A real-time replica or digital model of a process or an object incorporating all the data available and updating data in the real-time is called a digital twin. A digital twin provides a real-time view through 3D visualization. The healthcare fraternity is using digital twins to test the safety and economic viability of a scenario before launching them into real-life environments or situations. Digital twins can remarkably transform the healthcare market by adopting a more integrated and real-time interactive approach to data capturing, offering real-time data-backed feedback, and more effective interventions. Data generating patient health records, mobile applications, pervasive sensors, and wearables are allowing better simulations in the market. Digital twins in healthcare is still in a nascent stage and has been gaining popularity and momentum post the COVID-19 pandemic. The healthcare industry is rapidly adopting digital twin technology. For example, medical digital twins integrate multiple digital ingredients such as graph databases, APIs, and natural language processing (NLP) to craft digital twins for life science organizations and other healthcare sectors, enabling them to enhance medical outcomes and minimize costs. Furthermore, medical digital twin technology accelerates medical innovation and supports the delivery of data-enriched precision medicine.
Global digital twin in healthcare market growth is propelling owing to significant involvement by public and private investors, increasing healthcare digitalization, growing demand for value-based care using precision medicine, need to curb increasing healthcare costs, improve patient care experience, and growing rare disorder, cancer, and genetic research. For instance, regulatory authorities and healthcare organizations are turning their focus towards implementing digital twin technologies in patient care. For example, in October 2021, Twin Health raised USD million in a Series C funding round. Similarly, Unlearn developers of DiGenesis, a machine-learning powered platform raised USD 12 Million in Series A funding round. Companies are utilizing this funding to boost development and implementation of healthcare digital twin technologies. Global government bodies are undertaking multiple initiatives to promote the adoption of digital twin technology in healthcare. For instance, DigiTwins, is a flagship project of European government including over 200 partners present in 32 countries for developing personalized healthcare solutions using the virtual patient or digital twin strategy. The government has invested USD 1.1 billion (Euro 1.0 billion) over the next 10 years to support the development and growth of the project. DigiTwins program is anticipated to bring the paradigm shifts in the healthcare industry using advanced omics, communication, computing, and sensing technologies.
The type segment has been classified into product digital twin, process digital twin, and system digital twin. Growing demand for electronic manufacturing devices such as IoT sensors across the healthcare industry is expected to contribute to the adoption of product digital twin solutions. As per IoT World Today, digital twin solutions adopted by various healthcare organizations are widely used in developing advanced product twin applications and support care professionals in understanding their patients’ care journey and clinical outcomes. Integration of predictive analytical tools and extended reality technologies is supporting the growth of the market.
Emergence of entrepreneurial startups and entry of niche market players offering specific solutions is boosting the market growth. For instance, France-based Sim&Cure provides patient-based digital twin solutions for managing aneurysms. Similarly, Swiss-based Optimo Medical, an ophthalmology startup offers digital twin solution for laying down eye surgery plan for astigmatism. Some of the other renowned market participants are Atos, General Electric, Atos, Philips Healthcare, Dassault Systems, Twin Health, Siemens, ThoughtWire, and Fasttream Technologies.
Grand View Research, Inc. has segmented the healthcare digital twins market, report based on technology, type, application, end-use, and region:
Technology Outlook (Revenue, USD Million, 2017 - 2030)
Internet of Things (IoT)
Artificial Intelligence and Machine Learning
Augmented Reality, Virtual Reality, and Mixed Reality
Big Data Analytics
Type Outlook (Revenue, USD Million, 2017 - 2030)
Product Digital Twin
Process Digital Twin
System Digital Twin
Application Outlook (Revenue, USD Million, 2017 - 2030)
Asset and Process Management
Medical Device Development
End-Use Outlook (Revenue, USD Million, 2017 - 2030)
Life Science Organizations
Contract Research Organizations
Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players in Healthcare Digital Twins Market
Dassault Systems (3DS System)
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