Global Digital Biomarkers Market Size By Type (Wearable, Mobile Based Applications), By End-Use (Healthcare Companies, Healthcare Providers), By Geographic Scope And Forecast
Report ID: 305358|No. of Pages: 202
Global Digital Biomarkers Market Size By Type (Wearable, Mobile Based Applications), By End-Use (Healthcare Companies, Healthcare Providers), By Geographic Scope And Forecast
Digital Biomarkers Market Size And Forecast
Digital Biomarkers Market size was valued at USD 2.43 Billion in 2021 and is projected to reach USD 23.86 Billion by 2030, growing at a CAGR of 28.89% from 2023 to 2030.
The global Digital Biomarkers Market is gaining pace due to the increasing adoption of technology in the healthcare sector along with rising product releases and FDA approvals. The Global Digital Biomarkers Market report provides a holistic market evaluation. The report provides a comprehensive analysis of key segments, drivers, trends, restraints, competitive landscape, and factors that play a substantial role in the market.
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Global Digital Biomarkers Market Definition
Digital biomarkers captures information that individuals actively gather about their own wellbeing or the treatment of a condition using digital health technology in order to explain, affect, and forecast outcomes in terms of their health. The information gathered is often used to forecast, explain, and change health-related consequences. Digital biomarkers can capture extensive data, including sleep patterns, heart rate variability, physical activity, and cognitive function. They can be collected via various sensors, such as GPS, accelerometers, and microphones, and analyzed using advanced algorithms and machine learning techniques.
Digital biomarkers provide another chance to gather factual, clinically valuable data. Digital biomarkers contribute to the provision of essential imaging capabilities and improved spatial accuracy. Digital biomarkers provide services for carotid conduit disease, stomach aortic aneurysm, complicated fringe vein disease, and aortic analysis. Digital biomarkers are presently the primary source of big data findings in the healthcare sector. They aid in evaluating current health issues, as well as those that are predicted and dangerous scenarios. The gadgets are available as implanted, portable, consumable, and wearable items.
By facilitating early illness identification and diagnosis, individualized therapies, and enhancing the quality of life, the application of digital biomarkers can transform the healthcare sector. Also, these can offer researchers a wide range of information that can be evaluated to find trends and patterns, which will help researchers come up with novel cures and treatments. Also, because the data are obtained objectively and with little patient involvement, clinical studies may become more authentic, enabling the production of more precise medications.
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Global Digital Biomarkers Market Overview
Preventive healthcare is attracting increasing interest and attention as patients and healthcare professionals realize the value of early disease identification and avoidance. By spotting early illness symptoms and enabling focused therapies, digital biomarkers can be helpful in this area. Modern developments in artificial intelligence and machine learning have made it possible to create complex algorithms that can analyze extensive amounts of data and spot emerging patterns. This has prompted the demand for more precise and trustworthy digital biomarkers, thus boosting market growth.
Digital biomarkers meet the patients’ requirement to assess their health problems routinely. Digital biomarkers can offer affordable, individualized treatment to ensure optimal patient care. Additionally, the fast expansion of telecommunications and IT infrastructure, in combination with the rising usage of sophisticated digital devices, is fuelling the market growth of digital biomarkers. Because of the severe suffering caused by the Covid-19 outbreak, regulatory entities have indicated an interest in developing digital biomarker-based medications. For example, in March 2022, AstraZeneca joined forces with UK-based healthcare software company Huma Therapeutics to create Software as a Medical Device (SaMD) partner in crime applications for various types of medical illnesses.
Businesses are manufacturing a rising variety of digital biomarkers owing to the rapid evolution of technologies, which is expected to contribute to market growth over the coming years. Many firms are generating digital biomarkers alongside the increased acceptability of data and gadgets. The CDC revealed that warnings for Atrial Fibrillation via a particular wristwatch matched a genuine ECG for individuals 84% of the time, consequently minimizing the death hazard for individuals. The popularity of smartwatches, as well as consumer wearables that monitor several physiological aspects of the human body, is rising as a result.
