Summary

Healthcare Digital Twins Market Growth & Trends

The global healthcare digital twins market is estimated to reach USD 3.5 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow at a CAGR of 25.6 % from 2023 to 2030. Digital twins are digital models or real-time replicas of an object or process that incorporates and updates all the available data in real-time.

The technology is used in healthcare to test the safety and economic viability of a scenario before it is launched into the real world. The adoption of digital twins in the healthcare industry is still in a nascent stage but scientists are adopting the technology to test the viability of surgical procedures and develop personalized medicine. These are some of the key factors anticipated to drive the market growth during the forecast period. For instance, digital twins are used in healthcare to study diseases such as multiple sclerosis and Alzheimer’s to better understand the treatment options and accelerate clinical trial timelines.

The rising adoption of artificial intelligence in healthcare is anticipated to further drive the adoption of the technology. Integration of components such as APIs, graph databases, and natural language processing (NLP) to craft digital twins for healthcare and other life science organizations helps to reduce medical costs and enhance medical outcomes. Digital twins help to transform the industry by offering data-backed feedback, data capturing, and data interventions, which are anticipated to considerably reduce healthcare costs.

The emergence of startups and entry of key players in the market is anticipated to significantly boost the growth of the market. For instance, Sim&Cure a France-based company provides Sim&Size, a digital twin solution that helps brain surgeons to treat an aneurysm using simulations. Aneurysms are the enlarged vessels that can cause stroke and clots in the brain. Moreover, increased funding provided to the startups is anticipated to promote the adoption of the technology during the forecast period. For instance, in October 2021, Twin Health a California and Chennai-based startup raised USD 140 million in a Series C funding round. The startup is an AI-powered platform that provides doctors and patients the guidance on sleep activity, nutrition, and meditative breathing that helps to reverse and prevent chronic conditions such as liver diseases, Type-II diabetes, and cardiovascular diseases.

In addition, various government initiatives to improve the adoption of digital twins are anticipated to drive the demand for the technology. For instance, DigiTwins, a flagship project launched by the European Government aims to bring paradigm shifts in the healthcare industry using communication, advanced omics, sensing technologies, and computing. The European government plans to invest USD 1.1 billion in the project over 10 years to support its growth and development. Moreover, UK Research and Innovation announced funding of USD 39.15 million for healthcare technological advancements, including digital twins and digital hubs, in June 2023.

Healthcare Digital Twins Market Report Highlights

• In terms of type, the process & system digital twin segment held the largest revenue share of 65.7% in 2022 due to the ability of the technology to provide better outcomes

• Based on application, the asset and process management segment dominated the market with a revenue share of 35.4% in 2022 owing to the rising adoption by healthcare facilities to manage their assets efficiently

• In terms of end-use, the hospitals and clinics segment dominated the market with a revenue share of 32.6% owing to the use of digital twins to optimize hospital working and increase the efficiency of the facilities

• Based on region, North America held the largest revenue share of 46.2% in 2022. Factors such as favorable government initiatives, lucrative funding, and the presence of key players in the region contributed to the growth of the market

