As per BIS Research, digital biomarkers are quantifiable behavioral and physiological data collected and measured using digital devices, for instance, wearable, digestible, implantables, and portables. Typically, the data gathered is used to explain, influence, and/or predict health-related outcomes.Digital biomarkers have multiple applications across the healthcare industry, and an increasing adoption rate has been observed over the past few years.
During the COVID-19 pandemic, technological advancements such as the integration of software and artificial intelligence (AI) in wearable devices, rising adoption of mHealth applications, and growing interest in telemedicine and remote patient monitoring systems have all contributed to the market growth for digital biomarkers. The global digital biomarkers market report highlights that the market was valued at $1,808.3 million in 2021 and is expected to reach $16,174.0 million by 2028. The market is expected to grow at a CAGR of 36.06% during the forecast period 2022-2028.
Global Digital Biomarkers Market Drivers
Conventional chronic disease diagnostics are very subjective and based on a series of visits. As a result, drug development decisions are based on limited, subjective evidence, resulting in large-scale Phase 3 trials of medications that were unsuccessful. Digital biomarkers can predict the efficacy of a drug more swiftly than a conventional clinical endpoint, thereby accelerating product development in the case of certain therapeutic areas. Moreover, the advancements in digital biomarker technology such as voice-based digital biomarkers, mHealth applications, and the adoption of smart wearable devices are gaining popularity among people.
Furthermore, with the rise in prevalence and incidence of chronic diseases, technological adoption will also increase. As a result, disease diagnosis will become more prevalent, and the global market for digital biomarkers will expand. Governments invest a significant amount of money in healthcare insurance so that the overall healthcare costs can be reduced, and the quality of life and affordability of the treatment can be enhanced.
Global Digital Biomarkers Market Restraints
The factors restraining the growth of the global digital biomarkers devices market include the risks associated with return on investment (RoI) and the lack of standardized and interoperability solutions. Moreover, people are specifically concerned about the increased risk of medical errors and invasion of patients' privacy when digital health devices are being used instead of conventional methods.
Global Digital Biomarkers Market Opportunities
High growth opportunities in emerging economies and the emergence of local companies in Asia-Pacific and the Middle East and Africa hold immense potential for digital biomarkers market growth. In an era of machine learning (ML) and artificial intelligence (AI), extracting quantitative digital biomarkers that help in illness detection, characterization, monitoring, and therapy response assessment is becoming increasingly desirable.
Impact of COVID-19 on the Global Digital Biomarkers Market
The COVID-19 pandemic had a debilitating impact on the global healthcare ecosystem. Hospitals and clinics faced several challenges, such as lack of resources, high patient influx, and risk of infection among care providers. The market is projected to witness considerable growth during the forecast period 2022-2028. The increasing innovations and product designs in the global market and the growing use in emerging economies are the driving factors for the market's growth.
Market Segmentation
Global Digital Biomarkers Market (by System Components)
The global digital biomarkers market based on system components product type has been segmented into data collection tools and data integration software. Data collection tools have been further segmented into wearables, implantables, and mobile applications.
Global Digital Biomarkers Market (by Type)
The global digital biomarkers market based on product type has been segmented into clinical trials and clinical settings.
Global Digital Biomarkers Market (by Application)
The global digital biomarkers market, based on application, has been segmented into gastrointestinal diseases, sleep and movement disorders, cardiovascular, psychiatric disorders (mood and behavior), neurodegenerative diseases, diabetes, respiratory diseases, and others.
Global Digital Biomarkers Market (by End User)
The global digital biomarkers market based on end user has been segmented into biopharmaceutical companies, providers, and payers.
Global Digital Biomarkers Market (by Region)
The different regions covered under the global digital biomarkers market include North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World.
North America is expected to be the most lucrative region for the global digital biomarkers market due to advanced healthcare infrastructure and a high focus on research and development activities. The Asia-Pacific digital biomarkers market is one of the profitable markets with immense potential for expansion by key players in the global digital biomarkers market. The Asia-Pacific digital biomarkers market is expected to grow at the fastest rate during the forecast period. This can be attributed to the massive geriatric population base, which is driving the increase in the volume of digital biomarkers.
Key Market Players and Competition Synopsis
Some key players operating in the market include AliveCor, Inc., Pear Therapeutics Inc., Abbott, Akili Interactive Labs, Inc., Koninklijke Phillips N.V., Huma, Koneksa Health, Alphabet Inc., and Neurotrack Technologies, Inc.
Some strategies covered in this segment are funding activities, mergers and acquisitions, partnerships, alliances, business expansions, regulatory and legal activities, and new offerings and upgradations.
Key Questions Answered in the Report
• How has COVID-19 impacted the growth of the global digital biomarkers market?
• What are the key regulations governing the digital biomarkers market in key regions?
• What technological developments are projected to have the maximum influence on the global digital biomarkers market?
• Who are the leading players holding significant dominance in the global digital biomarkers market?
• What are some of the growth opportunities which market players can capitalize on?
• What are the drivers and restraints for the global digital biomarkers market?
• Which region has the highest growth rate in the digital biomarkers market?
• Which are the fastest growing countries in terms of the global digital biomarkers market?
• What are the key strategies being adopted by market players in the global digital biomarkers market?
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How This Report Can Add Value
Assuming that the reader is a manufacturer of digital biomarkers, the report will assist them in the following ways:
• Understand their position compared to other key players in the market
• Stay updated with novel technology integration, features, and the latest developments in the market
• Understand the impact of COVID-19 on digital biomarkers and the entry barriers for new companies
• Gain insights into end-user perception concerning the digital biomarkers market
• Identify some key players in the market and understand their valuable contribution
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