Digital Biomarkers Market to Grow with a CAGR of 14.88% through 2028
According to
TechSci Research report, “Digital Biomarkers Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the
Global Digital Biomarkers Market stood at USD 2.81 billion in 2022 and is
anticipated to grow with a CAGR of 14.88% in the forecast period, 2024-2028. With
the increasing adoption of recent advancements and remote technologies, the
market for digital biomarkers is expected to witness significant growth during
the forecast period.
The expansion of
remote data collecting technologies, the largest segment within the digital
biomarkers market, has been driven by advancements in wearable and mobile
technology. Furthermore, the growing utilization of the internet has further
contributed to the progress of this market segment.
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"Global Digital Biomarkers Market”
Preventive
healthcare is garnering increasing interest and attention as patients and
healthcare professionals recognize the importance of early disease
identification and avoidance. Digital biomarkers have proven to be valuable in
this realm, by detecting early illness symptoms and enabling targeted
therapies. The advancements in artificial intelligence and machine learning
have facilitated the creation of sophisticated algorithms capable of analyzing
vast amounts of data and identifying emerging patterns. This surge in demand
for precise and reliable digital biomarkers has consequently driven market
growth.
Digital
biomarkers fulfill the patients' need for regular health assessments, offering
affordable and personalized treatment to ensure optimal patient care. The rapid
expansion of telecommunications and IT infrastructure, coupled with the growing
utilization of advanced digital devices, has further fueled the market growth
of digital biomarkers. In response to the severe impact of the Covid-19
outbreak, regulatory entities have expressed interest in developing digital
biomarker-based medications. For instance, in March 2022, AstraZeneca
collaborated with UK-based healthcare software company Huma Therapeutics to
develop Software as a Medical Device (SaMD) applications for various medical
conditions.
The evolving
technologies are propelling businesses to produce a diverse range of digital
biomarkers, which is expected to contribute to market growth in the coming
years. Many companies are capitalizing on the increasing acceptance of data and
devices by generating digital biomarkers. A notable example is the CDC's
finding that warnings for Atrial Fibrillation through a specific wristwatch
matched a genuine ECG 84% of the time, effectively reducing the risk of
mortality. The popularity of smartwatches and consumer wearables that monitor
various physiological aspects of the human body is on the rise.
Furthermore, the
market participants' introduction of innovative and user-friendly wearables for
monitoring vital signs has also boosted the demand for digital biomarkers. For
instance, Shimmer Research introduced the Verisense Digital Health Panel (DHP)
in November 2022, providing medical researchers with access to unprocessed,
real-world sensor data for digital health. While the potential of digital
biomarkers is increasingly recognized, there is a need for more precise
legislative guidelines regarding their development and usage. Companies may
face challenges navigating the regulatory landscape and obtaining product
authorization, which could hinder market growth in the forecast period.
The global
digital biomarkers market is driven by the expanding applications in areas such
as diabetes, respiratory diseases, cardiovascular diseases (CVDs), and sleep
disorders. Increased investments in drug research and development have led to
higher drug costs. Moreover, the growing prevalence of chronic diseases and the
aging population worldwide are fueling the demand for digital biomarkers. The
elderly are particularly susceptible to chronic diseases. The proliferation of
digital technologies, including handheld and wearable devices, has contributed
significantly to the digital biomarkers market. The increasing use of health
informatics in the healthcare industry is also fostering the growth of the
global digital biomarkers market.
Digital
biomarkers serve the essential purpose of enabling patients to monitor their
health conditions regularly and seek consultations as needed. They offer
cost-effective and personalized treatment to ensure effective patient care.
Additionally, the rapid development of telecommunications and IT
infrastructure, along with government and corporate investments in healthcare
digitalization and smart hospitals, is expected to further drive the demand for
digital biomarkers globally in the foreseeable future.
The Global Digital
Biomarkers Market is segmented into component, type, therapeutic area, end
user, regional distribution, and company.
Based on component,
digital biomarkers primarily comprise digital collection tools including digital
platforms, mobile apps, desktop-based software, wearable, and others or data
integration systems that are majorly used to collate objective, behavioral, and
quantifiable physiological data. These advanced devices play a crucial role in
collecting precise and clinically useful data, promoting a deeper understanding
of health-related outcomes. With the surging need for advanced data collection
tools, the wearables segment continues to lead in the digital biomarkers
market, providing more accurate and patient-centric information.
Compared to the
traditional research approach, which often lacks accuracy, digital biomarkers
offer better results by providing detailed information on the patient's
healthcare journey. These biomarkers are particularly beneficial in various
fields of medicine, such as oncology, diabetes, rehabilitation, cardiovascular
diseases, and mental health. Wearable devices, in particular, have gained
tremendous traction in these fields, facilitating the assessment of step count,
heart rate, intensity of activity, blood oxygen level, sleep-related outcomes,
and even sweating intensity. The integration of wearable devices as key data
sources is increasingly becoming vital in the development of highly
personalized and versatile treatment plans for patients. This integration
allows for prompt therapeutic interventions enabled by changes in health
patterns, leading to improved patient outcomes. The continuous advancements in
wearable technology and its increasing adoption in healthcare settings signify
a promising future for digital biomarkers and their role in enabling precision
medicine.
Based on region,
North America segment is expected to grow during the forecast period. North
America is projected to showcase dominance in the digital biomarkers market due
to several factors. These include the increasing prevalence of chronic
diseases, the substantial number of clinical trials conducted in the United
States, and the availability of technologically advanced products in the
region. According to a report published by the Centers for Disease Control and
Prevention, around 20.1 million adults in the U.S. are estimated to be affected
by coronary artery disease in 2022, with approximately 805,000 Americans
experiencing heart attacks each year. Moreover, data from the International
Clinical Trials Registry Platform (ICTRP) reveals that there are currently over
11,000 active clinical trials in the United States. The significant number of
ongoing clinical trials and the rising incidence of chronic diseases are
contributing to the growth of the market in this region.
Furthermore, the
market in North America is witnessing a surge in demand for digital biomarkers
due to the continuous technological advancements by market players and the
presence of key industry players in the region. For example, ActiGraph recently
announced the launch of CPIW 2.0, a solution designed for the continuous
tracking of real-world movement and sleep behaviors in clinical trial
participants. Considering the aforementioned factors, the North America region
is expected to experience substantial growth in the digital biomarkers market.
Major companies
operating in Global Digital Biomarkers Market are:
- ActiGraph, LLC
- AliveCor, Inc.
- Altoida AG
- Biogen Inc.
- Fitbit, Inc.
- HumanAPI Inc.
- Pfizer, Inc.
- Sanofi S.A.
- Novartis
International AG
- Neurotrack
Technologies, Inc.
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“The growing
utilization of digital biomarkers across various applications, such as
diabetes, respiratory diseases, cardiovascular diseases (CVDs), and sleep
disorders, is driving significant growth in the global digital biomarkers
market. Increased investments in drug research and development have led to
higher drug costs. Moreover, the rising prevalence of chronic diseases and the
expanding geriatric population worldwide are fueling the demand for digital
biomarkers, particularly among older individuals who are more susceptible to
such conditions. The widespread adoption of handheld and wearable digital
devices, facilitated by the proliferation of digital technologies, plays a
crucial role in the digital biomarkers market. Additionally, the increasing utilization
of health informatics in the healthcare industry is fostering the expansion of
the global digital biomarkers market.,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based management consulting firm.
“Digital Biomarkers Market Segmented By Component
(Data Collection Tools {Digital Platforms, Mobile Apps,
Desktop-Based Software, Wearable, Others} v/s Data
Integration Systems), By Type (Novel Digital Biomarkers, Original Digital
Biomarkers, Approved Digital Biomarkers), By Therapeutic Area (Cardiovascular
Diseases, Sleep & Movement Diseases, Neurodegenerative Disorders,
Psychiatric Disorder, Others), By End User (Biotechnology & Pharmaceutical
Companies, Payers, Providers, Others), By Region and Competition, Forecast
& Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Digital Biomarkers Market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Digital Biomarkers Market.
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