Visiongain has published a new report entitled Digital Twin Technology in Pharmaceutical Manufacturing Market Report 2024-2034: Forecasts by Components (Software, Services), by Application (Asset and Process Management, Personalised Medicine, Drug Discovery, Others), by End-use (Pharma & Bio-pharma Companies, Research & Academics, Others) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies.
The global digital twin technology in pharmaceutical manufacturing market is estimated at US$307.4 million in 2024 and is projected to grow at a CAGR of 31.3% during the forecast period 2024-2034.
Increasing Demand for Cutting-Edge Technologies in Pharmaceutical Manufacturing
The increasing demand for advanced technologies in pharmaceutical manufacturing underscores their critical role in ensuring the safety and cost-efficiency of new healthcare initiatives before implementation. Digital twins, though still in early adoption stages, are gaining traction among healthcare professionals, particularly for evaluating surgical procedures and advancing personalized medicine. This trend is expected to drive market expansion significantly in the coming years. Notably, digital twins play a crucial role in studying complex diseases like multiple sclerosis and Alzheimer’s, providing deeper insights into treatment strategies and expediting clinical trials.
The growing integration of artificial intelligence (AI) in healthcare is set to further accelerate the adoption of digital twin technology. For instance, Research conducted at Columbia University in 2023 has shown that AI has the potential to aid in personalized treatment planning, thereby enhancing patient care outcomes. Utilizing components such as APIs, graph databases, and natural language processing (NLP), tailored digital twins for healthcare and life sciences promise to reduce medical costs and improve patient outcomes. By offering data-driven insights, real-time monitoring, and targeted interventions, digital twins have the potential to transform healthcare, leading to substantial reductions in overall healthcare expenditures.
However, industry stakeholders are likely to encounter challenges such as interoperability issues, high implementation costs, data management, and security concerns. Integrating digital twins with existing manufacturing systems and ensuring interoperability across different platforms present technical obstacles that hinder seamless deployment and scalability. Incompatibilities between outdated manufacturing equipment and modern digital twin solutions may necessitate customization or retrofitting, adding complexity and expense for pharmaceutical manufacturers.
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How will this Report Benefit you?
Visiongain’s 276-page report provides 95 tables and 158 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the digital twin technology in pharmaceutical manufacturing market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Digital Twin Technology in Pharmaceutical Manufacturing. Get financial analysis of the overall market and different segments including type, process, upstream, downstream, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing digital twin technology in pharmaceutical manufacturing market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Advancements in Digital Twin Technology in Pharmaceutical Manufacturing
Virtual clinical trials employing digital twins are increasingly employed to reduce costs and expedite the development cycle of biopharmaceutical drugs. In phase I clinical trials, digital twins can effectively anticipate potential therapeutic contraindications, thereby enhancing safety protocols. Additionally, digital twin modeling accommodates specific scenarios where participants may exhibit treatment-related restrictions or adverse reactions to medications. Conversely, this virtual twin approach can simulate biological variabilities essential for conducting clinical investigations with limited subject numbers and provide personalized medication guidance.
Moreover, the adoption of IoT devices is expected to drive market demand in the foreseeable future. For instance, in various sectors, including healthcare, IoT devices account for 30.3% of the total, as reported by AUManufacturing. IoT devices serve diverse purposes in healthcare settings, from facilitating portable health monitoring to enhancing document security measures.
Increase in Investment from Private & Public Organisations
Several new companies, including DigiTwin and Unlearn, are introducing creative ways to employ these innovations in healthcare. For example, Twin Health announced in December 2023 that it has raised capital for digital twin technologies. Twin Health, a digital metabolic care company, announced that it has raised $50 million in cash, two years after securing $140 million in Series C funding. The California-based company will use the funds to advance the development of its Whole Body Twin Technology, which attempts to halt and even reverse metabolic diseases. Temasek oversaw the fundraising with assistance from current investors ICONIQ Growth, Helena, Sofina, and Peak XV.
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Where are the Market Opportunities?
Emerging Applications of Digital Twins in Healthcare
The healthcare landscape is undergoing significant transformation due to digital twin technology, which enhances patient care through personalized treatment plans and precise surgical procedures. These advancements are driving innovation in the healthcare sector, marking a pivotal era in patient-centric healthcare delivery. With the evolution of digital twin (DT) technology alongside the proliferation of big data, artificial intelligence (AI), and the Internet of Things (IoT), the medical field anticipates substantial growth in research exploring the applications of digital twins.
Digital twins are particularly leveraged for precision medicine, requiring efficient handling and integration of vast datasets. The IoT plays a crucial role by providing the technological infrastructure for comprehensive understanding of physical entities through sensor networks, data acquisition systems, and QR codes. These technologies enable real-time data collection, feedback mechanisms for model optimization, and regulatory compliance in communication technologies.
Increase in Funding from Government and Non-government Sources
Digital twin technology is highly valued for its ability to drive innovation and enhance operational efficiency, prompting increased investments from both public and commercial sectors. For instance, Mesh Bio secured $3.5 million on February 1, 2024, to introduce digital twin technology in Southeast Asia and Hong Kong, with a focus on combating prevalent chronic diseases like diabetes and heart disease in Indonesia and the Philippines. The initiative aims to expand the deployment of their flagship digital twin solutions across these regions.
In addition, on April 12, 2023, Accenture Ventures strategically invested in Virtonomy, a company specializing in data-driven simulations using digital twin technologies and patient data to accelerate the development of life-saving medical devices. This investment is poised to advance global medical technology capabilities and bolster Accenture's Project Spotlight initiative, supporting emerging technology firms targeting enterprise markets.
Competitive Landscape
The major players operating in the Digital Twin Technology in Pharmaceutical Manufacturing Market are Atos, Microsoft, Philips Healthcare, Oracle, PTC, Verto Health, Dassault Systems (3DS System), ThoughWire, Faststream Technologies, Twin Health, Siemens Healthineers AG, GE Healthcare, ANSYS, Inc. and NVIDIA. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 14th December 2023, Quantum Genomics announced its intention to merge with ExactCure, with the goal of developing a personalized simulated digital twin tailored for pharmaceutical companies. According to reports, this strategic initiative is expected to revolutionize both patient care and the process of medication development..
- On 23rd August 2023, Altis Labs, a Canadian company, entered into a partnership agreement with AstraZeneca and Bayer to collaborate on the development of automated digital twin technology aimed at expediting clinical trial timelines. This initiative is driven by the objective of enhancing clinical trial productivity and improving patient outcomes. Altis Labs will leverage its patented Nota Imaging Platform to analyze data derived from clinical trials and provide advanced prognostic solutions.
- On 30th January 2023, Microsoft, Schneider Electric, and Emirates Health Services collaborated to develop and introduce EcoStruxure for Healthcare, a digital twin solution designed to enhance hospital energy efficiency and improve healthcare operations performance by up to 30% in the United Arab Emirates.
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To find more Visiongain research reports on the Pharma sector, click on the following links:
- Contract Manufacturing Outsourcing (CMO) of Sterile Injectable Drugs Market Report 2024-2034
- mRNA Vaccines Market Report 2023-2033
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