USD 2.43 billion
Report ID: SQMIG35G2218 | Region: Global | Published Date: June, 2023 | Pages: 157 | Tables: 128 | Figures: 77
Digital Biomarkers Market size was valued at around USD 2.43 billion in 2021 and is expected to rise from USD 2.96 billion in 2022 to reach a value of USD 14.44 Billion by 2030, at a CAGR of 21.9 % over the forecast period (2022–2030).
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 2.43 billion
Cardiovascular and Metabolic Disorders
Cardiovascular and Metabolic Disorders
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The global digital biomarkers market is segmented based on type, clinical practice, therapeutic area, end-use, and region. In terms of type, the market is segmented into wearable, mobile based applications, sensors, and others. Based on 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). Further categorization of therapeutic areas includes cardiovascular and metabolic disorders (CVMD), respiratory disorders, psychiatric disorders, sleep & movement disease, neurological disorders, musculoskeletal disorders, and others (diabetes, pain management). Further categorization of the end-use category includes healthcare companies, healthcare providers, payers, others (patient, caregivers). Regionwise, the global digital biomarkers market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Digital Biomarkers Market Analysis by Clinical Practice
Diagnostic digital biomarkers segment held the largest market share of more than 30% in 2022 due to the rising use of connected digital devices and health-related mobile applications for the diagnosis and monitoring of measurements used for a variety of disease categories, including cardiovascular diseases, mental health issues, neurological diseases, and diabetes. In light of this, it is anticipated that digital biomarkers will be crucial in future diagnostic and therapeutic operations for a range of illness states.
The fastest share during the anticipated period was monitoring digital biomarkers. This increase was ascribed to increasing investments in wearable technologies and smartwatches, which would make access to health-related data simpler and more precise. In addition, biopharmaceutical companies' wearables are improving internal processes by knowing patient biometrics and functioning from tracking, heart rate, sleep, and disease-specific biometrics including monitoring, electro-stimulation, and sweat analysis. It is believed that this will fuel market expansion.
Digital Biomarkers Market Analysis by Therapeutic Area
The cardiovascular diseases category currently holds the largest market share in the global market for digital biomarkers due to the rising number of therapeutic applications and the fact that cardiovascular disease is the leading cause of death worldwide despite being a condition that is easily treatable. Biofourmis, which is about to commercialize its BioVitalsHF digital treatment for heart failure, has gained unicorn status after raising USD 300 million in series-D funding and is anticipated to profit from the market's expansion.
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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.
|Market size value in 2021||USD 2.43 billion|
|Market size value in 2030||USD 14.44 Billion|
|Forecast Unit (Value)||USD Billion|
|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)|
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For the Global 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 Global 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.
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