PUBLISHER: Allied Market Research | PRODUCT CODE: 1365684
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365684
According to a new report published by Allied Market Research, titled, "Digital Biomarkers Market," The digital biomarkers market was valued at $2.1 billion in 2022, and is estimated to reach $14.7 billion by 2032, growing at a CAGR of 21.3% from 2023 to 2032.
Digital biomarkers are characterized as measurable physiological and behavioral data that are obtained and assessed using digital devices such as portable, wearable, implantable, or ingestible ones. The information gathered is often used to forecast, affect, or explain outcomes connected to health. Digital biomarkers offer another chance to gather factual data that has therapeutic significance. This innovative open-access multidisciplinary approach unites informatics, engineering, biomedicine, regulatory science, and computer science.
The digital biomarkers market growth is driven by high presence of market players who manufacture digital biomarkers and increase in prevalence of chronic diseases such as cardiovascular diseases, respiratory diseases, psychiatric diseases, neurological diseases, and others. Digital biomarkers are used to monitor a wide range of diseases and health conditions. Digital biomarkers aim to monitor heart rate, heart rate variability, blood pressure, and other related parameters to assess the risk of cardiovascular diseases such as hypertension, arrhythmias, and heart failure. These biomarkers can be utilized to assess and monitor mental health conditions such as depression, anxiety, and bipolar disorder by analyzing patterns in sleep, activity levels, social interactions, and speech characteristics.
Moreover, digital biomarkers can aid in the monitoring and management of neurological conditions like Parkinson's disease, Alzheimer's disease, multiple sclerosis, and epilepsy. These biomarkers can include gait analysis, tremor frequency, cognitive performance, and sleep disturbances. Digital biomarkers can help track and analyze pain levels, activity patterns, sleep quality, and mood fluctuations in patients with chronic pain conditions, assisting in personalized pain management approaches.
For instance, according to the British Heart Foundation, in 2022, around 1,139,140 people were reported to have been suffering from heart and circulatory diseases in the UK. As per the same source, in 2022, around 650,681 male and 488,320 female population were suffering from heart and circulatory diseases in the UK. Thus, rise in number of chronic diseases is anticipated to drive the demand for digital biomarker and boost the growth of the market.
In addition, geriatric population is more susceptible to chronic diseases such as cardiovascular diseases, neurological disorders, respiratory diseases, and others. Thus, increase in the number of geriatric populations is expected to witness growth in prevalence of neurological diseases such as Alzheimer's dementia (AD). Therefore, this is expected to increase the demand for digital biomarkers and boost the growth of the market. According to World Health Organization, (WHO), population aged 60 years and over were expected to increase from 1 billion in 2020 to 1.4 billion in 2022 globally. By 2050, the global population of people aged 60 years and older is expected to increase by two-fold. The number of people aged 80 years or older is expected to triple between 2020 and 2050 to reach 426 million.
Moreover, according to Alzheimer's Association, in 2022, an estimated 6.5 million Americans aged 65 and older were reported to have been living with Alzheimer's dementia (AD). This number is projected to grow to 13.8 million by 2060. On the other hand, data privacy and security concerns, and lack of awareness is anticipated to hamper the growth of the market. However, increase in demand for digital medical devices in the developed countries such as U.S., Canada, and Germany and growth opportunities in emerging markets are expected to create immense opportunities for the digital biomarkers market during the forecast period.
The digital biomarkers market is segmented on the basis of type, application, end user and region. By type the market is divided into wearable, mobile application, software, and others (sensor, card, and implantable). By application, the market is classified into cardiovascular disease, sleep & movement disease, neurological disorders, and others. (respiratory diseases, diabetes, psychiatric and musculoskeletal disorders). By clinical practice, the market is classified into monitoring, diagnostic and prognostic. By end user, the market is divided into healthcare companies, hospitals, and others (payers and patients)
Region-wise, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
Major key players that operate in the global digital biomarkers market are ActiGraph LLC, Verily Life Sciences, Alivecor, koneksahealth, Amgen, Brainomix, Feel Therapeutics, Sonde Health, Inc., Empatica, Clario. Key players operating in the market have adopted product approval, product launch, acquisition and agreement as their key strategies to expand their digital biomarkers market share.
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