USD 2.96 billion
Report ID:
SQMIG35G2218 |
Region:
Global |
Published Date: August, 2024
Pages:
219
|Tables:
128
|Figures:
77
Global Digital Biomarkers Market size was valued at around USD 2.43 billion in 2022 and is expected to rise from USD 2.96 billion in 2023 to reach a value of USD 14.44 Billion by 2031, at a CAGR of 21.9 % over the forecast period (2024–2031).
The market is anticipated to expand as a result of the quick uptake of health-related mobile applications and connected digital devices, rising smartphone usage, the introduction of new wearables, and expanding applications in therapeutic areas. This long-awaited approval is making it possible for patients and their doctors to have a deeper understanding of their hearts, including awareness of particular arrhythmias that act as early indicators of cardiovascular disease. The market for digital biomarkers is growing significantly faster as a result of this trend. The market for healthcare firms is expected to grow over the projected period as a result of the increase in finance and investment activities to expedite research on digital biomarkers.
Additionally, a number of health technology companies have contributed their digital biomarker technologies to help stop the Covid-19 outbreak; as a result of this investment, the market is expected to expand over the course of the forecast period. In order to expedite the validation process, identify digital biomarkers for data points like respiratory indicators, and identify patients who are most at risk for COVID-19, for instance, Medopad is collaborating with international partners. The market is anticipated to profit from the COVID-19 situation as a result.
Furthermore, digital biomarkers go far beyond smartwatches and activity trackers. Some major pharmaceutical companies have partnered with innovative digital health start-ups in order to accelerate the adoption of this technology and improve new solutions in the field of digital biomarkers, which is expected to drive market expansion.
Due to the severe hardship caused by the Covid-19 outbreak, government organizations have expressed interest in developing digital biomarker-based medications.
Although there are many advantages to digital biomarkers, some obstacles to their development and use are anticipated to restrain market growth. There are issues with data privacy, reliability, data validation, and a lack of open-source data among them. Nevertheless, during the forecast period, it is anticipated that increasing competition and increased use of these systems will overcome this obstacle.
US Digital Biomarkers Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.96 billion
Largest Segment
Cardiovascular and Metabolic Disorders
Fastest Growth
Cardiovascular and Metabolic Disorders
Growth Rate
21.9% CAGR
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The Biomarker Market is segmented based on type, clinical practice, therapeutic area, end users and region. Based on type, the market is segmented into Wearable, Mobile based Applications, Sensors, and others. Based on clinical practice, Diagnostic digital biomarkers, Monitoring digital biomarkers, Predictive and Prognostic digital biomarkers, Others. Based on therapeutic area, the market is segmented into Cardiovascular and metabolic disorders (CVMD), Respiratory disorders, Psychiatric disorders, Sleep & Movement Disease, Neurological disorders, Musculoskeletal disorders, Others (Diabetes, Pain Management). Based on end –users, the market is segmented into healthcare companies, Healthcare Providers, Payers, Others (Patient, caregivers). Based on region, North America, U.S., Canada, Mexico, Europe,UK, Spain, Italy, France, Denmark and others.
Digital Biomarkers Market Analysis by Technology
Based on the technology, the biomarkers market has been segmented into immunoassays (western blot, ELISA, and protein microarray), NGS, PCR, mass spectrometry, chromatography, and other technologies. In 2023, immunoassays accounted for the largest share of the biomarkers market. This is attributed to the growing need for immunoassays during the drug development process, as drug development puts much pressure on costs and sample usage.
Digital Biomarkers Market Analysis by Application
Based on the application, the biomarkers market has been segmented into clinical diagnostics, drug discovery & development, personalized medicine, clinical research, and other applications. In 2023, the clinical diagnostic segment accounted for the largest market share and is expected to achieve the highest CAGR during the projected period. The key drivers of clinical diagnostics in the biomarkers market include the use of biomarkers for disease detection, diagnosis, prognosis, and monitoring of therapeutic responses in clinical settings.
Digital Biomarkers Market Analysis by Region
Geographically, the biomarkers market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America held the dominant share, followed by Europe. North America has been a leader in supporting research for the development of novel drugs. Thus, the development of novel therapies and a growing number of clinical trials in the region are contributing to the growth of the North American biomarkers market.
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North America dominated the market and held a revenue share of over 59.0% in 2022, which can be attributed to the region's enhanced awareness of the efficacy of digital biomarkers as well as the region's substantial number of key market players, significant product launches, increase in investment in research and development, and growing acceptance of smart devices. A few other key factors for this area to forecast market expansion include the increasing number of initiatives to improve healthcare IT and the existence of healthcare programmers. Additionally, it is anticipated that the market in North America will be driven by the strategic initiatives of the region's market participants and significant R&D expenditure.
The fastest growth in the digital biomarker market is anticipated in Europe, where a growing number of chronically ill patients are driving demand for real-time monitoring and disease diagnosis. Additionally, during the forecast period, market expansion is being fueled by developed healthcare infrastructure in European countries and a strong emphasis on R&D activities, which is anticipated to propel market expansion.
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Digital Biomarkers Market Drivers
Increasing Prevalence of Chronic Diseases
Digital Biomarkers Market Restraints
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The nature of the global digital biomarkers market is characterized by intense competition and rapid technological advancements. Companies operating in this market are focusing on product innovation, partnerships, collaborations, and mergers and acquisitions to gain a competitive edge. Companies are investing in R&D to develop new and innovative products that offer advanced features and capabilities.
Digital Biomarkers Market Top Player’s Company Profiles
Digital Biomarkers Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global digital biomarkers market analysis, we found that the market is anticipated to expand as a result of the quick uptake of health-related mobile applications and connected digital devices, rising smartphone usage, the introduction of new wearables, and expanding applications in therapeutic areas. This long-awaited approval is making it possible for patients and their doctors to have a deeper understanding of their hearts, including awareness of particular arrhythmias that act as early indicators of cardiovascular disease. The market for digital biomarkers is growing significantly faster as a result of this trend. The market for healthcare firms is expected to grow over the projected period as a result of the increase in finance and investment activities to expedite research on digital biomarkers.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.43 billion |
Market size value in 2031 | USD 14.44 Billion |
Growth Rate | 21.9% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Digital Biomarkers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Digital Biomarkers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Digital Biomarkers Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Digital Biomarkers Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35G2218