Digital Twin Market Overview
Given the potential of digital twins to replicate the physical world in a digital layout, while gathering constant inputs from the real-world, such products have generated significant interest within the healthcare domain.
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.
Digital Twin Market Segmentation
Key segments of 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).
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.
Start-ups engaged in the digital twins market are gradually adopting advanced and innovative technologies, such as artificial intelligence and blockchain, in order to differentiate themselves from their competitors. Key players in Digital twin market domain are Ansys, Azure, Bosch, Cisco, Dassault, Systèmes, General Electri, IBM, Oracle, Siemens. Berkus start-up valuation is a method developed by the American venture capitalist and angel investor, Dave Berkus in the mid 1990’s. The Berkus method was designed to provide an estimate of the potential valuation of a start-up by assigning a calculated monetary value to various key success and risk factors possessed by a company.
These factors have been mentioned below:
1) Sound Idea: This parameter represents the basic value of the product(s) / service(s) offered by a company.
2) Prototype: This parameter evaluates the technology success / risk factors associated with the product(s) / service(s) offered by a company.
3) Quality Management: This parameter takes into consideration the quality of the management team of a company in order to evaluate the execution risks associated with the team.
4) Strategic Relationships: This parameter represents the strategic alliances, partners, or a burgeoning customer base in order to evaluate the marketing risks of a start-up.
Currently Antleron claims to offer process twins and system twins intended to serve pharmaceutical companies. This company was found to have a strong management team, having CXO level individuals with high level of experience and connections in the domain. The domain is presently dominated by the presence of small companies (30%), followed by mid-sized (25%) and very large (25%) players.
Digital Twin Market Key Players
Examples of small players engaged in this market space include (arranged in alphabetical order, based in North America and established post-2015), Altis Labs, Basetwo, MAI, Navv Track, Verto and VictoryXR. During our research, we observed that most of the digital twins (42%) are process twins. This can be attributed to their ability to optimize organization efficiency, reduce downtime and minimize the risks associated with their assets. This is followed by whole body twins (35%) and body parts twin (32%). Notable examples of whole-body digital twins include (in alphabetical order, developed by large and very large players based in Europe), Bodylogical, Emma Twin, Healthcheck and an unnamed technology by PwC. 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.
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