Digital Twins in Healthcare Market Size Worth over USD 33.4 Billion in 2035 | Roots Analysis
The digital twins in healthcare market is anticipated to be worth USD 1.9 billion in 2024 and this value is likely to reach USD 33.4 billion by 2035, expanding at a CAGR of 30.0%.
The growth in the digital twins in healthcare market size over the next decade is likely to be the result of a rise in the growing preference for personalized healthcare, wherein treatment is prescribed based on unique genetic makeup of the patient.
Further, the ability of digital twins to provide real virtual simulations along with real-time feedback is expected to drive the market growth for such technologies. Additionally, owing to the growing need for predictive analytics in healthcare.
Key Report Takeaways
§ Over 90 digital twins are available in the market for various healthcare related applications including diagnosis, health monitoring and surgical planning.
§ More than 40% of the solutions offered by players are process twins; further, in terms of application, majority of the twins are primarily intended for asset / process management, followed by personalized treatment.
§ The growth rate of partnership activity has been over 20% in the past three years; further, over 45% of the deals have been signed in the last two years.
§ Most of the funding rounds in this domain took place in 2021, led by various private and public investors.
§ The global digital twins’ market in healthcare domain is anticipated to grow at an annualized rate of 30%, till 2035.
§ In terms of geographical regions, majority of the market is expected to be driven within North America, further, the overall market opportunity is likely to be well distributed among various end users.
Competitive Landscape of the Market
The digital twins in healthcare market landscape features over 90 digital twin solutions. Overall, the market landscape of digital twins in healthcare domain is dominated by the presence of small companies, followed by mid-sized companies, which claim to have the required expertise and technologies to research and develop digital twins for healthcare applications. It is interesting to highlight that most of the digital twin developers are located in Europe; prominent hubs in Europe include UK and France.
Digital Twins in Healthcare Market Regional Outlook
Based on the key geographical regions, the market can be segmented into five major regions, North America, Europe, Asia Pacific, Middle East and North Africa and Latin America. Led by the US, North America is anticipated to capture the majority share of the digital twins in healthcare market in 2024 and this trend is likely to remain unchanged in the forecasted timeframe. Additionally, the rising focus on expanding digital technology healthcare infrastructure in Europe is likely to be the reason to increase the application of digital twins in this region.
Asia is also likely to exhibit lucrative opportunities owing to the increasing adoption of digital technologies, rising investment in healthcare infrastructure, and expanding awareness about the benefits of digital twin solutions across various industries.
Key Players
Examples of key companies engaged in Digital Twins in Healthcare Market (which have also been profiled in this market report; 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.ai, Verto, VictoryXR, Virtonomy.
It is interesting to note that in 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. Such types of agreements are expected to drive the demand for digital twins’ domain across the globe, resulting in substantial market growth during the forecast period.
Market Segments
Based on the research, Roots Analysis has segmented the Digital Twins in Healthcare Market into Type of Digital Twin, Area of Application, End Users and Key Geographical Regions.
by Type of Digital Twin
§ Process Twins
§ System Twins
§ Whole Body Twins
§ Body Part Twins
by Area of Application
Asset / Process Management
§ Personalized Treatment
§ Surgical Planning
§ Diagnosis
§ Other Applications
by End Users
§ Pharmaceutical Companies
§ Medical Device Manufacturers
§ Healthcare Providers
§ Patients
§ Other End Users
by Key Geographical Regions
North America
§ US
§ Canada
Europe
§ France
§ Germany
§ Italy
§ Spain
§ UK
§ Rest of Europe
Asia
§ China
§ India
§ Japan
§ Singapore
§ South Korea
§ Rest of Asia
Latin America
§ Middle East and North Africa
§ Rest of the World
§ Australia
§ New Zealand
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