DUBLIN, Jan. 5, 2023 /PRNewswire/ -- The "Digital Twins Market by Therapeutic Area, Type of Digital Twin, Area of Application, End Users and Key Geographical Regions: Industry Trends and Global Forecasts, 2022-2035" report has been added to ResearchAndMarkets.com's offering.
This report features an extensive study of the current landscape, offering an informed opinion on the likely adoption of digital twins in the healthcare domain, till 2035. The report features an in-depth analysis, highlighting the capabilities of various stakeholders engaged in this market space.
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 twins 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. I
n 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 technologies in their processes, in the near future.
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. Additionally, as mentioned earlier, a number of digital twin platforms have been found reliable in several healthcare applications, such as diagnosis, health monitoring and medical training.
The growing interest in this market can also be validated from that 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. Interestingly, the partnership activity in the industry has also witnessed a growth rate of over 15%, in the past three years. It is also important to note that, over the past few years, there have been a significant innovation in this market space.
For instance, in September 2022, European Medicines Agency (EMA) released a favorable qualification opinion for TwinRCTT solution, for implementation in AI-generated prognostic digital twins being evaluated in phase II and phase III clinical trials. Considering the continuous innovation related to digital twins and a growing interest in automation and prognostic systems, we believe the digital twin market size is likely to evolve at a rapid pace, over the coming years.
Frequently Asked Questions
What are digital twins?
Who are the leading players engaged in the development of digital twins for the healthcare domain?
Which type of digital twin is most commonly offered by developers engaged in this market space?
What is the relative competitiveness of different players engaged in the digital twins domain?
What is the likely valuation of start-ups involved in the development of digital twins for the healthcare sector?
What is the present and likely future demand for digital twins in the overall healthcare sector?
What are the anticipated future trends related to digital twins in the healthcare domain?
How is the current and future opportunity likely to be distributed across key market segments?
Key Topics Covered:
MARKET LANDSCAPE4.1. Chapter Overview4.2. Digital Twins in Healthcare: Overall Market Landscape4.2.1. Analysis by Status of Development4.2.2. Analysis by Therapeutic Area4.2.3. Analysis by Area(s) of Application4.2.4. Analysis by Type of Technology Used4.2.5. Analysis by End User4.2.6. Analysis by Type of Digital Twin4.3. Digital Twins in Healthcare: Developers Landscape4.3.1. Analysis by Year of Establishment4.3.2. Analysis by Company Size4.3.3. Analysis by Location of Headquarters
KEY INSIGHTS5.1. Chapter Overview5.2. Analysis by Area of Application and Status of Development (Stacked Bar Chart)5.3. Analysis by Type of Technology Used and Type of Digital Twin (Heat Map Representation)5.4. Analysis by Type of End User and Type of Digital Twin (Grid Representation)5.5. Analysis by Area of Application and Location of Headquarters (Bar Chart)5.6. Analysis by Company Size and Location of Headquarters (Hybrid Chart)
COMPANY COMPETITIVENESS ANALYSIS6.1. Chapter Overview6.2. Assumptions and Key Parameters6.3. Methodology6.4. Digital Twins in Healthcare: Company Competitiveness Analysis6.4.1. Company Competitiveness Analysis: Benchmarking of Portfolio Strength6.4.2. Company Competitiveness Analysis: Benchmarking of Partnership Activity6.4.3. Company Competitiveness Analysis: Benchmarking of Funding Activity6.4.4. Company Competitiveness Analysis: Very Small Companies6.4.5. Company Competitiveness Analysis: Small Companies6.4.6. Company Competitiveness Analysis: Mid-sized Companies6.4.7. Company Competitiveness Analysis: Large Companies6.4.8. Company Competitiveness Analysis: Very Large Companies
COMPANY PROFILES7.1. Chapter Overview7.2. Babylon7.2.1. Company Overview7.2.2. Recent Developments and Future Outlook7.3. ExactCure7.3.1. Company Overview7.3.2. Recent Developments and Future Outlook7.4. ImmersiveTouch7.4.1. Company Overview7.4.2. Recent Developments and Future Outlook7.5. Navv Systems7.5.1. Company Overview7.5.2. Recent Developments and Future Outlook7.6. ThoughtWire7.6.1. Company Overview7.6.2. Recent Developments and Future Outlook7.7. Unlearn.AI7.7.1. Company Overview7.7.2. Recent Developments and Future Outlook
