized treatment and surgical planning


The report features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in digital twin industry. Amongst other elements, the report includes:

  • An executive summary of the key insights captured during our research, offering a high-level view on the current state of the digital twin market 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 its 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 digital twin companies, along with information on their year of establishment, company size and location of headquarters. Further, it highlights a detailed assessment of the overall market landscape of digital twins in the healthcare domain, based on several relevant parameters, such as status of development (marketed and under development), therapeutic area (cardiovascular disorders, metabolic disorders, orthopedic disorders, and other disorders), area(s) 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 digital twin, whole body digital twin, process digital twin and system digital twin) and end users (healthcare providers, pharmaceutical companies, medical device manufacturers, patients and others).
  • An in-depth analysis, highlighting the contemporary digital twin market trends, using five schematic representations, including a stacked bar chart representation (based on area(s) of application and status of development), a heat map representation (based on type of technology used and type of digital twin), a grid representation (based on  type of end user and type of digital twin),  a bar chart representation (based  on area of application and location of headquarters), a hybrid chart representation comparing the players engaged in the digital twins in healthcare domain (based on company size and location of headquarters).
The image provides competitive landscape of digital twin companies. In order to gain an edge in this competitive industry, companies are continuously upgrading their existing offerings to enrich their existing portfolio This image highlights partnership activies in digital twin market. The partnership activity in this industry has witnessed a growth rate of over 15% in the past three years The infographic highlights interest of venture capitalists in digital twin technology. To support the ongoing innovation, several private / public investors have made substantial capital investments

 

  • An insightful competitiveness analysis of players involved in the production / development of digital twins in the healthcare domain, based on several relevant parameters, such as years of experience, portfolio strength (in terms of number of products, status of development, area(s) of application, technology used, end user(s) and type of twin(s)), 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 digital twin companies that are currently engaged in the 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), details related to its recent developments and an informed future outlook.
  • An insightful analysis of the partnerships inked between various stakeholders, during the period 2018-2022, covering acquisitions, mergers, development agreements, technology integration agreements and technology utilization agreements.
  • An analysis of funding and investments received by players engaged in digital twin market, during the period 2018-2022, including grants, debt, seed funding, venture series, initial public offering, secondary offerings, private placements, private equity and other equity.
  • A proprietary analysis to evaluate digital twin startups 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.
  • A detailed analysis of the digital twin market size and opportunity, highlighting the likely growth of the digital twin market, during the forecast period 2023-2035. Additionally, the report features the likely distribution of current and forecasted opportunity across various segments, such as therapeutic area (cardiovascular disorders, metabolic disorders, orthopedic disorders and other disorders), type of digital twin (process digital twin, system digital twin, whole body digital twin and body part digital twin), area(s) 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).
The image provides an insightful company valuation analysis for digital twin companies. Start-ups engaged in the digital twins market are gradually adopting advanced and innovative technologies, such as artificial intelligence and blockchain, in order to differentiate themselves from their competitors This image highlights digital twin market size. Driven by increasing adoption of digital twin technologies in the healthcare applications, we anticipate the global digital twins market for healthcare to grow at an annualized rate of 30%, till 2035 The infographic highlights the digital twin market share distribution. The overall market opportunity is likely to be well distributed among various end users engaged in this domain, with majority of the revenues coming in from the more developed global regions. Variety of digital twin software, digital twin solutions are availanle; in fact, digital twin manufacturing is also an emerging market

The opinions and insights presented in the report were influenced by discussions held with multiple stakeholders in this industry. The report features detailed transcripts of interviews held with several industry stakeholders.

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.

Frequently Asked Questions

Question 1: What are digital twins?

Answer: Digital twins refer to a digital replica of a real-world object, process or service. Such virtual replicas can be used to run simulations that incorporate real-time data using internet of things (IoT), artificial intelligence (AI) and data analytics to optimize performance.

Question 2: What is the role of digital twin in healthcare?

Answer: In the healthcare industry, digital twins can be applied for risk prediction / reduction, reduction of labor costs, providing improved patient care and automated decision-making process.

Question 3: What is the digital twin market size?

Answer: The digital twin market in healthcare and pharmaceutical industry is estimated to be USD 0.98 billion in 2022.

Question 4: What is the digital twin market growth?

Answer: The digital twin market in healthcare and pharmaceutical industry is projected to grow at a healthy compounded annual growth rate (CAGR) of 30% during the forecast period.

Question 5: Who are the leading players active in digital twin market?

Answer: Examples of key players engaged in the digital twin market serving the healthcare industry (which have also been captured in this report) include Babylon, ExactCure, ImmersiveTouch, Navv Systems, ThoughtWire and Unlearn.AI.

Question 6: Which therapeutic segment is targeted by digital twin companies?

Answer: Digital twins intended for cardiovascular disorders currently hold the largest share in the digital twin market.

Question 7: What are the latest trends impacting the digital twin market in healthcare?

Answer: There have been a consistent number of annual partnerships established by digital twin companies for technology integration to acquisitions. Additionally, the companies are raising promising investments. 

Question 8: What are the key drivers in the global digital twin market?

Answer: The continuous innovation related to digital twins and a growing interest in automation and prognostic systems will ensure that the digital twin market size evolves at a rapid pace, over the forecast period.

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