The global digital twins market is projected to grow at a CAGR of 30% till 2035, claims Roots Analysis
Given the potential of digital twins to replicate the physical world in a digital layout, as well as their ability to provide real-time outputs, while gathering constant inputs from the real-world, such products have generated significant interest within the healthcare domain
Roots Analysis has announced the addition of “Digital Twins Market, 2022-2035” report to its list of offerings.
Since the first application of the digital twin concept for manufacturing in 2002, it has emerged as a crucial component for companies to achieve higher efficiency in their production processes. According to the US-based Digital Twin Consortium, digital twins hold the potential to reduce clinical trial expenditure, turnaround times, staffing expenses and plan medical intervention. 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.
Key Market Insights
Over 35 digital twins are presently available in this market space
More than 60% of the digital twins offered by industry players are body part twins; these products are primarily intended for asset / process management, personalized treatment and surgical planning. Further, majority of the products that are currently under development are focused on the treatment of indications, such as cardiovascular disorders, metabolic disorders, and neurological disorders.
More than 30 players currently claim to be engaged in the digital twin domain
Majority of the players engaged in this industry are small firms (11-50 employees, 37%), followed by very large players (10,000+ employees, 22%), large players (501-10,000 employees, 19%), mid-sized players (51-500 employees, 13%) and very small companies (2-10 employees, 9%). Additionally, nearly 70% of the developers are based in Europe, followed by those based in North America (28%).
Partnership activity for digital twins witnessed a CAGR of over 15%, in the past three years
More than 50% of the partnerships have been signed since January 2020; of these, four partnerships were inked in the year 2022. Technology integration agreements have emerged as the most popular (30%) type of partnership model in the market, followed by technology utilization agreements (23%).
Nearly USD 6 billion invested across the globe to advance digital twins focused initiatives
A steady increase has been observed in funding activity since 2020, with the maximum number of instances (10) being reported in the year 2021. In fact, more than 90% of the total investment (in terms of the amount invested) was made in the last two years alone (2021- 2022). Of the amount raised in 2022, about USD 4.2 billion was contributed by the IPO of Babylon.
Berkus start-up valuation analysis has been performed to evaluate start-ups in this domain
The framework enables valuation of start-ups, based on several key success / risk factors . The key factors are assigned monetary values based on the qualities / risks possessed by a particular player. At the end, all valuations were added to calculate the final valuation of the company.
Players based in North America are anticipated to capture nearly 30% of the market share by 2035
The overall digital twin market is expected to be primarily driven by the growing interest towards automation and prognostic systems. The estimates in our report suggest that digital twins intended to treat cardiovascular disorders are expected to hold 32% share of the market in 2035. It is interesting to mention that market for digital twins intended to serve pharmaceutical companies and medical device manufacturers, collectively, hold over 60% of the market share in 2035.
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Key Questions Answered
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?
The financial opportunity within the digital twins market in the healthcare domain has been analyzed across the following segments:
Type of Digital Twin
Whole Body Twins
Body Part Twins
Area of Application
Asset / Process Management
Medical Device Manufacturers
Other End Users
Key Geographical Regions
Middle East and North Africa
Rest of the World
The research includes profiles of key players (listed below); each profile features a brief overview of the company, details related to its recent developments (including funding and collaborations) and an informed future outlook.
For additional details, please visit https://www.rootsanalysis.com/reports/digital-twins-market.html
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About Roots Analysis
Roots Analysis is a global leader in the pharma / biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights.
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