PUBLISHER: SkyQuest | PRODUCT CODE: 1463266
PUBLISHER: SkyQuest | PRODUCT CODE: 1463266
Global digital biomarkers market size was valued at around USD 2.96 billion in 2022 and is expected to rise from USD 3.61 billion in 2023 to reach a value of USD 17.59 billion by 2031, at a CAGR of 21.9 % over the forecast period (2024-2031).
The market is poised for expansion owing to the rapid adoption of health-related mobile applications and connected digital devices, alongside the increasing prevalence of smartphone usage, the introduction of novel wearables, and the broadening applications in therapeutic domains. The much-awaited approval is empowering patients and their healthcare providers with deeper insights into cardiac health, including the early detection of specific arrhythmias indicative of cardiovascular disease. Consequently, the market for digital biomarkers is experiencing a substantial growth surge. Moreover, the healthcare sector is expected to witness growth over the forecast period, fueled by heightened financial and investment activities aimed at expediting research on digital biomarkers. Additionally, numerous health technology companies have contributed their digital biomarker technologies to combat the COVID-19 pandemic, further driving market expansion. Collaborations, such as that between Medopad and international partners, aim to expedite the validation process, identify digital biomarkers for critical data points like respiratory indicators, and pinpoint individuals at higher risk for COVID-19, thus benefitting the market. Furthermore, the scope of digital biomarkers extends beyond smartwatches and activity trackers. Major pharmaceutical companies are teaming up with innovative digital health start-ups to accelerate the adoption of this technology and enhance novel solutions in the realm of digital biomarkers, thereby fostering market growth. Government organizations, acknowledging the profound challenges posed by the COVID-19 pandemic, are expressing interest in developing medications based on digital biomarkers. Despite the myriad advantages offered by digital biomarkers, certain obstacles, such as concerns regarding data privacy, reliability, data validation, and the absence of open-source data, are anticipated to impede market growth. However, during the forecast period, increasing competition and expanded utilization of these systems are expected to surmount these challenges.
Top-down and bottom-up approaches were used to estimate and validate the size of the global digital biomarkers market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Digital Biomarkers Market Segmental Analysis
The global digital biomarkers market is segmented based on type, clinical practice, therapeutic area, end-use, and region. By type, the market is segmented into wearable, mobile based applications, sensors, and others. By clinical practice, the market is segmented into diagnostic digital biomarkers, monitoring digital biomarkers, predictive, and prognostic digital biomarkers, and others (safety, pharma co-dynamics/ response, susceptibility). By therapeutic areas, the market is segmented into cardiovascular and metabolic disorders (CVMD), respiratory disorders, psychiatric disorders, sleep & movement disease, neurological disorders, musculoskeletal disorders, and others (diabetes, pain management). By end-use, the market is segmented into healthcare companies, healthcare providers, payers, others (patient, caregivers). By region, the market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Drivers of the Global Digital Biomarkers Market
The increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is fueling the demand for digital biomarkers. These biomarkers play a crucial role in the early detection and management of these conditions.
Restraints in the Global Digital Biomarkers Market
The absence of definitive regulatory guidelines for digital biomarkers is impeding the growth of this market by creating uncertainty for investors and manufacturers alike.
Market Trends of the Global Digital Biomarkers Market
The growing popularity of wearables and mobile health apps among both consumers and healthcare providers is fueling the expansion of the digital biomarkers market. These technologies facilitate continuous and remote monitoring of patients, generating substantial amounts of data that can be leveraged to develop digital biomarkers.