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.

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.

The global digital twins in healthcare market size is estimated to grow from $1.9 billion in 2024 to $33.4 billion in 2035, growing at a CAGR of 30% during the forecast period, till 2035.

In order to outshine their proprietary offerings, developers are keen to integrate advanced technologies and innovations that can attract a wider audience. Over the past few years, various players involved in the digital twin domain have signed various partnership agreements, with an aim to grow and expand their respective portfolios. During our research, we observed that most of the players who develop digital twins are actively collaborating with other prominent players in this domain. This chapter presents insights obtained from a detailed analysis of such partnerships and collaborations in this domain, during the period 2018-2023. Among all the types of partnerships, technology integration agreements have emerged as the most popular (21%) type of partnership signed by players in the domain of digital twins. This is followed by service agreements (12%), product development agreements (11%) and technology development agreements (10%). Additionally, this market has witnessed nine instances of acquisitions in the given time period.

In terms of technology integration agreements, majority (45%) of the agreements were signed in the year 2020, indicating a significant focus on integrating new technologies into existing processes / products. Notably, a promising trend has been observed related to service agreements over the years, which suggests a growing reliance of digital twin companies on outsourcing specific services.

In terms of geographical regions, the majority (32.6%) of the agreements related to digital twins were signed between companies located in North America, indicating their strong presence in the digital twin domain. Further, players based in North America have also signed intercontinental agreements (8.7%) with players based in Europe.

To support the ongoing innovations, several private and public investors have made substantial capital investments; notably, most of the funding rounds took place in 2021. Over the years, monetary assistance from angel investors, venture capitalists, and funding schemes of various public and private organizations / funds, as well as regulatory authorities, have allowed start-ups and small companies to further their research and development efforts related to digital twins. The overall trend of investment in this domain has been very promising. It is worth highlighting that more than 90% of the total investment (in terms of the amount invested) was made in the last three years. Further, it is interesting to note that nearly 60% of the total amount raised in this domain was raised through initial public offerings. Examples of such players include (arranged in reverse chronological order of the date of funding) BigBear.ai (June 2021), Babylon (June 2021), and Certara (March 2021).

Nearly 40% of the total number of funding instances have been received in the form of venture series; this is followed by instances of seed funding. This trend is indicative of the fact that substantial commercially viable research is being carried out in this domain, which has encouraged the investors to fund diverse initiatives undertaken by the stakeholders in this domain.

The maximum number of instances were reported by the companies based in North America, which raised over USD 2,400 million in the given time period. It is worth mentioning that within this region, maximum amount was raised through secondary offerings. This is followed by the investments made through other equity rounds and IPO.

Research Methodology

Our analysts have performed an accurate examination of the various aspects of the global market leveraging avant-garde primary and secondary sources of data collection. The report has gathered the necessary data and information from several reliable sources. Additionally, the report offers many strategic recommendations for companies involved in this ever-growing business sector to help them attain a competitive edge in the Digital Twins in Healthcare Market. 

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