A digital twin is a virtual replica of a physical object or a process. Real world data collected through sensors is fed into virtual model. The digital twin then offers the real-time view 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 personalized medicine as well as accelerate medical innovation. Global Digital Twin market is driven by huge infusion of funds by government as well as venture capital firms; growing cancer, genetic, and rare disorder research; rising healthcare digitization; growing demand for personalized/precision medicine; and increasing focus of healthcare organization on curtailing burgeoning cost, improve workflow and patient care.
Medi-Tech Insights’ research report on Digital Twin market analyses the market with respect to product (software and services), application, end user, and geography
Based on our research & interviews with industry experts, it is evident that asset and process management, personalized medicine, surgical planning, and drug discovery (including clinical trials) are the major applications of Digital Twin market today, while US is the largest geographic market.
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The Digital Twin market is evolving and currently driven by start-ups/small size companies offering application specific solutions
The Digital Twin market is at nascent stage and took upward momentum after 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. Further, ophthalmology start-up Optimo Medical is a Switzerland-based digital solutions company offering digital twin solution for planning eye surgery for astigmatism. Some of the large and small players operating in the 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.
Medi-Tech Insights’ latest report analyses key industry segments such as investment trends and emerging opportunities in the Digital Twin market.
Healthcare organizations, investors, and regulatory authorities are increasingly recognizing the importance of digital twin solutions in improving patient care. Drawn by the huge promise to disrupt healthcare, many VCs/investors have backed companies in Digital Twin market. For instance, 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 funding’s will instill the impetus for development and adoption of digital twin technology in healthcare.
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