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Table of Contents

Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Market Definition
1.3. Research Methodology
1.3.1. Information Procurement
1.3.1.1. Purchased database
1.3.1.2. GVR’s internal database
1.3.2. Primary Research
1.4. Research Scope and Assumptions
1.5. List to Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
2.4. Healthcare Digital Twins Market Snapshot
Chapter 3. Healthcare Digital Twins Market Variables, Trends, & Scope
3.1. Penetration and Growth Prospect Mapping
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraints Analysis
3.2.3. Industry Challenges
3.3. Healthcare Digital Twins Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Bargaining power of the suppliers
3.3.1.2. Bargaining power of the buyers
3.3.1.3. Threats of substitution
3.3.1.4. Threats from new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Economic and Social landscape
3.3.2.3. Technological landscape
3.4. Impact of COVID-19 on the market
Chapter 4. Healthcare Digital Twins Market: Type Estimates & Trend Analysis
4.1. Definitions & Scope
4.2. Healthcare Digital Twins Market: Type Movement Analysis, 2022 & 2030 (USD Million)
4.3. Process & System Digital Twin
4.3.1. Process & System Digital Twin market estimates and forecasts, 2018 - 2030 (USD Million)
4.4. Product Digital Twin
4.4.1. Product Digital Twin market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 5. Healthcare Digital Twins Market: Application Estimates & Trend Analysis
5.1. Definitions and Scope
5.2. Healthcare Digital Twins Market: Application Movement Analysis, USD Million, 2022 & 2030
5.3. Asset and Process Management
5.3.1. Asset and Process Management market estimates and forecasts, 2018 - 2030 (USD Million)
5.4. Personalized Medicine
5.4.1. Personalized Medicine market estimates and forecasts, 2018 - 2030 (USD Million)
5.5. Drug Discovery
5.5.1. Drug Discovery market estimates and forecasts, 2018 - 2030 (USD Million)
5.6. Others
5.6.1. Others market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 6. Healthcare Digital Twins Market: End-use Estimates & Trend Analysis
6.1. Definitions and Scope
6.2. Healthcare Digital Twins Market: End-use Movement Analysis, USD Million, 2022 & 2030
6.3. Clinical Research Organizations
6.3.1. Clinical Research Organizations market estimates and forecasts, 2018 - 2030 (USD Million)
6.4. Hospitals and clinics
6.4.1. Hospitals and clinics market estimates and forecasts, 2018 - 2030 (USD Million)
6.5. Research and Diagnostic Laboratories
6.5.1. Research and Diagnostic Laboratories market estimates and forecasts, 2018 - 2030 (USD Million)
6.6. Others
6.6.1. Others market estimates and forecasts, 2018 - 2030 (USD Million)
Chapter 7. Healthcare Digital Twins Market: Regional Estimates & Trend Analysis
7.1. Regional Market Snapshot
7.2. Healthcare Digital Twins Market: Regional Movement Analysis
7.3. North America
7.3.1. North America market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.3.2. North America market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.3.3. North America market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.3.4. U.S.
7.3.4.1. U.S. market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.3.4.2. U.S. market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.3.4.3. U.S. market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.3.5. Canada
7.3.5.1. Canada market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.3.5.2. Canada market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.3.5.3. Canada market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.4. Europe
7.4.1. Europe market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.4.2. Europe market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.4.3. Europe market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.4.4. Germany
7.4.4.1. Germany market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.4.4.2. Germany market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.4.4.3. Germany market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.4.5. UK
7.4.5.1. UK market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.4.5.2. UK market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.4.5.3. UK market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.4.6. France
7.4.6.1. France market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.4.6.2. France market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.4.6.3. France market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.4.7. Italy
7.4.7.1. Italy market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.4.7.2. Italy market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.4.7.3. Italy market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.4.8. Spain
7.4.8.1. Spain market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.4.8.2. Spain market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.4.8.3. Spain market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.4.9. Russia
7.4.9.1. Russia market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.4.9.2. Russia market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.4.9.3. Russia market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.5. Asia Pacific
7.5.1. Asia Pacific market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.5.2. Asia Pacific market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.5.3. Asia Pacific market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.5.4. Japan
7.5.4.1. Japan market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.5.4.2. Japan market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.5.4.3. Japan market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.5.5. China
7.5.5.1. China market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.5.5.2. China market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.5.5.3. China market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.5.6. India
7.5.6.1. India market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.5.6.2. India market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.5.6.3. India market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.5.7. Australia
7.5.7.1. Australia market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.5.7.2. Australia market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.5.7.3. Australia market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.5.8. Singapore
7.5.8.1. Singapore market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.5.8.2. Singapore market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.5.8.3. Singapore market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.5.9. South Korea
7.5.9.1. South Korea market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.5.9.2. South Korea market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.5.9.3. South Korea market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.6. Latin America
7.6.1. Latin America market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.6.2. Latin America market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.6.3. Latin America market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.6.4. Brazil
7.6.4.1. Brazil market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.6.4.2. Brazil market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.6.4.3. Brazil market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.6.5. Mexico
7.6.5.1. Mexico market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.6.5.2. Mexico market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.6.5.3. Mexico market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.6.6. Argentina
7.6.6.1. Argentina market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.6.6.2. Argentina market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.6.6.3. Argentina market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.7. MEA
7.7.1. MEA market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.7.2. MEA market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.7.3. MEA market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.7.4. South Africa
7.7.4.1. South Africa market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.7.4.2. South Africa market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.7.4.3. South Africa market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.7.5. UAE
7.7.5.1. UAE market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.7.5.2. UAE market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.7.5.3. UAE market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
7.7.6. Saudi Arabia
7.7.6.1. Saudi Arabia market estimates and forecasts, by type 2018 - 2030 (USD Million)
7.7.6.2. Saudi Arabia market estimates and forecasts, by application 2018 - 2030 (USD Million)
7.7.6.3. Saudi Arabia market estimates and forecasts, by end-use 2018 - 2030 (USD Million)
Chapter 8. Competitive Analysis
8.1. Recent Developments & Impact Analysis, By Key Market Participants
8.2. Company/Competition Categorization
8.3. Key Company Market Position Analysis
Chapter 9. Competitive Landscape
9.1. Unlearn AI
9.1.1. Company overview
9.1.2. Financial performance
9.1.3. Product benchmarking
9.1.4. Strategic initiatives
9.2. QiO Technologies
9.2.1. Company overview
9.2.2. Financial performance
9.2.3. Product benchmarking
9.2.4. Strategic initiatives
9.3. Atos
9.3.1. Company overview
9.3.2. Financial performance
9.3.3. Product benchmarking
9.3.4. Strategic initiatives
9.4. Dassault Systems (3DS System)
9.4.1. Company overview
9.4.2. Financial performance
9.4.3. Product benchmarking
9.4.4. Strategic initiatives
9.5. Microsoft
9.5.1. Company overview
9.5.2. Financial performance
9.5.3. Product benchmarking
9.5.4. Strategic initiatives
9.6. Philips Healthcare
9.6.1. Company overview
9.6.2. Financial performance
9.6.3. Product benchmarking
9.6.4. Strategic initiatives
9.7. PrediSurge
9.7.1. Company overview
9.7.2. Financial performance
9.7.3. Product benchmarking
9.7.4. Strategic initiatives
9.8. Verto Healthcare
9.8.1. Company overview
9.8.2. Financial performance
9.8.3. Product benchmarking
9.8.4. Strategic initiatives
9.9. ThoughWire
9.9.1. Company overview
9.9.2. Financial performance
9.9.3. Product benchmarking
9.9.4. Strategic initiatives
9.10. Fasttream Technologies
9.10.1. Company overview
9.10.2. Financial performance
9.10.3. Product benchmarking
9.10.4. Strategic initiatives
9.11. Twin Health
9.11.1. Company overview
9.11.2. Financial performance
9.11.3. Product benchmarking
9.11.4. Strategic initiatives