A digital twin is a virtual representation of a physical object or procedure. Sensor data from the real world is supplied into the virtual model. The real-time view is then presented by the digital twin in a 3D visual format. The real-time insights help prevent bad decisions, conduct preventive measures and reduce any future untoward incidents. Healthcare is rapidly embracing digital twin technology. The goal of this trend is to deliver data-driven personalised medicine as well as accelerate medical innovation. Global healthcare digital twin market is driven by huge infusion of funds by government as well as venture capital firms; rising cancer, genetic, and rare disorder research; increasing healthcare digitization; growing demand for personalized/precision medicine; and increasing focus of healthcare organization on limiting burgeoning cost, improve workflow and patient care.
Global Healthcare Digital Twin Market is growing at a Lucrative Rate of 30-50% during the forecast period. The market growth would be driven by the rising demand for personalized therapies and trend of digitization.
Medi-Tech Insights’ research on healthcare digital twin market analyses the market with respect to product (software and services), application, end user, and geography
The US is the largest geographic healthcare digital twin market, and based on our research and interviews with industry experts, it is clear that asset and process management, personalised medicine, surgical planning, and drug discovery (including clinical trials) are the major applications of this market today.
The healthcare digital twin market is evolving and currently driven by start-ups/small size companies offering application specific solutions
The healthcare digital twin market is still in its development and has seen momentum after the COVID-19 pandemic. The market comprises various start-ups/small players offering solutions for specific applications. For instance, Sim&Cure is France-based start-up offering patient-based digital twin for treating aneurysms. Additionally, the Switzerland-based digital solutions company Optimo Medical, which specialized in ophthalmology, offers a digital twin solution for organising astigmatism eye surgery.
“Medical device manufacturers are progressively accepting digital twins to model devices as well as patients to treat people with specific conditions. The journey of digital twins in healthcare has just begun and its future is nearly infinite”- CEO, Whole Body Digital Twin Solution Provider
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Medi-Tech Insights’ research comprehensively analyses key areas such as investment trends in healthcare digital twin market
The significance of digital twin solutions in improving patient care is becoming more and more recognized by healthcare organizations, investors, and regulatory authorities. Drawn by the huge promise to disrupt healthcare, many VCs/investors have backed companies in healthcare digital twin market.
In October 2021, Twin Health, makers of the Whole-Body Digital Twin precision health technology raised $140 million in Series C funding. At present, the digital twin solution is addressing diseases such as diabetes, hypertension, and some other metabolic diseases.
Similarly, US-based Unlearn has developed DiGenesis, a machine-learning platform that generates control patient data for clinical studies. In April 2020, the company secured a $12 million Series A financing. Such fundings will instil the impetus for development and adoption of digital twin technology in healthcare.
Competitive Landscape Analysis of Healthcare Digital Twin Market
Some of the large and small players operating in the global healthcare digital twin market include General Electric, Ansys, Atos, Dassault Systems (3DS Company), Microsoft, Philips Healthcare, Siemens, HP, Twin Health, Verto Health, Fasttream Technologies, ThoughtWire, Sim&Cure, and Optimo Medical, among others.
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