LONDON , Dec. 5, 2023 /PRNewswire/ — According to a recently published report by Roots Analysis, the growing preference for virtual models for clinical studies of drugs and AI-powered tools for real-time analysis of drug molecules are driving the digital twin market.
Digital Twin Market Overview
The global digital twin market size was estimated at USD 1.2 billion in 2022 and is expected to reach over USD 29.8 billion by 2035 at a compounded annual growth rate (CAGR) of 30% in the forecast period 2022-2035.
A digital twin is a virtual model that resembles a physical object, process, and function; these models replicate human cells’ life processes to evaluate data in real-time. In recent years, digital twin technology has emerged as a potent solution to streamline the research and development of novel therapeutic drugs. These digital twin technologies integrate augmented reality, big data, the Internet of Things, and virtual reality, enabling researchers to fetch data with higher precision and reducing the chances of human errors. It is worth highlighting here that the extended digital twin technology model allows researchers to save up to USD 2.5 billion on testing advanced drugs. Owing to the significance of digital twin technology in diagnosing, it is anticipated that the digital twin market will grow at a healthy rate during the forecast period.
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The digital twin market will be driven by several factors, such as the increasing adoption of AI-based software for predictive analysis during drug development, clinical studies and research on small molecules for the production of target specific therapies. Pharmaceutical companies nowadays use digital twins to collect real-time data from volunteers during clinical trials, enabling researchers to save plenty of time and note data with higher accuracy. In addition to real-time data analysis, digital twins help to understand how drugs react under different conditions such as high temperature, pH, presence of other molecules. Digital twin is also used to imitate the production process of 3D printing software, enabling developers to understand where distortion arises so they can repair it on time. The growing preferences for using digital twins to streamline the drug development process and optimize the manufacturing process are likely to become the major drivers for the growth of the digital twin market.
A digital twin is a new-age solution to accelerate drug development with real-time data analysis. However, several market restraints that restrict the adoption of digital twins at a large scale include high investment associated with installing digital twin technology. The implementation of this technology requires integration of other technologies such as artificial intelligence, computer-aided design, the Internet of Things, Big data, and other digital technologies. Adding multiple technologies increases the cost of implementing digital twin technology in the pharmaceutical industry. Furthermore, using Internet of Things-based sensors, electronic devices, and artificial intelligence may pose security risks and data breaches.
Despite the restraints, several growth factors driving the digital twin technology market include 3D modeling, 3D software technology, wearable devices, and advanced analytics IoT-based tools for clinical trials. The integration of artificial intelligence with digital twin technology, enables real-time feedback that is useful for collecting valuable information about drug molecules with a higher precision rate. The growing preference for digital twin technology for studying drug efficacy drives the market during the forecast period.
Digital Twin Market Segments
Based on the therapeutic area, the digital twin market is segmented into cardiovascular, metabolic, orthopedic, and other disorders.
- Cardiovascular disorder segment captures 31% of the digital twin market share in 2023.
- Other disorders segments will drive the market, anticipated to grow at a CAGR of 31.1% during 2023-2035.
Based on the type of digital twin, the digital twin market is segmented into process digital twin, system digital twin, whole body digital twin, and body part digital twin.
- Process digital twin anticipated to dominate the market, capturing 32% of the market share in 2023.
- Body part digital twin segment is anticipated to grow at a higher CAGR of 31.2% during 2023-2035.
Based on the area of application, the digital twin market is segmented into asset/process management, personalized treatment, surgical planning, diagnosis, and other applications.
- Asset/process management segment drives the digital twin market, capturing 31% share in 2023.
- Other applications segment is likely to grow at a CAGR of 32% during the forecast period 2023-2035.
Based on the End User, the digital twin market is segmented into pharmaceutical companies, medical device manufacturers, healthcare providers, patients, and other end users.
- Pharmaceutical companies dominate the market, capturing 34% share of the market in 2023.
- Other end user segments are likely to drive the market in the future, anticipated to grow at a higher CAGR of 34% during 2023-2035.
Based on the Regional Insights, the digital twin market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East and North Africa, and the Rest of the World.
- The North America region is likely to grow during the forecast period, capturing 31% of the digital twin market share in 2023.
- Rest of the world segment is anticipated to grow substantially at a higher CAGR of 32.9% in 2023, it is expected to grow during the forecast period (2023-2035).
Key Companies Profiled
The market report also includes detailed profiles of key players (listed below) that offer digital twin technology solutions:
- Navv Systems
You Can Also Ask a Question on the Digital Twin Market by Clicking on the Given Link https://www.rootsanalysis.com/reports/digital-twins-market/ask-question.html
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About Roots Analysis
Roots Analysis is a global leader in the pharma/biotech market research. Having worked with over 750 clients worldwide, including Fortune 500 companies, start-ups, academia, venture capitalists, and strategic investors for more than a decade, we offer a highly analytical / data-driven perspective to a network of over 450,000 senior industry stakeholders looking for credible market insights. All reports provided by us are structured in a way that enables the reader to develop a thorough perspective on the given subject. Apart from writing reports on identified areas, we provide bespoke research/consulting services dedicated to serving our clients in the best possible way.
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SOURCE Roots Analysis