PARTNERSHIPS AND COLLABORATIONS8.1. Chapter Overview8.2. Digital Twins in Healthcare: Partnerships and Collaborations8.2.1. Partnership Models8.2.2. List of Partnerships and Collaborations8.2.3. Analysis by Number of Partnership Instances8.2.4. Analysis by Type of Partnership8.2.5. Analysis by Year and Type of Partnership8.2.6. Analysis by Type of Partnership and Company Size8.2.7. Most Active Players: Analysis by Number of Partnerships8.3.8. Analysis by Region8.3.9. Intercontinental and Intracontinental Agreements
FUNDING AND INVESTMENTS ANALYSIS9.1. Chapter Overview9.2. Types of Funding9.3. Digital Twins in Healthcare: List of Funding and Investments9.3.1. Analysis by Number of Funding Instances9.3.2. Analysis by Amount Invested9.3.3. Analysis by Type of Funding9.3.4. Analysis by Geography9.3.5. Most Active Players: Analysis by Number of Funding Instances9.3.6. Most Active Players: Analysis by Amount of Funding9.3.7. Most Active Investors: Analysis by Number of Funding Instances9.4. Concluding Remarks
BERKUS START-UP VALUATION ANALYSIS10.1. Chapter Overview10.2. Key Assumptions and Methodology10.3. Berkus Start-Up Valuation: Total Valuation of Players10.4. Digital Twins in Healthcare: Benchmarking of Berkus Start-Up Valuation Parameters10.4.1. AnatoScope: Benchmarking of Berkus Start-Up Valuation Parameters10.4.2. ExactCure: Benchmarking of Berkus Start-Up Valuation Parameters10.4.3. Klinik Sankt Moritz: Benchmarking of Berkus Start-Up Valuation Parameters10.4.4. KYDEA: Benchmarking of Berkus Start-Up Valuation Parameters10.4.5. TwInsight: Benchmarking of Berkus Start-Up Valuation Parameters10.4.6. Yokogawa Insilico Biotechnology: Benchmarking of Berkus Start-Up Valuation Parameters10.5. Digital Twins in Healthcare: Benchmarking of Players10.5.1. Sound Idea: Benchmarking of Players10.5.2. Prototype: Benchmarking of Players10.5.3. Management Experience: Benchmarking of Players10.5.4. Strategic Relationships: Benchmarking of Players10.5.5. Total Valuation: Benchmarking of Players
MARKET FORECAST11.1. Chapter Overview11.2. Key Assumptions and Methodology11.3. Global Digital Twins Market, 2022-203511.3.1. Global Digital Twins Market: Analysis by Therapeutic Area126.96.36.199. Global Digital Twins Market for Cardiovascular Disorders, 2022-2035188.8.131.52. Global Digital Twins Market for Metabolic Disorders, 2022-2035184.108.40.206. Global Digital Twins Market for Orthopedic Disorders, 2022-2035220.127.116.11. Global Digital Twins Market for Other Disorders, 2022-203511.3.2. Global Digital Twins Market: Analysis by Type of Digital Twins18.104.22.168. Global Process Twins Market, 2022-203522.214.171.124. Global System Twins Market, 2022-2035126.96.36.199. Global Whole Body Twins Market, 2022-2035188.8.131.52. Global Body Part Twins Market, 2022-203511.3.3. Global Digital Twins Market: Analysis by Area of Application184.108.40.206. Global Digital Twins Market for Asset / Process Management, 2022-2035220.127.116.11. Global Digital Twins Market for Personalized Treatment, 2022-203518.104.22.168. Global Digital Twins Market for Surgical Planning, 2022-203522.214.171.124. Global Digital Twins Market for Diagnosis, 2022-2035126.96.36.199. Global Digital Twins Market for Other Applications, 2022-203511.3.4. Global Digital Twins Market: Analysis by End Users188.8.131.52. Global Digital Twins Market for Pharmaceutical Companies, 2022-2035184.108.40.206. Global Digital Twins Market for Medical Device Manufacturers, 2022-2035220.127.116.11. Global Digital Twins Market for Healthcare Providers, 2022-203518.104.22.168. Global Digital Twins Market for Patients, 2022-203522.214.171.124. Global Digital Twins Market for Other End Users, 2022-203511.3.5. Global Digital Twins Market: Analysis by Geography126.96.36.199. Digital Twins Market in North America, 2022-2035188.8.131.52. Digital Twins Market in Europe, 2022-2035184.108.40.206. Digital Twins Market in Asia, 2022-2035220.127.116.11. Digital Twins Market in Latin America, 2022-203518.104.22.168. Digital Twins Market in Middle East and North Africa, 2022-203522.214.171.124. Digital Twins Market in Rest of the World, 2022-2035
EXECUTIVE INSIGHTS13.1. Chapter Overview13.2. Dassault Systemes13.2.1. Company Snapshot13.2.2. Interview Transcript: Barbara Holtz, Business Consultant13.3. TwInsight13.3.1. Company Snapshot13.3.2. Interview Transcript: Marek Bucki, Co-Founder and Chief Scientific Officer13.4. Unlearn.AI13.4.1. Company Snapshot13.4.2. Interview Transcript: Andrew Stelzer, Business Development Executive13.5. Yokogawa Insilico Biotechnology13.5.1. Company Snapshot13.5.2. Interview Transcript: Klaus Mauch, Managing Director and Chief Executive Officer
APPENDIX I: TABULATED DATA
APPENDIX II: LIST OF COMPANIES AND ORGANIZATIONS
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