The healthcare digital twins market size is estimated to be USD 489.7 25 million in 2022 and is expected to witness a CAGR of 26.31% during the forecast period 2023-2033. Surge in usage of the technology in the healthcare sector and increasing use of medical records, mobile applications, sensors, and wearables in the healthcare sector are factors contributing to the market growth. Furthermore, increase in research and development (R&D) efforts, growing public knowledge of the potential uses and benefits of digital twins, and active involvement from major global tech companies in the market is projected to accelerate the market growth. However, growing incidence of security breaches in healthcare facilities and the high costs associated with maintaining the technology’s infrastructure is expected to hinder the growth.

Surge in usage of the technology in the healthcare sector is expected to propel the market growth. For instance, according to an article by AI Multiple from May 2022, 66% of healthcare professionals anticipate soaring investments in digital twins, adoption helps to enhance the performance of healthcare organizations, enable the development of new devices and medications, and facilitate personalization and customization of medicine. Based on an individual’s genetic structure, behavior, and anatomy, personalized treatment offers a great deal of potential due to technology. For instance, Swedish researchers have been mapping mice RNA into multiple digital twin models with the objective of customizing arthritis diagnosis and care for people.

Segmentation

By Type

The market is categorized into product digital twin and process & digital twin. In 2022, the process & digital twin segment accounted for the highest revenue share due to the adoption of artificial intelligence, virtual reality, and mixed reality to optimize processes. Holograms, which enable the use of both virtual and real models for the doctors’ work, are made possible by process and system digital twins. Data from each and every process is delivered to the holograms, which serve as representations of the complete system. The market for product digital twin is predicted to grow at a substantial CAGR over the projected period. It is projected that over the projection period, increasing demand for IoT sensors and electronic manufacturing devices is projected to propel the healthcare sector.

By Application

The market is categorized into personalized medicine, drug discovery, asset & process management, and others. In the global market, the asset & process management segment accounted for the largest revenue share in 2022 owing to increase in the use of this technology by hospitals and other healthcare facilities to determine whether assets require maintenance or repair. In order to make sure that the physical assets are being used to their full potential, the technology also makes it possible to establish digital records of the assets that can be accessed by facility members. It is expected that drug discovery would increase at a CAGR during the projected period. Pharmaceutical companies employ digital twins to enhance and streamline production methods and for drug discovery. The system offers real-time information on each process and enables firms to alter manufacturing stages to increase process efficiency. During the projected period, these reasons are anticipated to propel the segment.

By End User

The market is segmented into hospitals & clinics, research & diagnostic laboratories, clinical research organizations, and others. In 2022, the hospitals & clinics segment accounted for the largest revenue share owing to the fact that digital twins are used to optimize hospital staffing and identify bed shortages. Informed decisions can be made by the staff as a result, which improves resource usage effectiveness while reducing cost. For instance, IBM Process Mining programme, which creates a digital twin that can be used to model healthcare facilities’ businesses and perform simulations to find potential problems. The clinical research organization segment is anticipated to grow at the quickest rate during the projected period due to the fact that t For instance, companies are using AI models trained on historical data to develop digital twins that can forecast the trial outcome for patients if they got the current level of treatment as compared to a placebo. his technique helps these firms to evaluate the efficiency and dosage of the pharmaceuticals on the twins before the actual trials have been completed.

Regional Markets

In 2022, North America region accounted for the highest revenue in the healthcare digital twins market and is expected to maintain its dominance during the forecast period. This is attributed to the high number of automation and digital solution usage in healthcare facilities around the region. The use of the technology is predicted to increase due to the presence of major companies in the region including IBM Corporation, Microsoft, and IQVIA. Additionally, it is projected that the presence of digital infrastructure in the region as a result of lucrative funding and supportive government initiatives will fuel demand for technology in the area. Growing investments in AI-based technologies by venture capitalists, individual investors, and non-profit organizations are predicted to fuel the market in the area. Additionally, it is projected that during the projection period, the region’s increasing IoT device penetration will fuel market demand. For instance, use of IoT devices devices in healthcare, which accounts for 30.3% of all IoT devices across all industries, according to an AuManufacturing article. IoT devices have many applications in the healthcare industry, including monitoring person’s health on the go and protecting personal information.

Competitor Insights

Some of the key players operating in the healthcare digital twins market are Microsoft, ThoughWire, Philips Healthcare, Unlearn.AI, Inc., Dassault Systems (3DS System), QiO Technologies, Atos, Verto Healthcare, Fasttream Technologies, PrediSurge, and Twin Health.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main tactics used by businesses in this sector.

• For instance, Atos and Siemens collaborated to develop a process digital twin for the pharmaceutical sector in May 2020. The system, which is intended to increase flexibility and efficiency of pharmaceutical product manufacture, will be built on a digital version of the pharmaceutical production process that is powered by advanced analytics, AI, and IoT. These activities is expected to increase competitiveness, supporting market growth during the projection period.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including type, application, and end user from 2023 to 2033.

Report Scope:

Segmentation: Healthcare Digital Twins Market Report 2022 – 2033

Type (Revenue, USD Million), 2022 – 2033

• Product Digital Twin
• Process & Digital Twin

Application (Revenue, USD Million), 2022 – 2033

• Personalized Medicine
• Drug Discovery
• Asset & Process Management
• Others

End user (Revenue, USD Million), 2022 – 2033

• Hospitals & Clinics
• Research & Diagnostic Laboratories
• Clinical Research Organizations
• Others

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA