Report Description

Forecast Period

2024-2028

Market Size (2022)

USD 2.81 Billion

CAGR (2023-2028)

14.88%

Fastest Growing Segment

Biotechnology & Pharmaceutical Companies

Largest Market

North America

 

Market Overview

Global Digital Biomarkers Market has valued at USD 2.81 Billion in 2022 and is anticipated to project impressive growth in the forecast period with a CAGR of 14.88% through 2028. Digital biomarkers capture information that individuals actively gather about their own well-being or the treatment of a condition using digital health technology. This information is used to explain, influence, and predict health outcomes. Digital biomarkers can collect extensive data, including sleep patterns, heart rate variability, physical activity, and cognitive function. They are collected through various sensors, such as GPS, accelerometers, and microphones, and analyzed using advanced algorithms and machine learning techniques.

Digital biomarkers provide an opportunity to gather factual and clinically valuable data. They contribute to essential imaging capabilities and improved spatial accuracy. Digital biomarkers offer services for carotid conduit disease, stomach aortic aneurysm, complicated fringe vein disease, and aortic analysis. In the healthcare sector, digital biomarkers are the primary source of big data findings. They help evaluate current health issues, as well as predict and assess dangerous scenarios. These devices are available as implanted, portable, consumable, and wearable items. By enabling early disease identification and diagnosis, individualized therapies, and enhancing the quality of life, the application of digital biomarkers can transform the healthcare sector. Additionally, they provide researchers with a wealth of information to identify trends and patterns, facilitating the development of novel cures and treatments. Furthermore, the objective and minimally patient-involved data acquisition in clinical studies can enhance authenticity, leading to the production of more precise medications.

 

Key Market Drivers

Rise in Prevalence of Cancers

The worldwide pervasiveness of smoking, physical inactivity, and unhealthy food habits significantly influences the incidence of cancer. These habits, when combined, create an environment that promotes the development and progression of cancerous cells within the body. To this end, biomarkers play a crucial role in enabling constant tracking and monitoring of diverse characteristics regarding health and diseases. By measuring specific molecules or genetic alterations, biomarkers provide valuable insights into the underlying mechanisms of cancer development.

The multistage carcinogenesis process involves a series of molecular pathway events that eventually lead to the development of cancer. From the initial genetic mutations to the formation of a tumor, each step in this process contributes to the progression of the disease. Understanding these molecular events is essential for early detection, accurate diagnosis, and effective treatment of cancer. However, the diagnosis, prognosis, and therapy of cancer can be quite complex. Each cancer type differs from other forms based on its unique molecular profile, making it challenging to develop standardized approaches for treatment. This complexity necessitates the need for advanced technologies and innovative solutions to deliver personalized and precise care to patients.

In recent years, the concept of digital biomarkers has emerged as a promising avenue for better analysis and insights into patients' health. These digital biomarkers, collected through various digital health technologies such as wearable devices and mobile applications, provide continuous monitoring of individuals' health parameters. By capturing real-time data on vital signs, physical activity, sleep patterns, and other relevant indicators, digital biomarkers offer a comprehensive view of an individual's health status.

The increasing demand for personalized medicine and the growing adoption of digital health technologies have fueled the growth of the global digital biomarkers market. With the ability to provide objective and quantifiable data, digital biomarkers have opened up numerous opportunities for improving disease management and enhancing patient outcomes. This, in turn, has led to abundant growth in the field, with researchers, healthcare providers, and technology companies actively exploring the potential of digital biomarkers in transforming the future of healthcare.

Growing Incidence of Chronic Ailments

According to a comprehensive report published by the World Health Organization (WHO) in 2022, it was estimated that nearly 246 million individuals worldwide were grappling with various respiratory diseases. This staggering figure underscores the urgent need for effective monitoring, diagnosis, and prognostic tools in healthcare. Digital biomarkers, which harness the power of technology to assess and predict health outcomes, have emerged as a game-changer in this domain.

By leveraging digital biomarkers, healthcare professionals can closely monitor crucial symptoms of patients battling chronic conditions such as respiratory disorders, cardiovascular ailments, and metabolic disorders. This proactive approach enables early detection of potential complications and facilitates timely intervention, ultimately improving patient outcomes and quality of life.

The global digital biomarkers market holds immense potential, with the monitoring of these innovative markers poised to drive its growth in the foreseeable future. With an ever-increasing prevalence of chronic diseases and the pressing need for continuous health monitoring, the demand for digital biomarkers is expected to soar. This robust market growth signifies a paradigm shift in healthcare, where data-driven insights and personalized care are becoming the cornerstone of modern medical practices.

Rise in Number of Clinical Trials

The report published by the WHO International Clinical Trials Registry Platform (ICTRP) reveals that in 2020, the number of active clinical trials worldwide exceeded 59,000. This significant increase can be attributed to the rising prevalence of chronic ailments, which necessitates extensive research and development efforts. As the number of clinical trials continues to rise, the demand for digital biomarkers is expected to experience sharp spikes. These digital biomarkers play a crucial role in monitoring patients' health conditions and tracking changes in their health patterns, providing vital insights for clinical trials.

Moreover, there has been a substantial push towards the development of various therapeutics aimed at managing chronic conditions. This drive for innovation further fuels the demand for digital tools, including digital biomarkers, which contribute to more effective and efficient clinical trials. Looking ahead, ongoing technological advancements in this field, coupled with the growing acceptance of tech-based tools in clinical trials, are anticipated to be the major trends shaping the global digital biomarkers market in the coming years.

Increased Healthcare Expenditure

There has been a significant increase in healthcare expenditure globally due to various factors. According to the National Health Expenditure Accounts (NHEA), healthcare spending grew by 9.7% in 2020, reaching a staggering USD 4.1 trillion. This translates to approximately USD 12,530 per person in the US. Furthermore, health spending accounted for 19.7% of the gross domestic product (GDP). In the European Union, Eurostat reports that healthcare expenditure amounted to 9.94% of the GDP, equivalent to Euro 1.38 trillion. These figures highlight the substantial financial commitment to healthcare. With this rise in healthcare expenditures, there is a corresponding increase in the demand for digital biomarkers, which are poised to drive industry growth and revolutionize healthcare.

The usage of smartphones, smartwatches, and wearable digital technological devices has witnessed a remarkable surge in recent years. Medical bracelets, fitness trackers, and other wearable devices have become increasingly popular among individuals seeking to monitor their health and fitness levels. Notably, Apple currently dominates the smartwatch market with a share of 30.1%, followed by Samsung at 10.1%. The year-on-year sales of smartwatches continue to rise, indicating a growing market for digital biomarkers.

In addition to smartwatches, smartphones themselves play a crucial role in the advancement of digital biomarkers. These devices are equipped with various sensors, including accelerometers and motion sensors, which enable individuals to track and monitor their health on a daily basis. The widespread adoption of smartphones has made health tracking more accessible and convenient for users worldwide.

Furthermore, the process of drug development has become increasingly capital-intensive and time-consuming. As a result, there is a growing emphasis on investing in digital biomarkers as a more efficient and cost-effective alternative. By utilizing digital biomarkers, researchers and pharmaceutical companies can streamline the drug development process, saving valuable time and resources. This investment in digital biomarkers holds immense potential for revolutionizing the healthcare industry. By incorporating these additional details, we gain a deeper understanding of the factors driving the demand for digital biomarkers and their potential impact on healthcare and drug development.