The need for digital biomarkers is also being boosted by the market participants’ launch of creative and simple wearables monitoring vital indicators. For example, Shimmer Research introduced the Verisense Digital Health Panel (DHP) in November 2022 to offer medical researchers accessibility to unprocessed, real-world sensor information for digital health. While there is growing awareness of the possibilities of digital biomarkers, there must be more precise legislative guidelines on their creation and usage. Companies may struggle to negotiate the regulatory environment and win product authorization. This, in turn, is expected to hinder market growth over the forecast period.
Global Digital Biomarkers Market Segmentation Analysis
The Global Digital Biomarkers Market is Segmented on the basis of Type, End-Use, And Geography.
Digital Biomarkers Market, By Type
- Wearable
- Mobile based Applications
- Sensors
- Others
Based on the Type, the market is split into Wearable, Mobile Based Applications, Sensors, and Others. The wearable segment is expected to grow considerably over the forecast period. In order to create highly tailored and adaptive patient treatment programs, wearable technology is being used more and more often. This enables fast therapeutic responses based on minute variations in health patterns. The rising patient population, improved self-awareness of health problems worldwide, and expanded use of technology in various sectors are all contributing factors to the expanding penetration of wearable technologies in healthcare, contributing to segment growth.
Digital Biomarkers Market, By End-Use
- Healthcare companies
- Healthcare Providers
- Payers
- Others
Based on End-Use, the market is split into Healthcare Companies, Healthcare Providers, Payers, and Others. The healthcare company segment is expected to grow significantly over the forecast period owing to increased funding and investment efforts to expedite research on digital biomarkers. For instance, in December 2022, Sonde Health, a healthcare innovation firm, has received a USD 19.25 million Series B investment transaction. The business has collected a total of USD 35.25 million, and it plans to utilize the money to expand globally, advance its technology for monitoring pulmonary and mental well-being, and develop capabilities for new medical diseases. Furthermore, the expanding indications and demands for techniques to analyze products and conduct affordable clinical trials are expected to contribute to segment growth.
Digital Biomarkers Market, By Geography
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
On the basis of Geography, The Digital Biomarkers Market is classified into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America dominated the Digital Biomarkers Market in 2021 and is expected to maintain its position over the forecast period. The increased incidence of chronic illnesses, the expansion of clinical studies in the United States, and the accessibility of cutting-edge technology in the area are expected to boost regional growth. The CDC estimated that in 2022, about 20.1 million individuals in the United States had coronary artery illness and 805,000 heart attacks.
Key Players
The “Global Digital Biomarkers Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are ActiGraph LLC, Adherium Limited, AliveCor Inc., Altoida Inc., Amgen Inc., Aural Analytic, Biogen Inc., Empatica Inc., Huma, IXICO plc, Koneksa, Neurotrack Technologies, Inc., Sonde Health, Inc., Vivo Sense, Clario and other prominent players.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
Key Developments
- In February 2023: Ad Scientiam launched two programs to develop and authenticate novel digital biomarkers for the self-assessment of patients suffering from neuromyelitis optica spectrum disorders (NMOSD) and generalized myasthenia gravis (gMG).
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Digital Biomarkers Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. The porter’s five forces model can be used to assess the competitive landscape in Global Digital Biomarkers Market gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| STUDY PERIOD | 2018-2030 |
| BASE YEAR | 2021 |
| FORECAST PERIOD | 2023-2030 |
| HISTORICAL PERIOD | 2018-2020 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | ActiGraph LLC, Adherium Limited, AliveCor Inc., Altoida Inc., Amgen Inc., Aural Analytic, Biogen Inc., Empatica Inc., Huma, IXICO plc, Koneksa, Neurotrack Technologies, Inc. |
| SEGMENTS COVERED |
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| CUSTOMIZATION SCOPE | Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope |
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Data Collection Matrix
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Industry Analysis Matrix
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