Digital Twin Market Overview
A digital twin is, in essence, a virtual model that employs the use of real-world data in order to create simulations that can be used to predict how a system or process will perform.
The global Digital Twin Market size is estimated to grow from $12.8 billion in 2024 to $240.3 billion by 2035, growing at a CAGR of 41% during the forecast period from 2024 to 2035.
With the improvement in technologies such as machine learning and factors such as big data, these programs have garnered immense interest in the healthcare domain to drive innovation and improve performance. Digital twins can be applied for various healthcare benefits including risk prediction / reduction, reduced labor costs, improved patient care and automated decision-making process.
Using technologies such as IoT, Extended Reality (XR), Cloud, and Artificial Intelligence (AI), digital twins can create visual representation, capture, store, analyze data and provide valuable insights for several healthcare applications. Such insights aid improved decision making and optimized productivity.
Digital Twin Market Key Players
Key players in Digital twin market domain are Ansys, Azure, Bosch, Cisco, Dassault, Systèmes, General Electri, IBM, Oracle, Siemens. Additionally, digital twins can also be used to perform analysis on different what-if scenarios and help facilities to maximize their operational efficiency. The healthcare industry has started to adopt digital twins to improve personalized medicine and performance of healthcare organizations. Although simulations have been around in the healthcare domain for past decade, the current digital twins offer a variety of applications that general simulations are unable to provide.
Prominent types of digital twins used in the healthcare domain have been mentioned below:
1)System Twin:
System twin refers to a digital twin of several product twins working in conjugation to represent a system. Such digital twins provide insights into how different assets in a facility interact / relate to one another to improve productivity and efficiency of a set-up. A digital twin of the system brings visibility to complex interconnections and interdependencies of products and processes.
2)Process Twin:
Process twin refers to a digital twin that encompasses an entire process of a facility; these processes may include manufacturing of medical devices or pharmaceutical drugs. Such digital twins represent the integration of individual system twins that together create a production facility and provide insights into the collaboration of all the units employed in a facility. It is worth mentioning that a process twin is only efficient when its individual components are being efficiently monitored and controlled as well.
3)Human Digital Twin:
Human digital twin of a human being is a replica or a counterpart in cyberspace. Such digital twins are based on a virtual model developed using characteristic data of an individual that includes age, weight, sex, relatives of the person, past health concerns and more.
Digital Twin Market Segmentation
Digital twin market are Distribution by Application Area (Business Optimization, Predictive Maintenance, Production Design and Development, and Others), Type of Twin (Parts Twin, Product Twin, Process Twin, and System Twin), End Users (Aerospace and Defense, Automotive and Transportation, Healthcare, Manufacturing, Retail, Energy and Utilities, Real Estate, IT and Telecommunication, and Others) and Key Geographical Regions (North America, Europe, Asia, Latin America, Middle East and North Africa, and Rest of the World). A key feature of such digital twins is dynamic bidirectional mapping, unlike simulations that only offer a digital snapshot of a real- world entity, human digital twins offer a two-way dynamic flow of information between the physical and real-world entity.
Currently, over 90 digital twins are either commercially available in the market or are under development for various healthcare related applications including diagnosis, health monitoring and surgical planning. The majority of this domain is constituted of small players established during the period 2016-2020; in fact, this number constitutes 30% of the total companies. This is followed by companies (20%) established during the period 1950-2000.
Examples of companies that were established recently include (arranged in reverse chronological order of their year of establishment, established since 2020) Basetwo (2022), Edith (2022), AI Body (2020), EmbodyBio (2020), Mindback AI (2020), Predictiv (2020) and Twinsight (2020).
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